When Confidence Helps Project Managers -- and When It Gets Them into Trouble.

This article discusses the role of confidence in project management, using the example of Ferdinand de Lesseps and the construction of the Suez Canal. It highlights the importance of confidence in driving success, but also warns of the dangers of overconfidence and the potential for failure. The article references the theory of projects developed by economist Albert Hirschman, which suggests that projects often underestimate challenges and costs but deliver more benefits than expected. However, an analysis of 2,062 projects conducted by Cass Sunstein and Bent Flyvbjerg contradicts Hirschman's theory, showing that projects typically cost more and deliver less than anticipated. The article concludes that while confidence is important, careful planning is crucial to avoid failure. [Extracted from the article]