Our latest paper looking a the evolution of cost engineering and the causes of cost overruns has been published in the May edition of PM World Journal. See the full publication at: https://pmworldjournal.com/#in-this-issue
Cost Overruns on Early Canal & Railway Projects looks at some of the canal and railway projects built in the same general timeframe as second phase of the industrial revolution. The objective of this paper is to identify and understand the reasons for the cost control challenges on many of the canal and railway projects built between the 1760s and 1840s identified in our earlier paper The Origins and History of Cost Engineering (download from: https://mosaicprojects.com.au/PMKI-ZSY-020.php#Process1)
While the difficulties in determining a realistic cost for a new class of project are understandable. The evidence suggests that in addition to the lack of empirical cost information, the problem with many of the cost estimates may have been caused, or exacerbated, by various combinations of poor governance, questionable ethics, and optimism bias.
Download Cost Overruns on Early Canal & Railway Projects: https://mosaicprojects.com.au/PDF_Papers/P207_Canal+Wagonway_Cost_Overruns.pdf