Gardiner & Theobald LLP’s Post

How to create a strategic masterplan to maximise project value. A masterplan should be a comprehensive framework that integrates market demand, strategic delivery and risk management to ensure a project achieves the highest possible returns. If properly executed, the masterplan aligns the project’s scope, timeline and budget while maintaining the flexibility to address unforeseen challenges. In their latest article, G&T partners Jonathan Eyles and Paul Oliver share advice outlining the key considerations for masterplans which deliver successful and #sustainable developments. Read Jonathan's article here: https://hubs.la/Q032klV50 #GTMarketIntel #Masterplan #Construction

How to create a strategic masterplan to maximise project value. A masterplan should be a comprehensive framework that integrates market demand, strategic delivery and risk management to ensure a project achieves the highest possible returns. If properly executed, the masterplan aligns the project’s scope, timeline and budget while maintaining the flexibility to address unforeseen challenges. In their latest article, G&T partners Jonathan Eyles and Paul Oliver share advice outlining the key considerations for masterplans which deliver successful and #sustainable developments. Read Jonathan and Paul’s article here: https://hubs.la/Q02WB2bf0 #GTMarketIntel #Masterplan #Construction

Preconstruction planning sets the foundation for successful commercial projects. From budgeting to scheduling and risk mitigation, thorough planning ensures smooth operations, on-time delivery, and cost efficiency. Investing time up front saves you headaches later. Learn more about how preconstruction impacts project success and explore the benefits at every stage! Read More -> https://lnkd.in/gpqkY9Si #ConstructionManagement #CommercialConstruction #PreconstructionPlanning #KennMar #Construction

Cost management controls expenses, maintaining project affordability and quality throughout construction. To know more, watch the video. Here is the link - https://zurl.co/iMTZ           #ProjectManagement #ConstructionGoals #EfficiencyInExecution #BuildingSuccess #SamarthConstructionConsulting

What is a Contingency Sum in Construction? 🏗️ Ever wondered what a contingency sum is in construction? It’s a reserved amount in the project budget to cover unforeseen expenses. This smart planning ensures projects stay on track, even when surprises pop up! Learn more about how contingency sums safeguard construction projects from financial setbacks in our latest article. 💡 https://shorturl.at/8p9Ep #ConstructionTips #ContingencySum #buildingSMART #CostManagement #constructionfinance

Can help feeling concerned that the big push for infrastructure projects is built on some less than stellar current delivery stats. Following a very much BAU (Business as Usual) approach rather than adopting true LFE (Lesson from Experience) with the P13 / Industry delivery initiative to improve delivery with more for less philosophy. The Government Major Project Portfolio (GMPP) has 244 projects, across 21 departments, with a total whole-life cost (WLC) of £805bn and £758bn of monetized benefits. The planned baseline annual spend was £47.5bn for 22-’23. The Delivery Confidence Assessment (DCA) is an evaluation from the Infrastructure Project Authority (IPA) or the Senior Responsible Owner (SRO) of a project’s likelihood of achieving its aims and objectives on time and on budget. Consideration also needs to be given to the planned finish date. Fifty percent of projects are past 80% duration, and 55 are overdue on plan. This means there is little to no time to turn these around, and the only option is to keep spending and adding people with limited opportunities to influence or improve the project fundamentals.

As of May 2024, 458 infrastructure projects, each with an investment of ₹150 crore or more, experienced cost overruns totaling over ₹5.71 lakh crore. To prevent these issues and ensure seamless project execution, meticulous planning and realistic scheduling are essential. #Infrastructure #Investment #Execution #Planning #InfrastructureDevelopment #ProjectManagement

What is a Contingency Sum in Construction? 🏗️ Ever wondered what a contingency sum is in construction? It’s a reserved amount in the project budget to cover unforeseen expenses. This smart planning ensures projects stay on track, even when surprises pop up! Learn more about how contingency sums safeguard construction projects from financial setbacks in our latest article. 💡 https://shorturl.at/8p9Ep #ConstructionTips #ContingencySum #buildingSMART #CostManagement #constructionfinance

Costly Mismanagement Leads to Delays! The American Dream Miami megamall project, valued at $4 billion, has experienced significant delays and cost overruns. Initially set to open in 2020, the opening has been postponed multiple times due to various issues including financing difficulties and the COVID-19 pandemic. The most recent projection suggests a possible opening in 2026, a delay of six years from the original target. Financially, the project has seen its costs escalate considerably. While the initial budget was $4 billion, actual costs are expected to exceed this significantly due to delays and additional requirements for infrastructure improvements, such as stormwater management and traffic mitigation. Estimates suggest that proper project management could have saved a substantial amount of time and money. If the project had adhered to its original schedule, avoiding the six-year delay could have saved hundreds of millions of dollars. Specifically, minimizing delays could have saved between $500 million to $1 billion, accounting for inflation, additional financing costs, and increased material and labor costs over the extended timeline. These savings highlight the critical importance of effective project management in large-scale developments to avoid such significant overruns and delays. Project Group 242 helps bring your vision to fruition with precision. #AmericanDreamMiami #Megamall #projectmanagement #management #lessons #overrun #Miami #MiamiDadeCounty #Florida #Issues #projects Sources: - Construction Review Online - Blooloop - Bisnow

"Scrooge's Guide to Infrastructure Budgeting: Every Cost is a Humbug." Bah! Humbug! Ever feel like Ebenezer Scrooge when reviewing infrastructure budgets? You're not alone. As cost estimators, we often channel our inner Scrooge, scrutinising every line item and bracing for the inevitable "unexpected costs" that haunt every project. Imagine Scrooge as your project manager. His mantra? "Every cost is a humbug!" While his methods might be extreme (no Tiny Tims on his project teams!), there's a grain of truth in his penny-pinching philosophy. Why a Scrooge-like approach (in moderation) can be beneficial: #1 Combating Cost Overruns: A McKinsey study found that large infrastructure projects typically exceed their budgets by an average of 80%. #2 A healthy dose of scepticism about initial estimates can help mitigate this risk. #3 Identifying Hidden Costs: Like the ghosts of Christmas Past, Present, and Future, hidden costs can creep up and haunt your budget. A meticulous review, à la Scrooge, can unearth these lurking expenses before they wreak havoc. #4 Value Engineering: Scrooge was all about maximising value. By questioning every expense, we can identify opportunities for value engineering, establishing that we're getting the most bang for our buck. How to channel your inner Scrooge (without the negativity): 1) Detailed Cost Breakdown: Don't just accept high-level estimates. Demand a detailed breakdown of all costs, from materials and labour to permits and contingencies. 2) Risk Assessment: Identify potential risks and their associated costs. This will allow you to manage these risks proactively and avoid costly surprises. 3) Contingency Planning: Include a realistic contingency buffer in your budget. This acts as a safety net for those inevitable "humbugs" that pop up. While we don't advocate for a purely miserly approach (investing in quality and long-term value is crucial), adopting a discerning eye when it comes to costs is essential for successful infrastructure projects. Let's embrace Scrooge's spirit of scrutiny, not the spirit of meanness, to establish that our projects stay on track and deliver maximum value. #InfrastructureHumour #CostPlanning #BudgetQuest #InfrastructureAdventures #UnexpectedCosts #BudgetBuster #CostEstimating #ProjectManagement #InfrastructureProjects #ValueEngineering #ContingencyPlanning #Scrooge #EbenezerScrooge