• DOI:10.1177/875697280603700302
Corpus ID: 13203075

From Nobel Prize to Project Management: Getting Risks Right

@article{Flyvbjerg2013FromNP,
  title={From Nobel Prize to Project Management: Getting Risks Right},
  author={B. Flyvbjerg},
  journal={Project Management Journal},
  year={2013},
  volume={37},
  pages={15 - 5}
}

• B. Flyvbjerg
• Published 2013
• Economics, Computer Science
• Project Management Journal

A major source of risk in project management is inaccurate forecasts of project costs, demand, and other impacts. The paper presents a promising new approach to mitigating such risk based on theories of decision-making under uncertainty, which won the 2002 Nobel Prize in economics. First, the paper documents inaccuracy and risk in project management. Second, it explains inaccuracy in terms of optimism bias and strategic misrepresentation. Third, the theoretical basis is presented for a… Expand

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