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Major capital improvement projects are usually accompanied by great anticipation, from the moment the project concept is first revealed until the ribbon is cut and the project is completed. As architectural renderings and models of the completed project are presented to the public, local officials and the media speak of the needs that will be fulfilled by the project and the benefits it will provide to the community. And while general cost estimates are normally provided, little, if any, attention is normally paid to the risks of substantial cost overruns or even project failure.
Most local government public works departments are well prepared to direct and ...