Project planning is part of project management, which relates to the use of schedules such as Gantt charts to plan and subsequently report progress within the project environment. Project planning can be done manually or by the use of project management software.
In economics and business decision-making, a sunk cost is a cost that has already been incurred and cannot be recovered. Sunk costs are contrasted with prospective costs, which are future costs that may be avoided if action is taken. In other words, a sunk cost is a sum paid in the past that is no longer relevant to decisions about the future. Even though economists argue that sunk costs are no longer relevant to future rational decision-making, people in everyday life often take previous expenditures in situations, such as repairing a car or house, into their future decisions regarding those properties.
Space elevator economics compares the cost of sending a payload into Earth orbit via a space elevator with the cost of doing so with alternatives, like rockets.
The planning fallacy is a phenomenon in which predictions about how much time will be needed to complete a future task display an optimism bias and underestimate the time needed. This phenomenon sometimes occurs regardless of the individual's knowledge that past tasks of a similar nature have taken longer to complete than generally planned. The bias affects predictions only about one's own tasks. On the other hand, when outside observers predict task completion times, they tend to exhibit a pessimistic bias, overestimating the time needed. The planning fallacy involves estimates of task completion times more optimistic than those encountered in similar projects in the past.
The Alaskan Way Seawall is a seawall which runs for approximately 7,166 feet (2,184 m) along the Elliott Bay waterfront southwest of downtown Seattle from Bay Street to S. Washington Street. The seawall is being rebuilt in the 2010s as part of a waterfront redevelopment megaproject estimated to cost over $1 billion.
Escalation of commitment is a human behavior pattern in which an individual or group facing increasingly negative outcomes from a decision, action, or investment nevertheless continue the behavior instead of altering course. The actor maintains behaviors that are irrational, but align with previous decisions and actions.
A cost estimate is the approximation of the cost of a program, project, or operation. The cost estimate is the product of the cost estimating process. The cost estimate has a single total value and may have identifiable component values.
A megaproject is an extremely large-scale investment project. According to the Oxford Handbook of Megaproject Management, "Megaprojects are large-scale, complex ventures that typically cost $1 billion or more, take many years to develop and build, involve multiple public and private stakeholders, are transformational, and impact millions of people". However, $1 billion is not a constraint in defining megaprojects; in some contexts a relative approach is needed, such as in developing countries, where a much smaller project could constitute a megaproject. Therefore, a more general definition is "Megaprojects are temporary endeavours characterised by: large investment commitment, vast complexity, and long-lasting impact on the economy, the environment, and society".
Bent Flyvbjerg is a Danish economic geographer. He was the First BT Professor and Inaugural Chair of Major Programme Management at Oxford University's Saïd Business School and is the Villum Kann Rasmussen Professor and Chair of Major Program Management at the IT University of Copenhagen. He was previously Professor of Planning at Aalborg University, Denmark and Chair of Infrastructure Policy and Planning at Delft University of Technology, The Netherlands. He is a fellow of St Anne's College, Oxford.
A boondoggle is a project that is considered a waste of both time and money, yet is often continued due to extraneous policy or political motivations.
The Flamanville Nuclear Power Plant is located at Flamanville, Manche, France on the Cotentin Peninsula. The power plant houses two pressurized water reactors (PWRs) that produce 1.3 GWe each and came into service in 1986 and 1987, respectively. It produced 18.9 TWh in 2005, which amounted to 4% of the electricity production in France. In 2006 this figure was about 3.3%. At the time, there were 671 workers regularly working at the plant.
Cost engineering is "the engineering practice devoted to the management of project cost, involving such activities as estimating, cost control, cost forecasting, investment appraisal and risk analysis". "Cost Engineers budget, plan and monitor investment projects. They seek the optimum balance between cost, quality and time requirements."
When estimating the cost for a project, product or other item or investment, there is always uncertainty as to the precise content of all items in the estimate, how work will be performed, what work conditions will be like when the project is executed and so on. These uncertainties are risks to the project. Some refer to these risks as "known-unknowns" because the estimator is aware of them, and based on past experience, can even estimate their probable costs. The estimated costs of the known-unknowns is referred to by cost estimators as cost contingency.
Reference class forecasting or comparison class forecasting is a method of predicting the future by looking at similar past situations and their outcomes. The theories behind reference class forecasting were developed by Daniel Kahneman and Amos Tversky. The theoretical work helped Kahneman win the Nobel Prize in Economics.
The Olmsted Locks and Dam is a locks and wicket dam on the Ohio River at river mile 964.4. The project is intended to reduce tow and barge delays by replacing the existing older, and frequently congested, locks and dams Number 52 and Number 53. The locks are located about 17 miles upstream from the confluence of the Ohio and Mississippi rivers at Olmsted, Illinois.
A glossary of terms relating to project management and consulting.
The project management triangle is a model of the constraints of project management. While its origins are unclear, it has been used since at least the 1950s. It contends that:
- The quality of work is constrained by the project's budget, deadlines and scope (features).
- The project manager can trade between constraints.
- Changes in one constraint necessitate changes in others to compensate or quality will suffer.
Megaprojects and Risk: An Anatomy of Ambition is a 2003 book by Bent Flyvbjerg, Nils Bruzelius, and Werner Rothengatter, published by Cambridge University Press. According to chief economist and director of transportation policy at Infrastructure Management Group, Inc., Porter K. Wheeler, "this book makes an important contribution to understanding the infrastructure development process worldwide, with focus on megaprojects." The New Scientist wrote upon publication, "Love them or loathe them, megaprojects capture the imagination. [This] damning analysis concentrates on a series of financial nightmares that should bring even the most casual reader out in a sweat."
The Deep Underground Neutrino Experiment (DUNE) is a neutrino experiment under construction, with a near detector at Fermilab and a far detector at the Sanford Underground Research Facility that will observe neutrinos produced at Fermilab. An intense beam of trillions of neutrinos from the production facility at Fermilab will be sent over a distance of 1,300 kilometers (810 mi) with the goal of understanding the role of neutrinos in the universe. More than 1,000 collaborators work on the project. The experiment is designed for a 20-year period of data collection.
The hiding hand principle is a theory that offers a framework to examine how ignorance intersects with rational choice to undertake a project; the intersection is seen to provoke creative success over the obstacles through the deduction that it is too late to abandon the project. The term was coined by economist Albert O. Hirschman.
