Controlling Project Performance and Project Closure

1562 Words7 Pages
* * * * * * * * * Patricia Merlino * Controlling Project Performance and Project Closure * Business 388 Managing Project Teams * Professor Emmett E. Ward * * * * * * * * * * Illustrate two (2) advantages and two (2) challenges associated with fast tracking and provide examples based on your own experience (not examples from the text). Fast Track is known as a method of implementation where construction and design phases are overlapped to expedite completion of the project (Resource for OR design and construction). In addition, it is not only an activity that is simply done fast, but more than that, it refers to an overlap on stages of design and/or construction before other stage is done with the purpose to get an earlier project delivery. In the last 10 years or so, Fast track has gained the popularity in current project delivery strategies and the popularity keeps on increasing due to its potential advantages in improving project performance. An effective fast track project can bring advantages including: * Reduced time; * Lower cost * Reduced burden for the project owner by contracting all responsibilities to a single party * Invisible benefits by increasing the reputation of the owner thus offering further business opportunities in a competitive market * Allows meeting the client commitments Now on the other hand, fast track project also contains some challenges like: * Complications and difficulties in; planning procedures for approval; transfer of information; feedback, and evaluation documents * Requiring a very strict cash-flow; prompt payment; capital resources * Requiring strong and experienced manpower resources, especially in project management *

More about Controlling Project Performance and Project Closure

Open Document