Project Recovery & Risk Management
Construction and development projects do not always proceed as planned. Cost escalation, schedule delays, incomplete information, coordination failures, unresolved disputes and changing project conditions can place significant pressure on ownership and threaten successful project completion.
FOND provides independent Project Recovery & Risk Management services for owners, developers and organizations facing projects that require experienced assessment, stronger oversight or a practical path forward. We evaluate the current condition of the project, identify the issues affecting performance and help ownership establish priorities and corrective strategies designed to regain control and move the project toward completion.
Identifying What Is Driving the Problem
Project recovery begins with understanding the conditions that are affecting performance. Symptoms such as rising costs, missed milestones or recurring disputes may be obvious, but the underlying causes can involve multiple interconnected issues across design, procurement, contracting, communication, decision-making and construction.
FOND evaluates the project from an owner-focused perspective to help distinguish immediate problems from their underlying causes. Depending upon the assignment, our review may include:
- Current Project Status & Completion Assessment
- Budget, Cost Exposure & Forecast-to-Complete
- Schedule Status, Delays & Critical Milestones
- Contracts, Change Orders & Pending Claims
- Design Completion & Documentation Issues
- Contractor, Consultant & Project-Team Performance
- Procurement & Material-Delivery Constraints
- Communication, Coordination & Decision-Making
- Quality, Completion & Outstanding Work
- Unresolved Risks, Disputes & Project Constraints
The objective is to establish a clear picture of where the project stands, what is preventing progress and which issues require the most immediate attention before an effective recovery strategy can be developed.
Establishing a Path Forward
Once the principal issues affecting the project are understood, FOND works with ownership to establish priorities and develop a practical strategy for moving forward. Recovery efforts may require difficult decisions, revised expectations, stronger controls or changes in how the project is managed and coordinated.
Depending upon the circumstances and scope of engagement, FOND may assist with:
- Prioritizing Critical Project Issues
- Developing Corrective-Action Strategies
- Reassessing Budgets & Cost-to-Complete
- Evaluating and Updating Project Schedules
- Reviewing Pending Change Orders, Claims & Cost Exposure
- Improving Project Controls & Reporting
- Clarifying Roles, Responsibilities & Decision Authority
- Coordinating Contractors, Consultants & Project Participants
- Supporting Negotiation & Resolution of Outstanding Issues
- Developing Completion, Transition or Closeout Strategies
- Monitoring Implementation of Corrective Actions
- Providing Executive-Level Reporting to Ownership
Project recovery is rarely accomplished through a single action. FOND’s role is to help ownership establish an informed, prioritized approach to the issues at hand and provide experienced oversight as corrective measures are implemented.
When Project Recovery Support May Be Needed
Project problems often develop gradually before reaching a point where ownership recognizes that additional intervention is required. Early involvement can provide more options, but FOND may also be engaged after significant cost, schedule, coordination or performance issues have already developed.
Project Recovery support may be appropriate when:
- Construction costs are exceeding the approved budget or forecast
- The project is experiencing significant or recurring schedule delays
- Change orders, claims or unresolved costs are accumulating
- Ownership lacks reliable information regarding actual project status
- Communication among project participants has deteriorated
- Design, documentation or coordination issues are disrupting construction
- Contractor or consultant performance has become a concern
- Critical decisions remain unresolved or repeatedly delayed
- The project team lacks a clear completion strategy
- Ownership is considering changes to project leadership, contractors or consultants
- A lender, investor or other stakeholder requires greater visibility into project performance
- Ownership needs an independent assessment before determining the next course of action
The earlier significant project concerns are identified and addressed, the greater the opportunity may be to evaluate available options before additional time, cost and complexity are introduced. When problems are already advanced, an independent assessment can help ownership understand the current condition of the project and establish priorities for what happens next.
Regain Visibility. Establish Priorities. Move Forward.
When a project begins to lose momentum or control, ownership needs clear information before making the next important decision. FOND provides an independent, experienced perspective to help assess current conditions, identify priorities and develop a practical strategy for addressing the issues affecting project performance.
Whether concerns are beginning to emerge or the project is already facing significant cost, schedule, coordination or completion challenges, FOND can help ownership understand where the project stands and evaluate the path forward.