Project Recovery

Turnaround Specialists for Distressed Projects

"Experience only comes from the battlefield, not the classroom"

 

The call for Genco's specialist Project recovery team refers to projects that have descended into critical cost and / or schedule difficulty. Our Project recovery specialists are demanded internationally, more often by referred clients only.

Distressed projects culminating in the need for a specialist recovery plan execution involve those which become increasingly being behind schedule or over budget, more often both. 

Often misinterpreted, Project Recovery is not simply a muster of superior technical knowledge. It is the rapid implementation and execution of a recovery plan involving the highest levels of commercial, industry, site management and man management experience who can bring some commercial focus and discipline back into the equation, the objective being to get the project actually completed - on budget, to schedule.

References to previous Project recoveries are available on request, subject to client confidentiality requirements & protocols.



Symptoms or causes involve deficiencies in the following elements of
a project which lead to the need for project recovery.

  • Initial site setup and protocols
  • Project schedule expectations
  • Project or Site management by “remote control” from a Head Office in another city or country
  • Experience in evaluating tenders or negotiating contractor / supplier contracts
  • Experience in project budgeting, planning and scheduling
  • Disciplined project reporting, both schedule and financial
  • Site leadership, man management, contractor management
  • Contracts management  
  • Lines of delegated authority and communication
  • Lack of commercial focus, key engineering personnel often being inexperienced commercial managers
  • Cost control management with inadequate financial reporting
  • Projects run with a lack of focus on the original design and tender costings. Design scope creep often allowed without consideration to the original budgets or schedule.
  • A lack of contractual policy and discipline with reconciling VO’s / EOT’s, or these not being captured in tandem with the main progress claims schedule.

"If you think it's expensive to hire a professional to do the job - wait until you hire an amateur" – Red Adair