Technological Practices for Public Private Partnership (P3) during Corona
"Pessimism is the summary of emotions that comes from denying opportunity due to overwhelming fear"
Technological advances equip us now more than ever to deal with isolation. Video conferencing, face time, instant messengers and team work applications allow seamless virtual integration. 30 years ago it was unheard of to do business with someone you were unable to meet. Today a generation apart from old mentorship many have conducted hundreds of transactions without meeting a person.
Similar, we must now adapt to concepts requiring us to trust individuals we will never meet. The COVID-19 outbreak for all its threats leads us to embrace technology at its full capacity.
The current state of technology is stretching to remote driven air planes, unmanned semi truck transportation, and now virtual ordering stations at places such as McDonald's. In some instance COVID-19 is forcing us to interact with machines in lieu of humans at an astounding rate.
The chart below is an illustration of technology from 2000 - 2016.
Image Source: Timetoast - Web & Technology Timeline
The ability to create touchable holograms only five years ago did not allow wide spread interaction despite its creation. More important eye glass technology did not integrate into every day life despite its application. Google glass has capacity to register indicators of social behavior, and observable signs of danger to identify indicators necessary to public health.
In a way society is not inclined to change unless an event requires its change. This event is COVID-19.
PROJECT MANAGEMENT IN A CRISIS
Project management is rooted in strategic planning, dynamic adjustment and risk mitigation. Tools to accept, mitigate or transfer are adopted during the risk assessment stage. Acceptance of a global pandemic is typical action most will take. After all, regardless of its occurrence a global pandemic is similar to a meteor hit or tsunami wave.
Most simply choose to accept the risk given its low probability of occurrence.
Despite the unlikely event that has caused our world to turn upside down we must confront dynamic change. Dynamic change in crisis is fluid, malleable and requires thought decisions without timely debate. Action is critical and consensus must be short. There is no such thing as negotiation in crisis.
The approach to project management must be a reorganization of priority, analysis of critical path and realistic assessment of cost controls. Success will be determined by the ability to weather time line extensions, drops in funding and patchwork support for alternative revenue earning projects.
Static processes unable to change will result in failure of projects. Dynamic adjustment to project management theory is illustrated by first documenting a critical path. See a sample chart as illustrated below:
TECHNOLOGY SUBSTITUTION IN LIEU OF PERSONAL TOUCH
In a world preventing human interaction it is possible a critical path item requiring human interaction will take hold. In this instance there are three options 1) Post Pone, 2) Substitute or 3) Change Control.
1. Post Pone - An action where the activity is tabled to revisit once able.
2. Substitute - An action where the activity is replaced entirely with another activity that can accomplish the same objective.
3. Change Control - An action where the scope of the project is changed entirely to re-purpose the end result.
Technology application is possible in a "Substitute" scenario.
PROJECT MANAGEMENT
Virtual integration is how our firm currently conducts project management in this market. Virtual integration is done by replacing site inspections with recorded face time walk through, signature of documents is done through virtual authentication (docusign time stamp) and financial confirmation with third parties are done on recorded conferences.
As you begin to navigate your critical path assess: technology capabilities, need to attend versus want to attend, legislation requirements (do you have to conduct in person by rule or law), and review insurance coverage for malpractice (to see liability exposure for not personally attending).
After assessing the legal implications weigh the financial cost. Possible conflicts in the future is better than having no future at all. Utilize technology at your disposal. At Knight Advisory & Planning (KAP) we stand ready to assist you in valuations, project charters and risk assessments. Contact us today to allow us to appraise your equity or debt. In a market as volatile as today, third party warranties on value will set you apart from others.
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Knight Advisory & Planning (KAP) is the only company to primarily focus on Public Private Partnerships (P3) since 2006. KAP operations are spread across countries of the world to serve this need. KAP Network consists of core partners surrounded by interlocking networks of consultants and affiliates in key trading countries and disciplines. We maintain Master Project Manager (MPM) who are American Academy of Project Management (AAPM) certified and are experienced in the following industries: construction, development, finance, technology, FinTech, biotechnology, production, R&D, and manufacturing. With over twenty (20) years of experience let us guide you through the P3 process.