Hi Guys,
I just wanted to share a concept, which i wish it may be implemented one day somewhere. (Never in Dubai anyways)
Usually, from a client point of view, or a client consultant, when preparing the project overall expected budget before starting the project, there will be some identified risks (Known Unknowns) , which will be quantified and the monatry value of this risks will then be covered by cost contingency added to the project expected cost to form the budget, and then if any of these risks occured during the course of the project, the project manager (without refering back to the client), will use the allocated contingency to cover the impact of those risks.
Now, the concept which i wanted to share is: have any of you guys tried to use "Time contingency" during the course of the project, if yes, i would like to discuss further, if no i guess its really worth a good discussion.
Cheers,
Moe
I just wanted to share a concept, which i wish it may be implemented one day somewhere. (Never in Dubai anyways)
Usually, from a client point of view, or a client consultant, when preparing the project overall expected budget before starting the project, there will be some identified risks (Known Unknowns) , which will be quantified and the monatry value of this risks will then be covered by cost contingency added to the project expected cost to form the budget, and then if any of these risks occured during the course of the project, the project manager (without refering back to the client), will use the allocated contingency to cover the impact of those risks.
Now, the concept which i wanted to share is: have any of you guys tried to use "Time contingency" during the course of the project, if yes, i would like to discuss further, if no i guess its really worth a good discussion.
Cheers,
Moe