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Edward W. Merrow - Contract Strategies for Major Projects: Mastering the Most Difficult Element of Project Management

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Contract Strategies for Major Projects: Mastering the Most Difficult Element of Project Management: summary, description and annotation

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Major Projects are Delayed by Months or Years, and Cost Millions More Than Budgeted, Because of Common Mistakes Made at the Contracting Stage
Organizations that invest huge amounts of capital in major building/industrial projects almost never do the engineering and building themselves. They hire engineering and construction contractors to do it for them. Unfortunately, selecting contractors and negotiating the terms of a major project is one of the most difficult aspects of project management...and organizations waste billions of dollars and bake in months or years of delay by doing it wrong. Contracting is also the area of project management that is most prone to firmly held opinions unencumbered by any facts. We intend to remedy that situation with this book. Drawing on a properietary detailed database of over 1100 major projects, the worlds leading industrial engineering project consultant, Ed Merrow explains:

Key Principles of Contracting for Major Projects:

  1. Owners are from Mars; contractors are from Venus
  2. All the biggest risks in contracting belong to the owner
  3. Contracting games will normally be won by contractors, not owners
  4. Most risk transfer from owners to contractors is an illusion
  5. Contractors do good projects well and bad projects poorly
  6. Contractors may have shareholders, but they are not your shareholders!
  7. Mixing different contract types with different contractors on the same project is unwise
  8. Economize on the need for trust; trust only when being trustworthy has value

Merrow also explains:

  • Which contract incentives work and which dont and WHY
  • Which of over a dozen contracting strategies work best and which ones hardly ever work and WHY

The strategic advice in this book is designed for owners and contractor project managers, team members and supply chain, executives, and other business leaders involved in major projects. Its also an indispensable resource for engineers, leaders of industrial firms, bankers, and academics studying the messy realities of the construction and engineering industries.

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Table of Contents List of Tables Chapter 2 Chapter 3 Chapter 11 List of - photo 1
Table of Contents
List of Tables
  1. Chapter 2
  2. Chapter 3
  3. Chapter 11
List of Illustrations
  1. Chapter 2
  2. Chapter 3
  3. Chapter 4
  4. Chapter 5
  5. Chapter 6
  6. Chapter 8
  7. Chapter 9
Guide
Pages
CONTRACT STRATEGIES FOR MAJOR PROJECTS
MASTERING THE MOST DIFFICULT ELEMENT OF PROJECT MANAGEMENT

EDWARD W. MERROW

Copyright 2023 by Edward W Merrow All rights reserved Published by John - photo 2

Copyright 2023 by Edward W. Merrow. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Published simultaneously in Canada.

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate percopy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 7508400, fax (978) 7504470, or on the web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 7486011, fax (201) 7486008, or online at http://www.wiley.com/go/permission.

Trademarks: Wiley and the Wiley logo are trademarks or registered trademarks of John Wiley & Sons, Inc. and/or its affiliates in the United States and other countries and may not be used without written permission. All other trademarks are the property of their respective owners. John Wiley & Sons, Inc. is not associated with any product or vendor mentioned in this book.

Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Further, readers should be aware that websites listed in this work may have changed or disappeared between when this work was written and when it is read. Neither the publisher nor authors shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

For general information on our other products and services or for technical support, please contact our Customer Care Department within the United States at (800) 7622974, outside the United States at (317) 5723993 or fax (317) 5724002.

Wiley also publishes its books in a variety of electronic formats. Some content that appears in print may not be available in electronic formats. For more information about Wiley products, visit our web site at www.wiley.com.

Library of Congress CataloginginPublication Data is Available:

ISBN: 9781119902096 (Hardback)

ISBN: 9781119902119 (ePDF)

ISBN: 9781119902102 (ePub)

Cover Design: Wiley

Cover Images: Top: RistoArnaudov/Getty Images

Bottom: Avigator

Photographer/Getty Images

Author photo: Stephanie Dupuis Photography

I dedicate this book to the memory of Iain A.R. Smith.

The world was a better place with you in it.

Acknowledgments

The IPA staff of dedicated professionals around the world made this book possible. Without the data garnered from their careful evaluations of nearly 1,200 capital projects, there would have been nothing to write about. The thing that unites my IPA colleagues above all else is our love of projects and commitment to seeing them done better.

My reviewers for this work were extraordinary. In alphabetical order because their contributions were uniformly excellent:

Bill Cherne was formerly chief executive officer of Cherne Contracting Corporation. With Bill as its handson leader, Cherne was a leading industrial constructor in terms of overall quality in the United States. An allunion shop, Cherne professionals understood construction and construction management at a level that was the best. Bill brought that knowledge to his review.

Michael Loulakis is a construction lawyer of the first rank. Mike was trained as an engineer before turning to law. He combines deep knowledge of construction law with an engineer's feel for projects. He has been awarded all sorts of honors, is a member of the National Academy of Construction, and is a fellow of the American College of Construction Lawyers. Mike continues an active practice of bringing sound advice to owners and contractors.

Jason Walker is one of the finest researchers I have known in my careerand I have known a good many fine researchers at Rand and IPA. Jason was until very recently the principal deputy director of IPA's Research Division and was responsible for clientfunded research. Jason contributed to this effort in two ways: he executed some of the research on which I relied, and he provided excellent review and comment as I wrote.

Graham Winch is a professor at the University of Manchester Alliance Business School. Graham's work has moved the understanding of projects forward in both public and private sectors. He is respected by academics and practitioners alike. He is one of the few academics I have met who understands projects to be a serious field of study in addition to being about project management.

I am really lucky to have these four distinguished members of the community willing to carefully review and critique my work. I am even luckier to be able to call all four of them dear friends. If there are mistakes in my conclusions, they belong to me and me alone. These gentlemen may well have tried unsuccessfully to fix them.

My hearty thanks to Kelli Ratliff and Jeanine Clough for turning my scribbles into understandable graphics. This is a complex subject, and graphical representations are often essential to comprehension. If you find the graphics sometimes opaque, you have no idea how difficult they were before Kelli and Jeanine applied their magic.

Thanks to my Wiley editor, Richard Narramore, and the entire Wiley crew that worked to make the book a reality.

Finally, my thanks to everyone at home and work who put up with me writing this book while trying to keep up my day job.

Introduction: What This Book Is About

When a manufacturer or resource development company wants to build a new facility or refurbish an old one, the owner personnel put together the business case for the new project, develop a scope for the project, and assemble the preliminary design. If the facilities require a good deal of exacting engineering, an engineering contractor usually performs the final stage of preparation on the engineering side, while owner personnel put together the execution plan. Few companies in the process industries maintain the people resources needed to engineer the final stage of preparation on their own. After owner authorization, a contractor will be required to execute the detailed engineering, and that contractor will also usually procure all of the major equipment and the engineered materials for the project. The owner will require a construction contractor to build the facility. Contractors may or may not be involved in the commissioning and startup of the facilities depending on the skills and preferences of the owner.

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