By Natty Jamison and Kelly Lyon
April 14, 2021
For any organization, a capital project reflects a belief in the future of that organization, and the desire to address its ever-changing needs. Investments of this scale always bring challenges, including clearly identifying the need, allocating resources, and assembling a project team - all before an architect draws a line or a single shovel of dirt is turned over.
Before pursuing a capital project it is important to consider all the components involved. Why is this project necessary? What are the goals of this project? Is funding in place for this project? What is the scope and cost of this project? How long will it take to complete?
Sometimes the project need is clear, other times it is more elusive with multiple approaches possible or diverse interests to manage and fulfill. The first step for the Owner, often in collaboration with consultants, is to establish the Owner’s Project Requirements (OPR). After that, it is essential to establish the budget, and then reconcile the OPRs with the budget. This is the beginning of the first stage of a capital project, often broadly referred to as pre-construction.
Once the OPRs are clearly established, the Owner is ready to proceed with building out the project team to take the next steps in bringing the project to fruition.
Follow along with our blog series, “Stages of a Capital Project” starting with the first phase, pre-construction on our website at www.pcivt.com/blog. In this series we will break capital projects up into the three primary phases: pre-construction, construction, and project close out. Pre-construction is an extremely vital phase to ensure that all of the proper planning is in place before construction begins.
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