Frequently Asked Questions

What are the key elements of a Good Venture Planning?

A good venture planning must:

  • Be timely
  • Be comprehensive but compatible with “knowns”
  • Be ongoing and flexible
  • Use experienced people
  • Identify potential problems as well as opportunities
  • Involve affected organizations and individuals

How do I control the Cost and Schedule of a Capital Investment Project?

To control the cost and the schedule of a Capital Investment Project:

  • You must know what has to be done
  • You must have a detailed budget and tracking profiles which provide a schedule and a cost control bases
  • You must obtain periodic reports that provides you with actual performance data
  • You must know what remains to be done using a rigorous forecasting process
  • You must identify and implement corrective actions to bring performance in line with expectations
  • You must check the results of every corrective action

What Good Project Management means?

Good Project Management means that:

  • All required tasks are identified and carried out
  • All stakeholders are aligned throughout the process
  • All participants know and accomplish their responsibilities efficiently and effectively
  • A process in place to anticipate problems, identify risks and develop plans to mitigate effects
  • A mechanism in place to identify and capture opportunities
  • A mean to ascertain that contractual commitments are met
  • Establishment and maintenance of good interrelationships between organizations
  • To monitor / appraise performance ... take corrective actions
  • Establishment of effective control systems

Why should Management be concerned about safety?

  • Humanitarian Reasons
  • Corporate Policy
  • It's the Law
  • Public Relations
  • Accidents will affect Operations and Profit
  • Cost and Schedule are affected by accidents

How would an organization fulfill its commitment to the Safety, Health and Environmental (SHE) principles?

  • By making SHE excellence one of its core values
  • By striving to have sound operations
  • By complying with all laws and regulations

Describe the impact of a high rate of safety incidents on a construction site

Safety incidents on a construction site have significant impact on Cost and Schedule.

Cost

  • Insurance rates are based on performance
  • Cost of a lost time accident averages over $20K
  • Liability frequently difficult to assign
  • Business opportunity may be lost

Schedule

  • Accidents are disruptive to work force
  • Skilled workers are difficult to replace
  • Damaged equipment takes time to replace
  • Safety and productivity interrelate

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