Project Financial Summary of Experience

Question 1

On your RR (Rolls Royce?) framework, you reported on compensation events. Did you report on early warnings too? How did you establish if early warnings were likely to be funded by the client and suitable for the report?

Answer 1

Our Cost Report Highlights Implemented and anticipated CE’s as well as EWNs raised, the EWN’s received highlight if they will potentially have a cost/time implication, as such, in the meeting that follows, I assess liability of the risk.

Question 2

How did the types of changes you reported on differ for NEC3 Option C vs JCT?

Answer 2

NEC changes are managed through CE’s which bundle time and cost impacts into a single event. JCT contracts handle time and cost impacts separately, with “Relevant Events” potentially leading to both an extension of time and a cost adjustment.

Question 3

How did the output of your cost report for NEC3 Option C differ to the JCT?

Answer 3

NEC, report on pain gain forecast, report on CE’s & EWN’s
JCT reports on changes/instructions

Question 4

How did you establish reporting regimes with RR?

Answer 4

Pre-agreed upon appointment, monthly Cost Reports issued to the client, followed up my a face to face meeting to discuss/explain further.

Question 5

You mentioned you quantified risks on UoN using the simple method of assessment… what’s that?

Answer 5

Quantitively Schedule / Cost Risk Analysis; Assessed the potential hazards by determining their likelihood and severity, and then use a risk matrix or other methods to assign numerical values to each risk. This process helps prioritise risks and develop appropriate mitigation strategies. I’m aware of other methods that can be used.