BLACK FRIDAY, CYBER MONDAY AND RICH DAD

Black Friday and Cyber Monday have come and gone but their memories will linger on. Apart from buying things that they may not really need some have ended up with injuries or even died in the course of struggling to be the first to get to the items. For those who may not know, Black…

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CRITICAL SUCCESS FACTOR PART 1

Some projects fail even before they can start because the seeds of success had not been sown right from inception. Starting today, I begin to discuss the factors that must be present for a project to succeed and achieve its objectives. These are the critical success factors. Critical success factors are elements that are necessary…

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HOW TO MITIGATE STAKEHOLDER BIASES IN RISK ASSESSMENT

It is common knowledge, or at least it should be, that the quality or integrity of the risk management plan depends on the quality of the risk identification and assessment processes that underpin it. Risk assessments is the primary input to the risk management process. Therefore, no effort should be spared towards assuring the quality of…

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ENGINEERING AND CONSTRUCTION CONTRACT PRIMER Part 6

I will conclude this series of essays on Engineering and Construction Contact Primer by discussing Cost-reimbursable contracts. In Part 1 we attempted a definition of contract and its key elements. Part 2 emphasized the need for all project key personnel to read and gain thorough understanding of the contract document, particularly the scope of work…

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ENGINEERING AND CONSTRUCTION CONTRACT PRIMER Part 5

In the last session we examined contracts that are applicable when the scope of work is clearly defined and risks reduced. I continue our discourse of Engineering and Construction Contract Primer by discussing contracts that are applicable when the project or scope of work is not clearly defined. We begin with Time and Materials (T&M)…

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