Behind every project is a team, and within every team is an essential role required to drive a project successfully to completion. In order to realise project objectives, it is paramount for these roles to effectively communicate with failure to do so a major contribution factor in project failure.
Two months have passed since the Contract Practical Completion date and there is no sign of the work being completed anytime soon. The tracking curves are all behind and neither the contractor nor the Owner’s team can agree on the reasons behind the blunder.
Contingency planning in projects has been historically done poorly in terms of either the amount of contingency (whether that be time or money or both) needed for a project and/or managing the use (or draw down) of that contingency.
Organizations face the need to standardize their budgets and forecasts so that there is a level of reliability in how Project budgets and forecasts are created across the business. Many companies focus too much on reporting requirements and overlook the importance of collating and aligning the cost and time effort in projects into the overall picture for the business.
Keystone Project Advisory have spent many thousands of hours working on forecasts, reports and dashboards, reviewing and analyzing project data in Excel spreadsheets.
Over the last decade, the varying levels of budget constraints experienced by all industries in Australia due to external drivers has encouraged companies to drive efficiency initiatives throughout each facet of company operations to effect self-preservation in the increasingly competitive global market. Evidently, along with maintenance and general operational budgets, capital expenditure purse-strings have been tightened and in doing so, a heightened focus has consequently been placed upon Project Controls. In addition to a lack of capital expenditure allocation, the consistent failure of capital allocation underspend in major business proves detrimental to business growth and continuous improvement.
Many of today’s businesses are highly complex requiring a detailed understanding of how external factors can impact internal business matters. Fully understanding business risk requires additional focus on a more than one component of a business, but the behaviour of the business and environment it operates in as a whole.
Behind every project is a team, and within every team is an essential role required to drive a project successfully to completion. In order to realise project objectives,...Read more...
Two months have passed since the Contract Practical Completion date and there is no sign of the work being completed anytime soon. The tracking curves are all behind...Read more...
