Collaboration through an open exchange between project stakeholders is “key” to improving feasibility studies, an expert from Dubai-based tech firm Construction Computer Software (CCS) told Construction Week.
A firm’s financial sustainability is “often determined at the time of tendering”, when projects are at their least well defined and “numerous uncertainties exist” said Andrew Skudder, the tech firm’s chief executive officer.
“In order to protect their margin and financial sustainability, contractors need to undertake comprehensive feasibility studies to answer the key question all contractors should be asking: ‘Should we proceed with this project and if so, how will we manage our risk, cost, and time?'”
The key elements to be considered in this process, he added, are the scope of the project; the maturity of design; the supply chain; sub-contractor competency and readiness; and the various project-specific risks.
“Collaboration between owner, designer and constructor is key to improving the feasibility process, where an open exchange of information is encouraged so that contractors can more accurately estimate the time and budget to complete a project resulting in more certainty to the owner and enhanced financial sustainability of the contractors.”
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