The document discusses a case study of an airport rail station project that went over budget. Some key points: - The original budget was £12M but the final cost was £29M, overestimating costs and risks. - Projects often suffer from "optimism bias" where costs are underestimated by 50-60% on average. Early risk identification and management can help reduce this bias. - Risks were either not properly identified, understood, or prioritized on this project. Conventional risk management was applied but did not highlight significant risks that contributed to cost overruns.