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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
In production, research, retail, and accounting, a 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, cost is a metric that is totaling up as a result of a process or as a differential for the result of a decision. Hence cost is the metric used in the standard modeling paradigm applied to economic processes. Costs (pl.) are often further described based on thei ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Strategic Misrepresentation
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; 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 planning fallacy was first proposed by Daniel Kahneman and Amos Tversky in 1979. In 2003, Lovallo and Kahneman proposed an expanded definition as the tendency to underestimate the time, costs, and risks of future actions and at the same time overestimate the benefits of the same actions. According to this definition, the plann ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Berlin Brandenburg Airport
Berlin Brandenburg Airport ''Willy Brandt'' (german: Flughafen Berlin Brandenburg "Willy Brandt", , ) is an international airport in Schönefeld, just south of the German capital Berlin in the state of Brandenburg. Named after the former West Berlin mayor and West German chancellor Willy Brandt, it is located south-east of the city centre and serves as a base for easyJet, Eurowings and Ryanair. It mostly has flights to European metropolitan and leisure destinations as well as a number of intercontinental services. The new airport replaced Tempelhof, Schönefeld, and Tegel airports, and became the single commercial airport serving Berlin and the surrounding State of Brandenburg, an area with a combined 6 million inhabitants. With projected annual passenger numbers of around 34 million, Berlin Brandenburg Airport has become the third busiest airport in Germany surpassing Düsseldorf Airport and making it one of the fifteen busiest in Europe. At the time of opening, t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Boeing Dreamliner
The Boeing 787 Dreamliner is an American wide-body jet 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 was rolled out without major operating systems, and then 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 before entering commercial service on October 26, 2011, with ANA. At launch, Boeing targeted the 787 with 20% less fuel burn than replaced aircraft like the Boeing 767, carrying 200 to 300 passengers on point-to-point routes up to , a shift from hub-and-spoke travel. The twinjet is powered by G ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Big Dig
The Central Artery/Tunnel Project (CA/T Project), commonly known as the Big Dig, was a megaproject in Boston that rerouted the Central Artery of Interstate 93 (I-93), the chief highway through the heart of the city, into the 1.5-mile (2.4 km) tunnel named the Thomas P. O'Neill Jr. Tunnel. The project also included the construction of the Ted Williams Tunnel (extending I-90 to Logan International Airport), the Leonard P. Zakim Bunker Hill Memorial Bridge over the Charles River, and the Rose Kennedy Greenway in the space vacated by the previous I-93 elevated roadway. Initially, the plan was also to include a rail connection between Boston's two major train terminals. Planning began in 1982; the construction work was carried out between 1991 and 2006; and the project concluded on December 31, 2007, when the partnership between the program manager and the Massachusetts Turnpike Authority ended. The Big Dig was the most expensive highway project in the United States, and ... [...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 a line between St Andrew Square in the New Town and Edinburgh Airport, with 15 stops. Construction began in June 2008, and after encountering delays it opened on 31 May 2014. The scheme had an initial estimated cost of £375 million in 2003, but by May 2008, when contracts were signed, the cost had risen to £521 million. The final cost after delays was £776 million. After running for two years, the scheme had achieved pre-tax profitability (excluding maintenance and infrastructure costs) and exceeded the original ridership targets. It has run at an operating loss since 2018 (e.g. − £9.4 million in 2018). On 14 March 2019, Edinburgh Council voted to approve the extension of the existing line from York Place to Newhaven. The extended line is due to be operational by early 2023. History Background Edinburgh and Leith were originally served by horse-drawn coaches, and th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scottish Parliament Building
; sco, Scots Pairlament Biggin , native_name_lang = , former_names = , alternate_names = Holyrood , image = Scottish Parliament building - geograph.org.uk - 2469654.jpg , image_alt = , caption = Street view of the Scottish Parliament building and adjacent pool , map_type = , map_alt = , map_caption = , altitude = , building_type = Seat of the national parliament of Scotland , architectural_style = Post-modern , structural_system = , cost = £414 million , ren_cost = , client = , owner = , current_tenants = The Scottish Government and Members of the Scottish Parliament , landlord = , location = , address = Holyrood, Edinburgh, EH99 1SP , location_town = , location_country = Scotland , coordinates = , start_date = June 1999 ... [...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 planne ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trans Mountain Pipeline
The Trans Mountain Pipeline System, or simply the Trans Mountain Pipeline, is a pipeline that carries crude and refined oil from Alberta to the coast of British Columbia, Canada. The pipeline is currently owned by the Government of Canada through Trans Mountain Corporation, a subsidiary of the federal Crown corporation Canada Development Investment Corporation (CDEV). Until the August 31, 2018 purchase by CDEV, the Trans Mountain Pipeline was owned by the Canadian division of Houston, Texas-based pipeline operator Kinder Morgan. The pipeline has been in use since 1953. It is the only pipeline to run between these two areas. A second span is being built roughly parallel to the existing pipeline, to expand the capacity from to . Since it was first proposed in 2013, this Trans Mountain Expansion Project has attracted controversy due to its potential environmental impact, having faced legal challenges, as well as protests from environmentalists and First Nations groups. As o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canadian Firearms Registry
, logo = , logo_width = , logo_caption = , preceding1 = , parent_agency = Canadian Firearms Program , formed = 1993 , jurisdiction = Registration of prohibited and restricted firearms , headquarters = Ottawa, Ontario, Canada , minister1_name = Marco Mendicino , minister1_pfo = Minister of Public Safety , chief1_name = Brenda Lucki , chief1_position = Commissioner of Firearms , website = , footnotes = 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, 1995''. 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 opera ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sydney Opera House
The Sydney Opera House is a multi-venue performing arts centre in Sydney. 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, but completed by an Australian architectural team headed by Peter Hall, the building was formally opened by Queen Elizabeth II on 20 October 1973 after a gestation beginning with Utzon's 1957 selection as winner of an international design competition. The Government of New South Wales, led by the 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 its surrounds occupy the whole of Bennelong Point on Sydney Harbour, between Sydney Cove and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Project Assurance
Project assurance or programme assurance is a discipline that seeks to provide an independent and objective oversight of the likely future performance of major projects for those responsible for sanctioning, financing or insuring such undertakings. The discipline has emerged as a response to consistent problems in major projects and the need to provide confidence for project or programme stakeholders of technologically advanced, high capital or high risk projects. Project assurance is in contrast with related disciplines such as project management, project benchmarking, value assurance or phase–gate model and project risk assessment. It is particularly well suited for projects with a major financial decision point beyond which revisions become exceptionally expensive. The term has expanded in its use to a more complete solution. It is now recognised that the original approach of audits of hard disciplines (methods, tools, processes) and soft skills (leadership, people mana ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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