How do you manage the risks and uncertainties of terminal projects and contracts?

1 Scope definition

One of the first steps in managing terminal projects and contracts is to define the scope clearly and realistically. This means identifying the objectives, requirements, specifications, deliverables, and stakeholders of the project or contract, as well as the assumptions, constraints, and exclusions. A well-defined scope helps you avoid scope creep, change orders, disputes, and delays that can increase the costs and risks of the project or contract.

2 Risk assessment

Another important step in managing terminal projects and contracts is to conduct a comprehensive risk assessment. This means identifying, analyzing, and prioritizing the potential risks that can affect the project or contract, such as technical, financial, legal, environmental, safety, security, operational, and reputational risks. A risk assessment helps you determine the likelihood and impact of each risk, as well as the mitigation strategies and contingency plans to reduce or eliminate them.

3 Contract negotiation

A crucial step in managing terminal projects and contracts is to negotiate the contract terms and conditions with the contractor or service provider. This means ensuring that the contract reflects the scope, schedule, budget, quality, and performance standards of the project or contract, as well as the roles, responsibilities, rights, and obligations of both parties. A well-negotiated contract helps you protect your interests, avoid conflicts, and resolve issues that may arise during the project or contract execution.

4 Project management

A key step in managing terminal projects and contracts is to apply effective project management practices and tools. This means planning, organizing, directing, and controlling the resources, activities, and processes involved in the project or contract, such as design, construction, testing, commissioning, operation, and maintenance. A good project management helps you monitor the progress, performance, and quality of the project or contract, as well as identify and address any deviations, problems, or changes that may occur.

5 Stakeholder communication

A vital step in managing terminal projects and contracts is to communicate regularly and transparently with the stakeholders of the project or contract. This means informing, consulting, and engaging the internal and external stakeholders, such as airport staff, contractors, service providers, regulators, customers, and communities, about the objectives, status, issues, and outcomes of the project or contract. A clear and consistent communication helps you build trust, collaboration, and support among the stakeholders, as well as manage their expectations and feedback.

6 Evaluation and learning

A final step in managing terminal projects and contracts is to evaluate and learn from the results and experiences of the project or contract. This means measuring and reviewing the performance, quality, and satisfaction of the project or contract against the predefined criteria and indicators, as well as identifying the strengths, weaknesses, opportunities, and threats of the project or contract. An evaluation and learning helps you assess the value and impact of the project or contract, as well as capture and share the lessons learned and best practices for future improvement.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?