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The Muskrat Falls Project (MFP) was a hydroelectric megaproject in the Canadian province of Newfoundland and Labrador (NL) that was sanctioned in December 2012. Although the MFP had initially been hailed as bringing the province enormous economic benefits, it was now considered a crushing financial burden for years to come given the relatively small size of the province (with a population of about 520,000 and an annual budget of about USD8 billion). The significant cost overrun and schedule delay of the project led to a public inquiry, which lasted over two years and costed USD16.5 million and has made available a massive body of documents regarding the decision process of the project. Drawing extensively on these documents, this case study provides a rich description of the multi-year decision process of the project. That is, unlike a typical case that focuses on what decision a protagonist should make, this case focuses on how the decision process actually unfolded in the real world. It offers an excellent opportunity for learning about strategic decision making (especially, the different models of strategic decision making, and the biases and pitfalls of decision making and how to mitigate them). This case has been made available free of charge.