Successful property development is dependent on quality due diligence. Performing the necessary due diligence at the correct time is the key to effectively managing risk. Property development is not in reference only to new buildings but also inclusive of existing buildings scheduled to be retrofitted or updated once acquired.The primary impacts in all property development and property planning are scope, schedule and budget. Careful management of these three impacts and timely assessment of performance in each impact category will allow you to advance from milestone to milestone with confidence.Throughout the past twenty years I have come to realize there are as many project processes as there are projects. Standardization of process in the building industry is not existent for many reasons. This is a bit surprising since most projects have the same basic criteria and impacts for success. Those criteria being scope, schedule and budget.Property developers would benefit from finding a way to minimize risk or at least have a system to quantify risk and have a continual understanding of where the project stands relative to risk factors. Each person involved in the property development process has a responsibility as a risk manager whether they are the development manager, project designer, project engineer, project attorney, financial analyst or any stakeholder who is involved in the project advancement from milestone to milestone. There are predictive steps in the process and those steps if handled correctly can be manageable.Property development comes in many shapes and sizes. This may not be a one size fits all industry but there are some basic areas of due diligence that apply to most projects. Risk management and change management are the critical areas to focus planning.There are four basic levels of due diligence however there may be multiple steps for each level. The due diligence has a required order to be effective. It is important that your risk plans and change plans have measurable results. Considering the importance of project scheduling it is key that the risk and change plans can be tied into a milestone schedule.First you must Identify the factors that will have an influence, negative or positive on the success of your project. Second you will need to assess the impact of each factor or influence on the project. Next you must conceptualize or prioritize a solution to respond to all factors and impacts. Once you have completed these three levels of due diligence you are ready to begin the process of putting together a plan.Make a plan for change management. Make a plan for risk management. You will be glad you did. Check out my upcoming articles where I will go into more detail on the primary levels of risk management and provide information on how to build a risk management plan and a change management plan to help you succeed in the new economy.
Author Archives: admin
Interview Questions For College Students
As students interview for their first jobs after college, they should understand that each interview is a chance to convince the employer that they “can” and “will” benefit that organization. Employers hire students who will get things done, make things better and contribute to the success of the organization. Both the questions that students answer and the questions they ask are important to their interviewing success. Sample questions are provided below.
Be prepared to answer these questions:
1. How are you different from other candidates who will be interviewed for this job?
2. What will your last employer tell us about you?
3. What job-related strengths will you bring to this position?
4. Tell me about some of the suggestions you made in your last job.
5. Tell me about the kinds of decisions you made in your last job.
6. Tell me about several things you have been criticized for in the past.
7. Describe a job-related problem you have recently solved.
8. What is the single most important idea you contributed to you last job?
9. How do your reading, writing, speaking and presentation skills compare to others?
10. Tell me about a time when you were the leader of a group and accomplished something important.
These questions are designed to learn about a student’s involvement and participation in a variety of work and college activities. If the student did not hold a part-time or summer job, these same questions should be answered by referring to the student’s contributions to the activities in which he/she participated.
Questions you may want to ask:
1. What would you like me to accomplish in the first year on the job?
2. What career opportunities exist for someone who produces consistently superior results?
3. In this job, what is the most important contribution I can make?
4. Would it be possible to talk with a highly successful recruit from last year?
5. How can I get off to a good start with my supervisor?
6. What mistakes do first year employees typically make?
7. What is the culture and work environment in this company and department?
8. What challenges can I expect to face in this position?
9. Can you describe the most important responsibilities I will have in this position?
10. As a new employee, I know there is a lot to learn. Is there some material I can read to get an early start?
The questions you ask must demonstrate your work ethic, interest in doing a good job and desire to make your employer successful. Students who ask “What’s in it for me?” questions will not impress employers. They want to know what you can do for them.
Wise students anticipate and practice the questions they will answer. However, it is the questions they ask that are likely to lead to more job offers.
MCAT (Medical College Admission Test)
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