Wow, a full month of my work term at Vigilant Management is officially complete. It's been a very interesting and informative month here at the office. This week at Vigilant I gained significant insight into project budgets.
As a result of my experience, research, and various conversations with people in the industry I have gained a better idea of the likelihood and reasons a project will go over budget. As a young engineer, I have quickly realized that although a project can be well designed and planned there will always be uncertainties that will not be clarified until the project is started. For example, although everything may appear to be perfect on the drawings it only takes a dimension to be 50mm off to severely change things. This is why it is so important that all designs be checked over and over again to ensure they are practically flawless.
In addition, projects in which there is a substantial amount of civil work including excavation and trenching, it is difficult to know what lies under the surface. For example, the rock can sometimes be harder to blast through than anticipated, resulting in a longer, more expensive blasting period. However, there are ways to gain a better understanding of what lays beneath the surface such as completing a thorough test pit analysis.
In summary, a project is based upon three things: cost, time, and quality. I've heard of the "magic triangle" (as shown below) before but it is only now that I truly understand the significance of the triangle. The key idea behind the triangle is that time, cost, and quality are all reliant upon each other. As the quality of the project increases so does the time and cost of the project. As time, cost and quality are interdependent on each other, this is a topic that I could go on and on about.
So after one month at Vigilant Management, I have learnt an outstanding amount of information. I can't wait to see what the next three months have to offer! Until next time…