You just finished presenting the capital plan. Everyone is on board with the projects you've selected. And no one fainted when you laid out the budget.
Just as you are shutting down your laptop, someone on the Review Board asks: How feasible is this capital improvement plan? Will there be any surprises when we start to execute?
Before you close out your next capital planning cycle, run these mental experiments to make sure you have a clear view of the most critical implementation risks.
- Identify any potential bottlenecks and constraints due to having multiple projects under development simultaneously.
- Ensure your project schedule reflects when sufficient staff, time, and equipment are available.
- Prepare alternative funding scenarios to show how your portfolio would be impacted by budget changes.
This level of foresight will enhance the credibility of your capital plan and get you through the approval process faster.