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The Economist recently reported that infrastructure spending is the largest it is ever been as a share of world GDP. With $22 trillion in projected investments over the next ten years in emerging economies alone, the magazine calls it the “biggest investment boom in history.” 1 The efficiency of infrastructure planning and execution is therefore particularly important at present. Unfortunately, the private sector, the public sector, and private/public sector partnerships have a dismal record of delivering on large infrastructure cost and performance promises. Consider the following typical examples.

▪ In January 2003, Toll Collect—a consortium of DaimlerChrysler, Deutsche Telekom, and Cofiroute of France—was scheduled to start tolling heavy trucks on German motorways for the Federal government. The new tolling system was designed to be a showcase for public-private partnership in infrastructure management. A year …