New IMFG publication provides roadmap for better infrastructure planning
January 14, 2016
Toronto, ON – On January 21, join the Institute on Municipal Finance and Governance (IMFG) and today’s leading infrastructure thinkers and practitioners for a discussion around the release of a new paper, Infrastructure Cost Overruns: Patterns, Causes and Cures.
Cost overruns and schedule delays have plagued major infrastructure projects for decades. Every year, unexpected overruns cost governments tens, if not hundreds of millions of dollars, and individual project managers are first to be blamed. However, this pattern shouldn’t come as much of a surprise. As the international evidence suggests, the bigger the project, the more likely it will miss deadlines and run over budget.
In the new IMFG Perspectives Paper, Cost Overruns on Infrastructure Projects: Patterns, Causes and Cures, Matti Siemiatycki recommends five remedies, based on international best practices.
- Use big data to monitor projects and report on cost overruns.
- Draw on past experience to award contracts to the best-performing firms.
- Invest in training programs for government staff.
- Use data from previous projects to create more precise cost estimates.
- Take advantage of public-private partnerships for the largest projects.
January 21, 2016
Campbell Conference Facility, Munk School of Global Affairs
1 Devonshire Place
University of Toronto
- Matti Siemiatycki, University of Toronto, Associate Professor
- Ehren Cory, Infrastructure Ontario, Divisional President of Project Delivery
- James Purkis, Metrolinx, Executive Vice President of Regional Express Rail
- Andy Manahan, Executive Director of the Residential and Civil Construction Alliance of Ontario.
About the Institute on Municipal Finance and Governance (IMFG)
The Institute on Municipal Finance and Governance is a research hub and think tank that focuses on the fiscal and governance challenges facing large cities and city-regions. It is located within the University of Toronto’s Munk School of Global Affairs.
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