Infrastructure design and management are usually based on strong assumptions about future demands and performance. Traditional approaches to infrastructure operation define, at the outset, management strategies under the assumption that all future scenarios are known – at least in probability – thus, leaving little room to accommodate significant deviations from expected design criteria and unplanned events. In practice, the success of real projects depends on assertive stakeholders’ decisions that better accommodate changes in demand, the system properties or the management strategies, which unravel as they evolve with time. This paper is aimed at reviewing some key infrastructure development principles and examining the value of incorporating flexibility/adaptability in the design and management of infrastructure. It discusses the nature of flexibility/adaptability and the gains and complexities of adopting these elements in practice. These ideas are illustrated with an example, which shows that incorporating flexibility and adaptability has a significant impact on costs and opens new possibilities for better managing of infrastructure.