In most projects there are a high focus on controls and processes defined by the familiar Scope, Cost, Schedule and Quality project framework. Management and control is exercised through various well-defined standard project management methodologies, tools and the latest scheduling and collaboration software.
The conventional norm applied in contract risk management is to allocate the risk to the party best able to bear it. This is also advocated in many project guideline documents such as for Public Private Partnerships issued by many government agencies and Development Finance Institutions (DFI’s).
Capital projects are developed by project sponsors as either a commercial endeavour in the pursuit of profits or in the case of public sector projects, projects are developed to serve a broad socio-economic benefit.
The real truth is that many projects are underestimated and under-budgeted. This is especially true the more complex a project get – usually the larger the project, the more the complexity.
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The conventional norm applied in contract risk management is to allocate the risk to the party best able to bear it. This is also advocated in many project guideline documents such as for Public Private Partnerships issued by many government agencies and Development Finance Institutions (DFI’s).
Capital projects are developed by project sponsors as either a commercial endeavour in the pursuit of profits or in the case of public sector projects, projects are developed to serve a broad socio-economic benefit.
