The Art of Contingency Planning: Dealing with Unforeseen Costs
Contingency planning is a strategic plan to allocate resources, time, and money if “all hell breaks loose” on a project. It considers risk mitigation and planning for a worst-case scenario. Contingency planning in construction is necessary.
You're expected to throw in a percentage to cover a contingency plan in your estimates but is it enough? There is an art to this type of planning and, if project leaders aren’t careful, a contingency plan could cost the company a lot more than lapsed deadlines, busted budgets, and a happy customer.
We are going to dive into the art of contingency planning and how you can deal with unforeseen costs.
© Aggregage 2024
Let's personalize your content