Why do big projects so often go wrong, and are there lessons that can be applied to a kitchen renovation? There are lessons here for managers of all stripes.

Nothing is more inspiring than a grand vision that triumphantly turns into a new reality. Consider how the Empire State Building went from sketch to crown jewel of the New York skyline in twenty-one months, or how Apple's iPod went from a one-person project to a product launch in eleven months.

But more often than not, big plans turn into a nightmare. At least 92% of megaprojects are completed over budget, over schedule, or both. The cost of California's high-speed rail project has risen from $33 billion to $100 billion - and hasn't even reached what was promised. More modest endeavors, whether starting a small business, organizing a conference, or simply completing a work project on time, also often fail.

The author identifies errors in judgment and decision making that lead to the failure of projects large and small, and provides scientifically based principles that will help you succeed in your business.

Bent Flyvbjerg is Professor in the Department of Large Program Management at Oxford University Business School. He is the most cited scientist in the world in the field of project management. His books and articles have been translated into 21 languages.

Dan Gardner is a New York Times bestselling author of books on psychology and decision making.