PROJECT RECOVERY AND TURNAROUND EXPERTS FOR DISTRESSED PROJECTS
Reedy Creek Projects are specialists in the recovery of projects that have descended into critical cost and/or schedule difficulty. Our project recovery specialists are highly sought after - both domestically and internationally - often referred by clients who we previously assisted in delivering key projects.
Distressed projects that culminate in the need for a specialist recovery plan include those which become increasingly behind schedule or over budget. Often both.
Often misinterpreted, project recovery is not simply a muster of superior technical knowledge. It is the rapid implementation and execution of a recovery plan involving the highest levels of commercial, industry, site management and people management experience. This brings commercial focus and discipline back into the equation. The objective is to get the project completed – on budget, to schedule.
Symptoms or causes of project distress involve deficiencies in the following elements of a project. These lead to the need for project recovery.
- Initial site setup and protocols
- Project schedule expectations
- Project or site management by “remote control” from a head office in another city or country
- Evaluating tenders or negotiating contractor / supplier contracts
- Project budgeting, planning and scheduling
- Disciplined project reporting, both schedule and financial
- Site leadership, man management, contractor management
- Contracts management
- Lines of delegated authority and communication
- Lack of commercial focus, key engineering personnel often being inexperienced commercial managers
- Cost control management with inadequate financial reporting
- Design scope creep often allowed without consideration to the original budgets or schedule
- Discipline with reconciling VO’s / EOT’s, including these not being captured in tandem with the main progress claims schedule.