A reduction in the levels of optimism bias in recent years was observed in the Mott MacDonald study. This is believed to have resulted from the introduction and use of the following tools, which have improved project delivery:
• Risk management
• Greater diligence at the project definition stage
• More controlled cost monitoring
• Application of concurrent engineering.
Therefore through the application of current industry best practice, it should be possible to effectively mitigate project risks and reduce any likely optimism bias.
Section 3 in this paper provides best practice guidelines developed from the lessons learned from completed projects for minimising optimism during the preparation and execution of a project. In addition, Appendix H highlights several project management and risk management tools and methodologies, which enable the successful delivery of projects if applied effectively.
"In all things, success depends upon previous preparation, and without such preparation there is sure to be failure" Confucius (c.550 - c.478 BC).