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Perspectives on optimism within the context of project management: A call for multilevel research

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  • Weyer, Birgit

Abstract

While projects today are widely used in order to affect change, they have a remarkably high rate of failure as measured by delivery on time and budget, all too frequently failing to deliver expected benefits. Dominant project management theory explains this shortcoming in part with optimism bias and proposes several cures including the elimination the effects of optimism. However, alternative project management metaphors, such as project as temporary organization have emerged. Seen through this lens, many positive effects of optimism relating to goal selection and perseverance are highlighted. Thus, a genuine paradox emerges in research and practice. On the one hand optimism bias is recommended for eradication and on the other hand optimism is found to hold important benefits. I outline the different perspectives and show gaps in the literature and research to-date. I further suggest that future research on optimism in the context of project management be multilevel and multidisciplinary research. In particular social cognitive theory appears to be useful in order to explore both positive and negative effects of dispositional optimism on the failure of projects as temporary organizations.

Suggested Citation

  • Weyer, Birgit, 2011. "Perspectives on optimism within the context of project management: A call for multilevel research," Working Papers 59, Berlin School of Economics and Law, Institute of Management Berlin (IMB).
    • Handle: RePEc:zbw:imbwps:59
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    1. Tali Sharot & Alison M. Riccardi & Candace M. Raio & Elizabeth A. Phelps, 2007. "Neural mechanisms mediating optimism bias," Nature, Nature, vol. 450(7166), pages 102-105, November.
    2. Daniel Kahneman & Dan Lovallo, 1993. "Timid Choices and Bold Forecasts: A Cognitive Perspective on Risk Taking," Management Science, INFORMS, vol. 39(1), pages 17-31, January.
    3. Menon, Geeta & Kyung, Ellie J. & Agrawal, Nidhi, 2009. "Biases in social comparisons: Optimism or pessimism?," Organizational Behavior and Human Decision Processes, Elsevier, vol. 108(1), pages 39-52, January.
    4. Packendorff, Johann, 1995. "Inquiring into the temporary organization: New directions for project management research," Scandinavian Journal of Management, Elsevier, vol. 11(4), pages 319-333, December.
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    Cited by:

    1. Warmdt, Luca & Užik, Martin & Löcher, Markus, 2018. "Financial signaling with open market share repurchases and private redemptions," Working Papers 93, Berlin School of Economics and Law, Institute of Management Berlin (IMB).

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