Project Management Operations of Large Assets

Question: Discuss about the Project Management for Operators of Large Assets. Answer: Learning outcomes of the course Description of topics including reading samples Learnings from your experience Supporting documentation including your prior learning Project Management for Operators of Large Assets Governance Dispute Management Efficiency Decision Making The lectures of week nine (9) discussed the Project Management procedures for Operators of Large Assets.' The aim of these lectures is to realize the disruptions contingencies before they occur and resolve them within the existing framework to avoid legal issues. Hence the contracts should be well thought to prevent such situation which will in turn help in better governance, decision making, efficiency and finally the quality of the work. Kerzner (2013) Campbell Jardine and McGlynn (2016) Reason (2016) Sears et al., (2015) The lectures that were taken in week two has to help me realize the importance of the documentation that doesn't only help in better governance, efficiency, and decision making but also helps in fending the various disputes that might arise during the implementation of the project. The various articles and the documents that were provided during the course of time have also helped us in understanding the various risks and dispute contingencies and their mitigation techniques for their resolution. The disputes that arise in the system can be segmented into four categories, which are: Mediation, Conciliation, Arbitration, and Litigation. The critical part of disputes is the documentation; hence the documents regarding the project should always be updated throughout. The sources have also helped me to understand that the best practice to avoid such situation is to resolve it at their initial phase which saves both the time and money for the system. Hence a dispute should always be resol ved through mediation and conciliation as these processes of settling disputes is far cheaper and time-saving as compared to the other processes which are arbitration and litigation. In the case of failure of the above process, arbitration in the presence of a third party should be next option, as litigation is the costliest of all the available processes. Contingency analysis for risk management should be given the utmost importance, and the manager should take preventive steps to avoid the situation or should negotiate to reduce the impact to the system. The continuous monitoring will help in reducing the overrun costs. The managers should also give due importance to communication with the stakeholders which will help in reduce the impact of disputes. The risks to the system should be analyzed as early as possible, and the tender should be framed a way to avoid the risk altogether. It should also be borne in mind that the tender wouldnt act as a deterrent as loopholes can be found to counteract the terms. For mitigation of such a situation, an oversight system should be established, by appointing staffs or advisor, constant vigil upon the contractor and assurance policies. The assurance policies could be an internal contract, sticking to the obligations and identification of the potential. The major reason of the disputes is cost overrun, and the poor estimation is a major reason behind such overruns. The other minor reasons could be the confusion in the tender or between people. But it has been seen that the disputes are due to various contributing reasons like political, misunderstanding, etc. Hence it is highly recommended that the full monetary picture, good documentation, and the reputation of the should be taken in mind befo re jumping into any decision. Classroom learning Classroom Documentations Samples for realizing portfolio Papers available on the internet Reading Samples Videos Self-assessment Discussions References Kerzner, H. R. (2013).Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. Campbell, J.D., Jardine, A.K. and McGlynn, J. eds., 2016.Asset management excellence: optimizing equipment life-cycle decisions. CRC Press. Reason, J., 2016.Managing the risks of organizational accidents. Routledge. Sears, S.K., Sears, G.A., Clough, R.H., Rounds, J.L. and Segner, R.O., 2015.Construction project management. John Wiley Sons.