Project Monitoring is particularly beneficial to the financial institutions or individuals who are funding a project. Keeping track of progress in detail allows them to reassure the safety of their investment and also keep track of timescales and possible returns. Ian takes a look at all the areas involved in Project Monitoring starting with why it is an important undertaking  for investors. KEY TAKEAWAYSProject monitoring is separate from the other project management functions undertaken by an independent person.  They report directly to the funders on the adequacy of budgets and estimate the funds and timescales that exist to bring the project to completion. There will be a series of progress reviews throughout to validate all funding requests, and confirmations are given that there are sufficient finances to complete the project.The construction industry is a complex situation especially on very large projects. Lenders do not necessarily have the expertise to check all the technical details and cost issues of the proposed design. This is why an independent informed body through Project Monitoring is employed to explain these complexities and what they mean in terms of risk to their investment, often referred to as a Technical Advisor.A Project Monitor has the power to cut project funding if a major deviation in budgeting and spending is identified. The lender's main aim is to ensure that a return is met that will result in the loan being repaid with their agreed interest payments intact. This is why the Project Monitor must be free from the influence of the other interested parties in the project.  BEST MOMENTS‘An initial review. The proposed project is analysed to ensure it includes all the elements and items normally associated with a project of its kind, that the budget is adequate and complete and that the timescales can be achieved.'‘This is where BIN comes in so effectively, where you've got the scheduling and the cost control all in the one package, so that the monitor can look at this and see what's on site and make his assessment to make sure everybody's being open and honest as to where this is going.'‘As with any construction project there are always uncertainties. It's a risky venture in nature and there are all sorts of uncertainties that can come to bear. Clearly the biggest uncertainties are whilst you're in the ground because that's the biggest unknown.'‘The Project Monitor provides the lender with a valuable service with a combination of technical insights, financial expertise to minimise their risk exposure.' VALUABLE RESOURCEShttps://www.ianjrogers.com/ ABOUT THE HOSTIan Rogers is an entrepreneur running businesses in the Real Estate, Construction and Facilities Management arena. Ian has over 40 years' industry experience, as he was effectively born into construction with his father having his own building company and Ian spending time working on sites from the age of 11!. As a result Ian has seen the industry from a trades person perspective, as a chartered quantity surveyor working on large commercial projects, as a project manager and then working on structured project finance through PFI/PPP deals. This has given Ian a unique whole life approach to any project by considering the end game at the beginning. CONTACT METHODhttps://www.ianjrogers.com/ Hosted on Acast. See acast.com/privacy for more information.

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