difference between initial estimates and final cost

difference between initial estimates and final cost

Business Project Management

The 2012 Olympic Games were hosted by London. The final cost of the overall project was much higher than the initial estimates.
1. What were the reasons for the difference between initial estimates and final costs?
2. Why did the cost estimates improve between the initial estimates and the start of the construction work?
3. Is there any evidence from previous Olympic Games that similar issues arose, and that the organisers of the London Olympic Games had learned from the past?
The sources below will provide you with some initial evidence for the London Olympics: your essay should show evidence of having researched and read more widely.
http://www.investopedia.com/financial-edge/0612/most-costly-olympic-games.aspx
http://www.ibtimes.co.uk/articles/365848/20120723/london-2012-olympic-games-hosting-cost-taxpayers.htm
http://www.bbc.co.uk/news/uk-politics-18421211
http://olymponomics.files.wordpress.com/2012/07/jenningscme.pdf
http://learninglegacy.independent.gov.uk/publications/programme-assurance-on-the-olympic-delivery-authority-co.php
http://learninglegacy.independent.gov.uk/publications/programme-management.php
BUS840 Essay S2 2013
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