Minimizing Risk

capital projects tips Jan 10, 2018

As a project manager, one of the highest responsibilities to your organization is minimizing risk and alerting the organization of risks that jeopardize the project objectives.  In my experience, the areas with the greatest risk are as follows:

1.       Vendor selection – Companies focused on price versus competence struggle with every stage of the capital project.  Having a well thought out selection process is imperative for choosing the right vendor.

2.       Funding approval – If your company’s management lacks a sense of urgency in approving your funding request, the timeline gets compressed because of their delay.  Clearly articulating the consequences of their delayed approval is your responsibility.  I have seen too many project managers bear the cross of train wreck management.  This is avoidable by being proactive in communicating consequences in a non-threatening manner....

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