nuts and bolts

Top Tips for Project Success

By Andrew Jeffery

April 8, 2019

Economic and political uncertainties continue to undermine market confidence and outlook. How can investors and project owners protect themselves while remaining agile enough to take advantage of any upside opportunities?

Andrew Jeffery, senior managing director at Ankura, has compiled his top tips for project success:

  1. Implement strong and dynamic business case modelling
    An effective business case model must address and integrate all the factors facing a project including financial, technical, and market-related, in order to develop a robust model and evaluation criteria against which to judge the viability and performance of alternative investment options. It is imperative that business case models are revisited regularly throughout the project to protect investment value.
  2. Getting your real estate strategy right
    Real estate portfolios are a significant cost to businesses, and in unpredictable markets the lack of objective quantitative analysis in decision making is an avoidable risk. An insightful real estate strategy can provide real opportunities for growth and long-term benefits within the business.
  3. Put risk management at the top of your agenda
    The importance of a proactive and open risk management culture cannot be understated, especially with ever-increasing corporate responsibility and liability. To be effective, everyone from the board to the workforce must be engaged. By providing an early risk identification culture the team can collaborate to design out, not just deal with, risk — using the combined intelligence and experience of all project stakeholders. Risk identification should then remain constantly updated.
  4. Make sure your project delivery controls are fit for purpose
    Robust project controls are at the heart of a controlled, efficient, and effective project delivery. They give clear and objective data outputs on which clients can make quality decisions. Decisions based on outdated, poor, incomplete, or incorrect site reporting is a real and avoidable risk.
  5. Leverage independent assurance advice
    On complex projects, the level, quality, and quantity of the data can vary enormously, which can be overwhelming. Some clients may be unable to review and properly understand project data. Clients are therefore advised to bridge this gap by engaging an experienced external advisor, which is an effective and cost-efficient way to check that everything being reported by the project delivery team reflects the reality of the project. Early, independent advisory assistance is key to evaluating best options to minimize risk or maximize opportunity to achieve optimum client outcomes.
  6. Act early
    To protect themselves, clients are wise to seek early, objective, and independent advisory support. This will ensure they are informed as soon as possible of any warning signs and help them make decisions quickly to mitigate risks associated with cost, reputation, or the law. Early assistance is key to obtaining effective and objective advice.