planning – GleeYM https://www.gleeym.com GleeYM offers complete risk management , PMO, Mind Mapping, Training and Digital Transformation Servces! Tue, 11 Oct 2022 16:34:23 +0000 en-CA hourly 1 https://wordpress.org/?v=6.9.4 https://www.gleeym.com/wp-content/uploads/2022/01/cropped-gleelogo-1-1-32x32.png planning – GleeYM https://www.gleeym.com 32 32 166212591 Are Caring about the Penalty Clause in a Mega Construction Project? 3 Questions Need to be Addressed! https://www.gleeym.com/2021/02/21/penalty/ https://www.gleeym.com/2021/02/21/penalty/#respond Mon, 22 Feb 2021 00:00:10 +0000 https://www.gleeym.com/?p=2844

Construction Project - Better way to Envisage Your Project's Future. How? 4 Graphs are Enough to Illustrate!

Key Words

Construction, penalty, Delay, Contractor, Client, Owner, Construction Project, Project Delivery, Project Controls, Brown Field, Green Field, Cost Estimates, Schedule, Integrated Cost Risk Analysis, Risk Register, Execution, Planning, Remote Area, Skilled Labor, Material Handling, Bulk Material, Construction Equipment

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QUANTITATIVE RISK ANALYSIS

Summary

Delays in construction projects can lead to hefty penalties. These cost implications shouldn’t be overlooked and should be planned for in a variety of ways by both contractors and subcontractors. The importance of understanding and planning for these delays shouldn’t be underestimated, considering that contractors and subcontractors are often the ones responsible for paying the penalties. By understanding the consequences of delays, you can work to prevent those delays and avoid paying the penalties!

Read article on Project Cost and Risk analysis: 

https://www.gleeym.com/2021/02/16/accessroad/

Case Study

Access Road Construction Project that is required to be done well before commencing process plant construction. The project schedule, schedule and cost risk analysis have already been discussed in the previous article.

As per the penalty clause in the contract, $5,000/day penalty will be imposed to the contractor in case of delay for each day after the target date. Interestingly, there is no cap on penalties.

Top Risks

The top identified risks are:

  1. Flash Flood
  2. Delay in Delivery of Material
  3. Unavailability of Skilled Labor

 

Is it important to focus on Access Road Construction for mega Complex remote project? 4 Figures Depict a Complete Story!

Important Consideration

The construction industry is a high-risk, high-reward industry. It’s important for builders, contractors, and subcontractors to have a thorough understanding of the full cost implications of delays in construction projects. Understanding the potential penalties for delays can help your business plan better and potentially reduce your overall cost.

Construction delays can be a result of many different factors, but they are rarely the fault of the contractor doing work. The best way to avoid being placed in that situation is to make sure your project is documented with proper project controls. One of the factors to consider when maintaining project controls is the role that cost plays. It’s hard to estimate cost without knowing the impact of the delay you’re facing, which is why it’s so important to analyze the cost risks before projects begin. It’s also vital to integrate the risk analysis into your schedules and plans so that you can have well-executed plans that are also cost conscious. By making sure you understand cost implications before you plan, you can be sure that you have a plan that works well for your business!

Risk assessment for a mega complex construction project-www.gleeym.com/qra
Pic. 1 - Risk Assessment for Mega Complex Projects

Delays can happen to anyone who’s involved in construction projects. Contractors, subcontractors, and builders are required to understand the cost implications of delays. Knowing the penalties associated with uncompleted projects can provide valuable insight into how much money is available to complete a project. If you’re involved in a construction project, you should be aware of the different types of penalties that may be implemented. The most notable of these penalties are completion delays, mobilization delay, and liquidated damages.

Construction risk assessment-www.gleeym.com/qra
Pic. 2 - Construction Risk Assessment Services by GleeYM

Project Scenario

Project complete target date is 26-8-2021 with the cost estimates of $9 M.

The project owner put a penalty clause that if the project delays after the contractual deadline i.e., 26-9-2021, then there will be a penalty of five thousand ($5,000) dollars per day.

This analysis provides an equal opportunity to the client and the contractors including subcontractors to revise the schedule accordingly and negotiate the timelines and the budget.

Why to develop a model and run a Monte Carlo simulation? The simple answer is to forecast your project execution while planning in present.

QUANTITATIVE RISK ANALYSIS

There are three important questions that can be addressed for a client and a subcontractor:

  1. What are the chances that the project schedule will be delayed, and cost overrun?
  2. What will be the 50th percentile for a penalty in case of project delay?
  3. What will be the probabilities of occurrence of different possible outcomes for a penalty?

Quantitative Risk Analysis

GleeyM Offer services to identify risks and perform Quantitative Schedule Risk Analysis (QSRA) and Quantitative Cost Risk Analysis (QCRA) for mega complex projects!
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Probability distribution graph by www.gleeym.com/qra
Pic. 3 - Probability Distribution for a Project Schedule

There is 50% (mean) chance that project will be delayed by 62 days. Furthermore, there is 80% chance that project will be delayed by 85 days.

Project cost overrun distribution graph by www.gleeym.com/qra
Pic. 4 - Probability Distribution Graph for a project Cost

There is 50% chance that the project cost overrun will be $4.474 M. Whereas cost overrun will be $3.194M between P50 – P80.

Penalty

Penalty S-Curve by www.gleeym.com/qra
Pic. 5 - Penalty S-Curve

It’s crystal clear that based on the current schedule and mapped uncertainties and risks; the penalty will be substantial.

As per the contract, the penalty will be $5,000 per day. Therefore, there is a 50% chance that the penalty will be $160 K in case of project delay beyond the contractual deadline of 26-9-2021.

What if a project delays further? Then from a distribution graph, there is an 80% chance that the penalty will be $325 K.

The question is what will be the monetary benefit to the contractor? How to address it while negotiating the contract and mitigate plans during the project planning? In case of delay, will there be an impact on CAPEX? Will there be an impact on OPEX?

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Conclusion

Integrated risk analysis is an equally important for both Client and Contractor. Risk Based Decision Making is required to demonstrate ALARP/ALARA. By incorporating what if analysis in ITB, contracts and planning will definitely help to forecast project health and EVM.

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]]> https://www.gleeym.com/2021/02/21/penalty/feed/ 0 2844 You Will Never Thought That Knowing Strategic Planning With Mind Maps Could Be So Beneficial! https://www.gleeym.com/2020/12/28/strategicplanning/ https://www.gleeym.com/2020/12/28/strategicplanning/#respond Tue, 29 Dec 2020 01:43:23 +0000 https://www.gleeym.com/?p=2009

Keywords

Planning, Strategic Planning, Strategic Goals, Scheduling, Mind Mapping, Mind Maps, Direction, Leadership, Business, Growth, KPI

You Will Never Thought That Knowing Strategic Planning with Mind Maps Could Be So Beneficial!

Introduction

Strategic planning is an important part of business operation. It can help you to determine your objectives and plan how to achieve them. When a business owner is not clearly communicating their purpose, they can lose business to a competitor who has a better understanding of what they want to accomplish.

When it comes to developing and implementing strategic plans, it’s important to make sure you are following the right formula. It doesn’t matter what size of business you are in, there will always be a need for a strategic plan. An effective strategic plan will help your business grow and flourish.

GleeYM offers strategic Planning
Pic-1 Planning

What is strategic planning?

It is the process of identifying and aligning your goals with your company’s vision, mission, and core values. Strategic planning allows an organization to identify strengths, weaknesses and opportunities that can be leveraged to improve organizational results. It also identifies the key areas in which resources should be allocated.

No matter how much you think you know about marketing or sales, one thing’s for sure: there are more things that should be on your business’s list than those that are. which includes a step-by-step approach to developing a strategic plan for your company.

A Strategic planning is a critique of the business and its goals, using data to identify opportunities and weaknesses. The implementation of strategic plans should be a regular part of business management.

Pic-2 Strategic Planning

Mind Mapping

Mind Mapping is a great tool to use in order to implement strategic goals. But, I think many people view these mind maps as merely a tool, and not something that can be used strategically. In this article I want to show you how you can use mind mapping strategically to achieve greater success with your business or website. Mind maps are a diagrammatic method of visual thinking that is used to create concepts, ideas, or relationships. They are created using eight different symbols that represent basic elements of human thinking.

If you’re new to strategic planning and goal setting, consider utilizing a mind map as your vehicle for developing your strategic goals. Mind maps are an effective way of organizing your thoughts so they can be easily communicated to others.

GleeYM offers strategic planning with Mind Maps.
Pic-3 Strategic Planning with Mind Maps

Mind maps are used by some companies to implement strategic goals, but they may not be as effective as other planning and decision making tools. If you’re still in the process of figuring out how to use a strategic mind map, use this blog post to discover whether or not they are the right tool for your business.

Mind maps are a very useful tool in strategic planning, not only because they help to clarify the key points of your message and the objectives you want to achieve with it, but also because they provide a visual representation of your thoughts and ideas.

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Links

  • Mind Maps

    Creative and Critical thinking requires out of the box, rational and objective thinking. Idea generation with one-line statement is just a kick start. Perceiving, communicating and winning an idea requires transforming and shaping information into presentable form. Mind Map helps to generate, relate ideas.

  • QRA

    A schedule risk analysis (SRA) uses a risk-based project schedule (derived from the master schedule) to apply statistical techniques to envisage a level of confidence in meeting a project’s completion date.

  • GleeYM Services

    GleeYM offers premium services.

Mind Maps for Business Profitability

Want to tell your story in a creative and memorable way? Well, the GleeYM can help you.
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Unique Services for Software Selection and Implementation

GleeYM can help you with a valuable service to pick and incorporate risk management software for decision making and meeting strategic goals!
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]]> https://www.gleeym.com/2020/12/28/strategicplanning/feed/ 0 2009 EPPM Planning and Implementation using Mind Map – Digital Transformation Initiative https://www.gleeym.com/2020/03/26/eppmmindmap/ https://www.gleeym.com/2020/03/26/eppmmindmap/#respond Thu, 26 Mar 2020 14:51:57 +0000 https://www.gleeym.com/?p=1498

Enterprise level Software Implementation Project Management using MindMap – Digital transformation project. Facilitated the workshop with key stakeholders are developed MindMap to visualize and walk through the complete project life cycle. MindMap helps to brainstorm, organize and link data. Connected the dots and realize the opportunity by developing schedule, cost estimates, resource estimates, supply chain mode, and risk management.

Project Planning with Mind Map

Mind Mapping revitalizes the efforts to Project initialization and to plan different components of the project. It helps to create a concise, to –the-point and eye-catching illustration of a project. Selecting best idea from many alternatives has always been a challenging task.  The Key stakeholders require clear, vibrant and convincing presentation for taking decision. Mind map offers flawless and interconnected approach to get through the decision process. It is more beneficial during development phases of the project.

Question when to use Mind Maps? Mind maps should consider to plan each and every component of the project:

  • Project Initialization and analyzing alternatives
  • Stakeholder identification and management
  • Requirement gathering and scope
  • WBS, schedule, sequencing activities, cost estimates and assigning resources
  • Quality control and Quality assurance
  • communicating project information and progress to stakeholders
  • Plan procurement and logistics
  • Identifying and managing Risks
  • Project monitoring and control
  • Project close out
Mind Map for risk software by GLEEYM
Pic.1 - Dynamic Mind Map

Mind Mapping

Creative and Critical thinking requires out of the box, rational and objective thinking. Idea generation with one-line statement is just a kick start. Perceiving, communicating and winning an idea requires transforming and shaping information into presentable form. Mind Map helps to generate, relate ideas.

Above all, a great team exercise to get buy-in from the stakeholders in a cohesive environment. While Decision tree helps to evaluate alternate ideas and select the best alternative after performing Expected Monetary Value (EMV) analysis etc. Agile and scrum methodologies are talking about progressive elaboration.

In this era of digital transformation reshaping the idea generation and presentation is important. Remember connecting the dots sequentially helps to transform the idea into product. Gear up your idea by converting it to actions to achieve goals and objectives within specified time and budget.

Communicating with stakeholders is not easy. Requirements and expectations are different. Also, power and interest level are different too for every stakeholder. Therefore, need a tool to communicate effectively. Mind Mapping helps to interact visually and it’ best for story telling and finding solutions to the problems.

Mind map illustrates an idea in a structured way. By connecting a dots, perceiving an idea is much more easier.  Tell us your requirements, GleeYM Inc. is here to help you and save your million of dollars before making decision under uncertainty. Plan and validate your idea before executing. GleeYM Inc. will help you to transform Mind maps to Gantt chart in order to develop schedule and cost estimates. 

Areas of expertise in Mind mapping, but not limited to:

  1. Project Risk Management; qualitative and quantitative risk analysis for cost and schedule using Monte Carlo Simulation. Enterprise Risk Management (ISO 31000)
  2. Facilitating project planning, risk and project management. Experienced with both physical and virtual)
  3. Visual project management by integrating Mind maps with MS Projects
  4. PMO set up, process Improvement
  5. Enterprise Project Management software planning, deployment and implementation
  6. IT project within Agile, scrum and waterfall (hands on experience with JIRA and Confluence)
  7. Digital Risk Management (Integrating risk management with Cyber security)
  8. Process Safety, HSE and Fire Safety for Oil & Gas
  9. Product Development Physical and Digital
  10. Digital Transformation and Change Management
  11. Training (Experience with both in person and virtual. )

Mind Maps for Business Profitability

Want to tell your story in a creative and memorable way? Well, the GleeYM can help you.
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Quantitative Risk Analysis

GleeyM Offer services to identify risks and perform Quantitative Schedule Risk Analysis (QSRA) and Quantitative Cost Risk Analysis (QCRA) for mega complex projects!
Click Here

MIND MAPPING SOLUTIONS

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Project Case Study

It was a challenging project to plan and implement in a shorter time (tight schedule) with budget constraints and limited resources. The project was to implement Project Management Portfolio solution for the PMO. It was an integration of more than seven (7) software along with customization of software as per demand and requirement. Project Challenges for Project team were:

  • RFQ document was missing with many key information.
  • Project was a new venture and project for a consulting company.
  • Project team was comprised of an enthusiast and expert professionals, but new to plan and implement such type of project.

 

I was engaged to impart training and facilitate the Brainstorming session. I developed the mind map to highlight the project requirements, scope, schedule and cost along with high-level Risks. At that point had a nitty gritty dialogue and contentions with project team. During a brainstorming session we challenge each other i.e. facilitator and project team. The workshop ended with clear objectives, roles, and responsibilities for every project team member. Mind Map structure is given underneath:

Use Mind map to plan and implement EPPM using Mind Maps. www.gleeym.com
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]]> https://www.gleeym.com/2020/03/26/eppmmindmap/feed/ 0 1498 Planning and Implementing EPPM for PMO using Mind Mapping. How? 1 Picture Illustrates https://www.gleeym.com/2020/03/07/mindmappmo/ https://www.gleeym.com/2020/03/07/mindmappmo/#respond Sat, 07 Mar 2020 05:35:01 +0000 https://www.gleeym.com/?p=1402

Planning and Implementation of EPPM for PMO using Mind Mapping. How? 1 Picture Illustrates

A Digital Transformation program with intensive change management initiative to digitize PMO. Used methodology of MindMapping for planning and facilitating workshops with Stakeholders.

Enterprise level Software Implementation Project Management using MindMap – Digital transformation project. Facilitated the workshop with key stakeholders are developed MindMap to visualize and walk through the complete project life cycle. MindMap helps to brainstorm, organize and link data. 

Connected the dots and realize the opportunity by developing schedule, cost estimates, resource estimates, supply chain mode, and risk management. High level a part of digital output for a digital project is attached.

Case Study

Planned, Designed and Implemented Enterprise Project Management software rollout    for a PMO. Integration with the current system, customization and data synchronization were the key success factors.

It was a P3 project at the enterprise level. The   team was inexperienced in project management, but dynamic and tech-savvy.

  1. Arranged interviews with the key stakeholders;
  2. Facilitated workshop to discuss and identify the gaps; 
  3. Planned  Roadmap for the implementation with clear roles and responsibility;
  4.  Quantitative Cost and Schedule risk analysis using Monte Carlo simulation;

 

High-level mind map is illustrated below:

Planned and Implemented EPPM Solution for PMO using Mind Mapping
EPPM Implementation for PMO
Planned and Implemented EPPM Solution for PMO using Mind Mapping
EPPM solution for PMO

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GleeyM Offer services to identify risks and perform Quantitative Schedule Risk Analysis (QSRA) and Quantitative Cost Risk Analysis (QCRA) for mega complex projects!
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Workshop Facilitation

GleeYM Offers Workshop Facilitation to help you to make the best decisions for your business and projects.
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