Hundreds of Years of Pain, With Minimal Gain: Capital Project Cost Overruns, the Past, Present, and Optimistic Future

The cost overrun phenomenon plagues capital projects worldwide. While policymakers and practitioners are aware of the potential for overruns to occur while procuring their projects, they have struggled mitigate them. This article takes stock research suggests two major periods stand out. First, it focuses on period from 1960 2002 briefly reviews studies examining issues influencing estimation accuracy. Then, we look at present (2002–2022), where Planning Fallacy theory has been championed identified as best way explain why occur. filled theoretical void in literature, question its legitimacy unable effectively address phenomenon. Moving forward, suggest a line inquiry based polyphony “Fifth Hand” principle, which offers new framing remedy projects.