When the Guggenheim Museum in Bilbao, Spain, opened, in 1997, critics hailed Frank Gehry’s masterpiece as one of the architectural wonders of the past century. The provincial government’s ambitious projections had called for 500,000 people a year to make the trek to Bilbao to visit the museum; in the first three years alone, 4 million came. The term “Bilbao effect” was coined in urban planning and economic development to describe architecture so spectacular it could transform neighborhoods, cities, and regions.

But what’s less well-known is that the Guggenheim Bilbao also set a management standard that very few large projects have attained: It was delivered on time, within just six years, and cost $3…