One of the biggest components in successfully managing your capital program is a strong risk management plan. A project risk assessment is usually performed during project kickoff with all stakeholders contributing to the list of risks because the earlier in the project you plan for certain events, the lower the chances of the associated risks tend to be. In order to successfully mitigate risks, they must be prioritized based on their overall effect on the project. If every item that poses a potential risk to the project is considered high-priority, then the result is that nothing is a high priority because everything is considered equal. The major keys to reducing the impact of any risk to a project are to recognize, prioritize, and control.
Robert C. McCue, P.E.
If you are seeing a rise in problem projects and difficult work-outs, take steps now to inoculate your project team for success and profitability. Basic PMBOK training is certainly necessary but not entirely sufficient to ensure success in today’s fast-paced project environment.
Robert C. McCue, P.E.
MDC Systems® has been providing Forensic Project Management (FPM®) services for over forty years for industrial, transportation and institutional capital projects. Using this extensive knowledge base, MDC Systems®, develops and conducts seminars for the public and private sectors on many topics including the topic of Complexity and Systems Thinking.
James W. Haile Jr.
C.P.M., of JWH & Associates
Over the last several years, supply management professionals have been spending a majority of their time in creating, implementing and managing Business Continuity Planning (BCP) for critical products, materials and services. BCP is a strategic management process that focuses on insuring continuity of supply. The main objective is to identify and minimize or eliminate business interruptions in the event of a catastrophic event or major incidents occurring within the supply chain that can lead to adverse consequences for your business. Ten to twenty years ago, supply disruptions were caused by major snow storms, truck breakdowns, labor strikes, fire or explosions, electrical outages, machine breakdowns or even a truck driver making an unscheduled social visit.
Daniel J. Sporer
Cost and Schedule Issues
You are a month and a half into construction of a planned one year project. It’s a new client and if you do well, you are in line to construct his future projects. However, the Engineers’ drawings don’t quite match the existing site conditions; there is already an inordinate amount of Requests for Information (RFIs), and the Client is very involved with your construction means and methods. No change orders have been written because 1: You “worked-around” the site layout problems; 2: There is still time to resolve the unanswered RFIs and 3: The finish milestone on the project has not been affected because you used float in the schedule. In any event, you don’t want to “nickel and dime” the new client.
E. Mitchell Swann, P.E., LEED A.P.
In our last edition of the MDCAdvisor® we talked about BIM (Building Information Modeling) Systems and the impact of that technology on the way projects are done and the way team members relate to each other. We are going to climb the tree a bit higher to see what changes in the landscape make BIM possible – beyond really neat computers.