12:46 PM Strategic Property Planning - The Key is Quality Due Diligence. |
Successful property development is dependent on quality due diligence. Performing the necessary due diligence at the correct time is the key to effectively managing risk. Property development is not in reference only to new buildings but also inclusive of existing buildings scheduled to be retrofitted or updated once acquired. Property developers would benefit from finding a way to minimize risk or at least have a system to quantify risk and have a continual understanding of where the project stands relative to risk factors. Each person involved in the property development process has a responsibility as a risk manager whether they are the development manager, project designer, project engineer, project attorney, financial analyst or any stakeholder who is involved in the project advancement from milestone to milestone. There are predictive steps in the process and those steps if handled correctly can be manageable. Property development comes in many shapes and sizes. This may not be a one size fits all industry but there are some basic areas of due diligence that apply to most projects. Risk management and change management are the critical areas to focus planning. There are four basic levels of due diligence however there may be multiple steps for each level. The due diligence has a required order to be effective. It is important that your risk plans and change plans have measurable results. Considering the importance of project scheduling it is key that the risk and change plans can be tied into a milestone schedule. First you must Identify the factors that will have an influence, negative or positive on the success of your project. Second you will need to assess the impact of each factor or influence on the project. Next you must conceptualize or prioritize a solution to respond to all factors and impacts. Once you have completed these three levels of due diligence you are ready to begin the process of putting together a plan. Identify | Assess | Conceptualize | Plan The key to effective risk management and change management is to have a system that has measurable results. Risk management or change management for any project can be tied into a milestone schedule to assess and measure risk as it applies to scope schedule and budget. Risk management is essential to success in business. Most of us are very well equipped to manage risk and change effectively. Our everyday activities prepare us well. You can find numerous parallels in everyday life. Make a plan for change management. Make a plan for risk management. You will be glad you did. Check out my upcoming articles where I will go into more detail on the primary levels of risk management and provide information on how to build a risk management plan and a change management plan to help you succeed in the new economy. Please visit http://devetterplanninggroup.com for more information regarding risk management planning and change management planning for business. |
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