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Cost Overrun
A cost overrun, also known as a cost increase or budget overrun, involves unexpected incurred costs. When these costs are in excess of budgeted amounts due to a value engineering underestimation of the actual cost during budgeting, they are known by these terms. Cost overruns are common in infrastructure, building, and technology projects. For IT projects, a 2004 industry study by the Standish Group found an average cost overrun of 43 percent; 71 percent of projects came in over budget, exceeded time estimates, and had estimated too narrow a scope; and total waste was estimated at $55 billion per year in the US alone. Many major construction projects have incurred cost overruns; cost estimates used to decide whether important transportation infrastructure should be built can mislead grossly and systematically. Cost overrun is distinguished from cost escalation, which is an ''anticipated'' growth in a budgeted cost due to factors such as inflation. Causes Recent works by Ahi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost
Cost is the value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore. In business, the cost may be one of acquisition, in which case the amount of money expended to acquire it is counted as cost. In this case, money is the input that is gone in order to acquire the thing. This acquisition cost may be the sum of the cost of production as incurred by the original producer, and further costs of transaction as incurred by the acquirer over and above the price paid to the producer. Usually, the price also includes a mark-up for profit over the cost of production. More generalized in the field of economics Economics () is a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interac ..., cost is a metric that is totaling up as a result of a process ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Escalation Of Commitment
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. Economists and behavioral scientists use a related term, ''sunk-cost fallacy'', to describe the justification of increased investment of money or effort in a decision, based on the cumulative prior investment (" sunk cost") despite new evidence suggesting that the future cost of continuing the behavior outweighs the expected benefit. In sociology, ''irrational escalation of commitment'' or ''commitment bias'' describe similar behaviors. The phenomenon and the sentiment underlying them are reflected in such proverbial images as "throwing good money after bad", or "In for a penny, in for a pound", or "It's never the wrong time to make the right decision", or "I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Elbe Philharmonic Hall
The Elbphilharmonie (; "Elbe Philharmonic Hall"), popularly nicknamed Elphi, is a concert hall in the HafenCity quarter of Hamburg, Germany, on the Grasbrook peninsula of the Elbe River. The new construction resembles a hoisted sail, water wave, iceberg or quartz crystal resting on top of an old brick warehouse (, built in 1963) near the historical Speicherstadt. The project is the result of a private initiative by the architect and real estate developer Alexander Gérard and his wife Jana Marko, an art historian, who commissioned the original design by the Swiss architecture firm Herzog & de Meuron, who developed and promoted the project (since 2003 in cooperation with the Hamburg-based real estate developer and investor Dieter Becken) for 3.5 years until the City of Hamburg decided to develop the project by itself. It is the key project of the new Hafencity development and the tallest inhabited building in Hamburg, with a final height of . The Elbphilharmonie was officially ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Berlin Brandenburg Airport
Berlin Brandenburg Airport () () is an international airport in Schönefeld, just south of the Germany, German capital and state of Berlin, in the state of Brandenburg. Named after the former Mayor of West Berlin, West Berlin mayor and Chancellor of Germany, West German chancellor Willy Brandt, it is located south-east of the city centre and serves as a base for Condor (airline), Condor, easyJet, Eurowings, Ryanair and Sundair. It mostly has flights to European metropolitan and leisure destinations as well as a number of intercontinental services. The new airport replaced Berlin Tempelhof Airport, Tempelhof, Berlin Schönefeld Airport, Schönefeld, and Berlin Tegel Airport, Tegel airports (with the former already closed in 2008, followed by the latter two in 2020), and became the single commercial airport serving Berlin and the surrounding States of Germany, State of Brandenburg, an area with 6 million inhabitants. With projected annual passenger numbers of around 34&nbs ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Boeing Dreamliner
The Boeing 787 Dreamliner is an American wide-body airliner developed and manufactured by Boeing Commercial Airplanes. After dropping its unconventional Sonic Cruiser project, Boeing announced the conventional 7E7 on January 29, 2003, which focused largely on efficiency. The program was launched on April 26, 2004, with an order for 50 aircraft from All Nippon Airways (ANA), targeting a 2008 introduction. On July 8, 2007, a prototype 787 without major operating systems was rolled out; subsequently the aircraft experienced multiple delays, until its maiden flight on December 15, 2009. Type certification was received in August 2011, and the first 787-8 was delivered in September 2011 and entered commercial service on October 26, 2011, with ANA. At launch, Boeing targeted the 787 with 20% less fuel burn compared to aircraft like the Boeing 767. It could carry 200 to 300 passengers on point-to-point routes up to , a shift from hub-and-spoke travel. The twinjet is powered b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Big Dig
The Big Dig was a megaproject in Boston that rerouted the then elevated Central Artery of Interstate 93 that cut across Boston into the O'Neill Tunnel and built the Ted Williams Tunnel to extend Massachusetts Turnpike, Interstate 90 to Logan International Airport. Those two projects were the origin of the official name, the Central Artery/Tunnel Project (CA/T Project). The project constructed the Leonard P. Zakim Bunker Hill Memorial Bridge, Zakim Bunker Hill Bridge over the Charles River, created the Rose Fitzgerald Kennedy Greenway, Rose Kennedy Greenway in the space vacated by the previous I-93 elevated roadway, and funded more than a dozen projects to improve the region's public transportation system. Planning for the project began in 1982. Construction work was carried out between 1991 and 2006. The project concluded in December 2007. The project's general contractor was Bechtel, with Parsons Brinckerhoff as the engineers, who worked as a consortium, both overseen by the Ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Edinburgh Trams
Edinburgh Trams is a tramway in Edinburgh, Scotland, operated by Edinburgh Trams Ltd. It is an line between Newhaven, Edinburgh, Newhaven and Edinburgh Airport, with 23 tram stops, stops. A modern tram network for Edinburgh was proposed by City of Edinburgh Council, Edinburgh Council in 1999, with detailed design work being performed over the next decade. Construction of the first phase, linking Edinburgh Airport with Newhaven, began in June 2008, but encountered substantial delays and cost overruns. During 2009, a 15-year contract held by Transdev (historic), Transdev to operate and maintain the tram network was cancelled. By mid-2010, cancellation of the whole project was being publicly considered; during the following year it was announced that the length of the tram network would be drastically curtailed. Prior to August 2011, the project was overseen by Transport Initiatives Edinburgh (TIE), a company wholly owned by Edinburgh Council; TIE was disbanded largely due to it ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scottish Parliament Building
The Scottish Parliament Building (; ) is the home of the Scottish Parliament at Holyrood, Edinburgh, Holyrood, within the World Heritage Site, UNESCO World Heritage Site in central Edinburgh. Construction of the building commenced in June 1999 and the Members of the Scottish Parliament (MSPs) held their first debate in the new building on 7 September 2004. The formal opening by Queen Elizabeth II took place on 9 October 2004. Enric Miralles, the Spanish architect who designed the building, died before its completion. From 1999 until the opening of the new building in 2004, committee rooms and the debating chamber of the Scottish Parliament were housed in the General Assembly Hall of the Church of Scotland, General Assembly Hall of the Church of Scotland located on The Mound in Edinburgh. Office and administrative accommodation in support of the Parliament were provided in buildings leased from the City of Edinburgh Council. The new Scottish Parliament Building brought together t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Programme For IT
The NHS Connecting for Health (CFH) agency was part of the UK Department of Health and was formed on 1 April 2005, having replaced the former NHS Information Authority. It was part of the Department of Health Informatics Directorate, with the role to maintain and develop the NHS national IT infrastructure. It adopted the responsibility of delivering the NHS National Programme for IT (NPfIT), an initiative by the Department of Health to move the National Health Service (NHS) in England towards a single, centrally-mandated electronic care record for patients and to connect 30,000 general practitioners to 300 hospitals, providing secure and audited access to these records by authorised health professionals. On 31 March 2013, NHS Connecting for Health ceased to exist, and some projects and responsibilities were taken over by Health and Social Care Information Centre. History Contracts for the NPfIT spine and five clusters were awarded in December 2003 and January 2004. It was plann ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trans Mountain Pipeline
The Trans Mountain Pipeline System, or simply the Trans Mountain Pipeline (TMPL), is a multiple product pipeline system which carries crude and refined products from Edmonton, Alberta, to the coast of British Columbia, Canada. The corporation was created in 1951, construction began in 1952, and operations commenced in 1953. It is the only pipeline to run between these two areas. The construction of a second pipeline between Hinton, Alberta, and Hargreaves, British Columbia, running adjacent to the existing line, was completed in 2008. In 2013, a project to loop the existing Trans Mountain pipelinethe Trans Mountain Expansion Projectwas proposed to the Canadian National Energy Board. The project was 98% complete, as of 23 January 2024, and began operations on 1 May 2024. The expansion, which runs roughly parallel to the existing pipeline, increased capacity from , at a cost of C$53 billion. The Trans Mountain Expansion Project was controversial due to its potential environmenta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canadian Firearms Registry
The Canadian Firearms Registry () is the gun registry of Canada, requiring the registration of all restricted and prohibited firearms in the country. It is managed by the Canadian Firearms Program of the Royal Canadian Mounted Police (RCMP) as part of the RCMP's responsibilities under the '' Firearms Act''. The registry was introduced by the Liberal government of Prime Minister Jean Chrétien in 1993 and implemented by successive justice ministers Allan Rock and Anne McLellan. The net annual operating cost of the program was originally estimated to be $2 million. Originally, the program required the registration of all non-restricted firearms but this requirement was dropped on April 6, 2012, by the coming into force of Bill C-19. Bill C-19 also mandated the destruction of the non-restricted records of the registry as soon as feasible. The province of Quebec immediately filed a request for an injunction to prevent the destruction of the data. A temporary injunction was gra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sydney Opera House
The Sydney Opera House is a multi-venue Performing arts center, performing arts centre in Sydney, New South Wales, Australia. Located on the foreshore of Sydney Harbour, it is widely regarded as one of the world's most famous and distinctive buildings, and a masterpiece of 20th-century architecture. Designed by Danish architect Jørn Utzon and completed by an Australian architectural team headed by Peter Hall (architect), Peter Hall, the building was formally opened by Elizabeth II, Queen Elizabeth II on 20 October 1973, 16 years after Utzon's 1957 selection as winner of an international design competition. The Government of New South Wales, led by the Premier of New South Wales, premier, Joseph Cahill, authorised work to begin in 1958 with Utzon directing construction. The government's decision to build Utzon's design is often overshadowed by circumstances that followed, including cost and scheduling overruns as well as the architect's ultimate resignation. The building and i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
