Abstract
M.Ing.
This dissertation will aim to indicate a methodology on how to manage fast tracked
projects efficiently and effectively. Initially, some conventional project management
methods will be investigated. By using practical knowledge obtained from working on fast
track projects and data collected, alternative approaches to conventional project
management techniques will be investigated and identified. An attempt will be made to
derive an accurate as possible methodology and technique for managing fast track projects. Projects and project management are utilised not only in the engineering industry, but are used extensively in Banking, Advertising and numerous other areas of the economy. In most instances, the primary goal of a project is to create a system or process that will generate revenue for a company or person. This is especially true for engineering related projects, where an Engineering, Procurement, Construction Management (EPCM) company does the project for and on behalf of a separate entity or client, generating revenue for both the client and the EPCM Company. With this in mind, the economical truth “higher risk generates higher income” must be acknowledged. Project management is the tool used to manage these risks so as to ensure the highest possible income and profit margin, without taking unacceptably high risks. The project management methodology implemented must define the level of acceptable risk and must be able to identify advances in available technology, building methods, etc. so as to ensure as high as possible risk hence ensuring the highest possible revenue. In recent years these advances were so great that it initiated a complete methodology shift in the project management process, hence the term fast track projects. As a closing note one should never assume that fast track project management is an escape code for being reckless in approaching projects. If the methods are applied correctly, it can and will lead to a successful project. What should be understood from the onset is that there is a definite limit on how quickly a project can be done. This limit must be acknowledged by all seeing that going beyond this limit is reckless and will result in a disastrous project. This term is also known as a project’s terminal velocity.