Can Teamwork Reduce Financial Risk? – NEO Chapter

  • At this program, we examined and developed ideas on how teamwork can reduce the risk of financial loss by discussing a scenario familiar to all: The budget is fixed, the scope is undefined, all of the team members are not engaged, but everything is moving full steam ahead…What would you do?  Many have been in this situation and, while sensing impending risk, are hesitant to raise a voice of concern.
  • After brief presentations of business models and risks, we had an interactive role-play session. Owners, designers, CMs, and trade contractors traded places to understand how early project actions and decisions affect the financial risk of other project team members. Each group listed the actions that project team members could take to mitigate their risk.
  • We wrapped up with a discussion of the following three questions:
    1. What led to the situation?
    2. What could be done to manage risk?
    3. What could the project team do differently?
  • Together, we gained understanding of our different business models and financial risks, identified why and how certain actions put us in a potential hardship position, but most importantly discussed how teams can reduce the financial risk for all.
  • Program Presentation (PDF)
  • Program Minutes (PDF)
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