This article was written by, Bryan Schriiffer M Prof Studs (Transport). Dip Mgmt. NZIM. CIP’s.
Meeting the Changing and Growing Needs for Capital Projects
Identify Major Project Risks….
The final post in this series
The list of the top 10 major project risks is standard across a number of sectors:
- Delay in construction / processing due to changes during detailed design
- Changes during the incorporation of optimisations in the detailed design
- Major changes to basic design parameters
- Delay in approval of E&C contractor selection by stakeholders
- Rejection of technical options during detailed design reviews
- Shortage of qualified personnel to manage the project (permanent and consultant)
- Poor management and integration of subcontractor(s)
- Change in local regulations / documentation for imported goods
- Lost Time Incidents (LTI) this is often due to a lack of safety culture by local subcontractors or workers
- Design changes after placement of purchase order(s)
Benchmarking has long been used to improve the accuracy of project performance. It is the process of comparing the estimated capital costs of the proposed new facility against the results of similar projects in the industry.
Rowe Advisory has in-depth experience in dealing with similar range of capital project issues and risks from companies in your industry. Rowe Advisory are able to provide targeted assistance and add value to your capital project program.
Contact Rowe Advisory for a confidential discussion
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