Level:
Intermediate
TCM Section(s):
2.3. Strategic Asset Management Process Map
2.4. Project Control Process Map
Venue: 2022 AACE International Conference & Expo
Abstract:Â Success in project delivery is a function of anticipating the areas of potential failure and managing those risks across the full project lifecycle, from the inception for a project to finally turning the completed asset over to operations. Failures in projects almost always relate to cost and time overruns that are directly caused by these risks.
Maximum and most effective proactive resolution of these failures requires a risk-oriented planning and monitoring culture integral to the cost engineering disciplines of cost and time management. There is no simple one-step process, but rather it requires a proactive and planned effort, and includes looking for opportunities to improve as well as threats to performance. The author uses his lessons learned from disputes, resolution, recovery, studies, and projects to build into his cost engineering practices the best proactive approach to identify the symptoms, recognize the potential failures, protect from the negative risks (threats), and exploit the positive risks (opportunities) to achieve successful projects and programs.
This approach addresses specific traditional areas of construction and program management that commonly fail, such as scope definition and change management, and offers proven solutions. This paper provides recommendations for resolution of the potential failure points in each of the phases of the project lifecycle gleaned from lessons-learned from the author’s over-45-year career.
TCM Section(s):
2.3. Strategic Asset Management Process Map
2.4. Project Control Process Map
Venue: 2022 AACE International Conference & Expo
Abstract:Â Success in project delivery is a function of anticipating the areas of potential failure and managing those risks across the full project lifecycle, from the inception for a project to finally turning the completed asset over to operations. Failures in projects almost always relate to cost and time overruns that are directly caused by these risks.
Maximum and most effective proactive resolution of these failures requires a risk-oriented planning and monitoring culture integral to the cost engineering disciplines of cost and time management. There is no simple one-step process, but rather it requires a proactive and planned effort, and includes looking for opportunities to improve as well as threats to performance. The author uses his lessons learned from disputes, resolution, recovery, studies, and projects to build into his cost engineering practices the best proactive approach to identify the symptoms, recognize the potential failures, protect from the negative risks (threats), and exploit the positive risks (opportunities) to achieve successful projects and programs.
This approach addresses specific traditional areas of construction and program management that commonly fail, such as scope definition and change management, and offers proven solutions. This paper provides recommendations for resolution of the potential failure points in each of the phases of the project lifecycle gleaned from lessons-learned from the author’s over-45-year career.