In "The Oxford Olympics Study 2016: Cost and Cost Overrun at the Games," three researchers from the University of Oxford's Said Business School examine the cost estimates and actual costs of every Olympic games since 1960, and finds that they are the most likely of all megaprojects to exceed their estimates, and also exceed those estimates by the largest amount of any megaproject.
Main findings of the study are, first, that average actual out turn cost for Summer Games is USD 5.2 billion (2015 level), and USD 3.1 billion for Winter Games. The most costly Summer Games to date are London 2012 at USD 15 billion; the most costly Winter Games Sochi 2014 at USD 21.9 billion. The numbers cover the period 1960-2016 and include only sports-related costs, i.e., wider capital costs for general infrastructure, which are often larger than sports-related costs, have been excluded.
Second, at 156 percent in real terms, the Olympics have the highest average cost overrun of any type of mega-project. Moreover, cost overrun is found in all Games, without exception; for no other type of mega-project is this the case. 47 percent of Games have cost overruns above 100 percent. The largest cost overrun for Summer Games was found for Montreal 1976 at 720 percent, followed by Barcelona 1992 at 266 percent. For Winter Games the largest cost overrun was 324 percent for Lake Placid 1980, followed by Sochi 2014 at 289 percent.
The Oxford Olympics Study 2016: Cost and Cost Overrun at the Games
[Bent Flyvbjerg, Alexander Budzier and Allison Stewart/University of Oxford Said Business School]
A coalition of shipping industry associations has published The Guidelines on Cyber Security Onboard Ships, laying out best practices for the giant ships that ply the seas, and revealing that these behemoths are routinely infected with worms, ransomware, and malware spread by infected USB devices.
Today in the Mojave desert, Virgin Galactic had a successful test flight that reached 50 miles above the surface of the earth, meeting the Federal Aviation administration’s definition of space. This places the company one step closer to the long-awaited goal Richard Branson promised: space tourism. SpaceShipTwo, welcome to space. — Virgin Galactic (@virgingalactic) December […]
No one has been reported harmed. No bomb reported found.
Digital or analog, there’s a path of least resistance for any project. Finding that path is what the Agile methodology is all about, which is why proficiency in it is a must for any project management position – and the paycheck that comes with it. And the quickest path to learning Agile? The Agile Project […]
Everybody’s flown a paper airplane. But what if you could fly on a paper airplane? Until we invent shrink-ray technology, the PowerUp X FPV Video Paper Airplane Kit will have to do – but it’s as fun as that sounds and more. The original version of this creative toy added drone tech to the old, […]
Adobe’s design software catalog is essential to any graphics program, as much for their simplicity as their versatility. Anyone can be an effective graphic designer with tools like Illustrator and InDesign – and the right training in their potential. That’s where the Adobe CC A-Z Lifetime Bundle comes in. Whether you’re getting your feet wet […]