ABSTRACT
This chapter proposes a theory for the use of risk analysis to calculate the funding needed by a project so that it is capable of falsification and thus open to improvement or replacement. Since working on projects is economically productive, there must be a band in this spectrum equal to the value of the projects completed annually. Where it sits, towards the goods or services end of the Gross domestic product (GDP) spectrum, is not clear, but it has to be in there somewhere. Projects have provided most of the objects and products around us that we would consider evidence of a modern, civilised society. The political interest in projects is considerable because government departments and agencies are major funders of them. Perhaps the project with the highest public profile is the Private Finance Initiative (PFI) in which the public sector contracts the private sector to deliver an asset it then pays to use.
