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MALAYSIA MH370-OCEAN INFINITY DEAL: The Performance Contract Model For Getting Efficient Value On Your Project Costs ?

The most exciting breakout project deal of the year 2018 has been the agreement to resume the search of the missing Malaysian MH370 plane by Ocean Infinity, a private American Tech company. This deal will catch the attention of any project manager looking for efficient ways of controlling cost and execution rate on a project.

 

 

 Here are the key facts of the Maylasia MH370-Ocean Infinity Aircraft debris Recovery Project: 

Key Features of the MH370-Infinity Ocean Agreement

 

Ocean Infinity, which deploys Autonomous Underwater Vehicles (AUVs)- a kind of new technology in seabed exploration, will get paid in this arrangement on a sliding scale:

$20 Million = If the debris field, cockpit voice recorder or flight recorder are found within the first 5,000 sq km searched.

$70 Million = If the listed items are found outside the initial 25,000 sq km area searched.

 

IN WHICH  SETTINGS CAN YOU USE A PERFORMANCE CONTRACT?

Malaysia’s deal with Ocean Infinity agreement is a textbook example of a performance contract; which emphasizes payment per phase/results. The cost control strategy of the performance contract will come in handy for you if you are a project owner or project manager planning, designing or managing a project with the following kinds of features:

 

  • A Venture project: In an untested market especially with a new application/technology where results have not been proven. The MalaysiaMH370-Ocean Infinity debris search project is a good example. This is the first time Autonomous Underwater Vehicle (AUV) technology to be deployed by Ocean Infinity will be so used.

 

  • Critical public infrastructure/utility: Where it is important to have good ROI- Return and Value for money. Public Private Partnerships can really benefit from this because of the strong need for future performance, ensuring quality and a strong maintenance regime especially in economies like Nigeria where serious issues like mismanagement are a challenge.

 

  • High Risk Environment: A performance contract can be used to drive a project towards a higher achievement rate; especially in an environment or terrain with economic and natural hazards where it will be unsafe to tie down resources to unpredictable output. One can also get better value for money by paying per project phase as visible results roll in. This works well especially if you are operating a lean purse. Technology development, product trials, market penetration projects across various sectors are very qualified for this.

 

Developing Your Project Plan/ Portfolio, use our P.A.S.S Boost services at PasSolutions to get the design/ arrangement perfect for your projects. Contact: info@passolutions.com.ng / akino@passolutions.com.ng

 

 

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WHAT TO LOOK FOR BEFORE YOU SHOOT FOR A PPP (PRIVATE PUBLIC PARTNERSHIP) IN AFRICA: TIPS ON NIGERIA (2)

 

PPPs (Public Private Partnerships)- a type of arrangement between governments and private companies to  finance, design, construct and run  infrastructure projects; are a growing fashion in Sub Saharan countries like Nigeria.

Here are a few tips on what to look out for before you say “I do” to a Public Private Partnership in Nigeria:

 

[eltdf_dropcaps type=”square” color=”Gold ” background_color=”Green”]I[/eltdf_dropcaps]Know your “Government” Partner

A popular saying in Nigeria is “government business is nobody’s business”. However, in reality, just like everyone, governments do have a face, personality and attitude. These are areas you can look out for to know how a government may act up in a PPP.

#Respect for due process: Will a government allow best PM practices to be carried out without playing the Godfather or interfering

#Integrity: Does this authority keep her words

#Rule of law: Does the government in question respect binding agreements, court orders?

#A Human face: Does the government have any records of violating human rights?

The government you are planning to partner in a PPP can treat you in similar or worse ways they treat others!

 

[eltdf_dropcaps type=”square” color=”Gold ” background_color=”Green”]2[/eltdf_dropcaps]Where to look?

The platforms listed below, provide up to date information on governance, performance of PPP projects, human rights and due process in Nigeria.  This is just for guideline; you can expand your facts checking/due diligence using ideas from them:

 

ICRC PPP Contracts Disclosure Portal  

The official web portal of the Infrastructure Concession Regulatory Commission provides updated information on the life cycle and peformance of PPPs in Nigeria.

 

 

 

 International Centre For Investigative Reporting

One of the leading platforms for investigative reporting in Nigeria, the International Centre for Investigative Reporting gives well rounded coverage and reviews of the social impact and performance of projects in Nigeria.

 

 

World Bank Group Infrastructure & Public-Private Partnership Blog

The World Bank PPP Blog offers diverse opinion and analysis of Public-Private Partnerships in various economies including Nigeria.

 

Did you find this blog post useful for your planned PPP proposal? Need To get a robust Stakeholder Analysis done? PasSolutions(Projects Advisory Services and Solutions) delivers complete Stakeholder analysis services for your project design including important output documents such as the Needs assessment, Feasibility studies,  Environment & Social Management Framework(ESMF), Environmental Impact Assessments (E.I.A)

Contact: akino@passolutions.com.ng

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WHAT TO LOOK FOR BEFORE YOU SHOOT FOR A PPP (Private Public Partnership) IN AFRICA: TIPS ON NIGERIA (1)

 

Do not be careful of Africa; be excited for its potential

https://www.facebook.com/nasdaily/videos/935030406649112/

PPPs (Public Private Partnerships)- a type of arrangement between governments and private companies to  finance, design, construct and run  infrastructure projects; are a growing fashion in Sub Sahara Africa!

Projects valued around $93billion every year, need to come alive in African countries like Nigeria to bridge the infrastructure deficit. They are currently 60 PPP projects under development in Nigeria with a significant funding gap to cover and improve sectors such as education, health, energy and telecommunications.

Private sector companies and investors (both foreign and domestic) will find the opportunity to engage government/public sector in Nigeria for PPPs arrangement exciting (for long term profit and social impact). There are clear cut policies and running regulations like the Infrasturcture Concession Regulatory Commission (ICRC) Act of 2005, the National Policy on PPPs etc

Here are a few other SMART tips for private sector companies and investors shooting for a partnership with the government or public sector in Nigeria need to keep in mind.

What to look out for before you shoot for A PPP in Nigeria? 

Read the complete post. Click HERE

 

 

 

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Turn Your Dreams And Ideas Into A Project. 3 Steps To Take in 2018

[vc_row][vc_column width=”3/4″][vc_column_text]Year 2017 an amazing year? Which of your passion projects/pipeline projects got started? Those dreams and ideas can become a Reality Project in 2018. Here are three (3) hints you can seriously consider to Turn your dreams and ideas into an alive project in 2018.

[eltdf_dropcaps type=”circle” color=”#ffffff” background_color=”#000000″]1[/eltdf_dropcaps] Kids have Bigger Brains. Think the Impossible Like A Child, Connect To The Engine of Life.

 

When Jagger, the Kid Designer in this video says Kids have Great Imagination and Bigger Brains (than adults who don’t think beyond as much..lol), he is somehow talking of the power and touch of The Engine of Life. The Engine of Life is not only for children but anyone with just a little belief to connect. This is what Irish writer W.B Yeats calls   The Spiritus Mundithe inspiration behind every idea that comes to your mind.

[eltdf_dropcaps type=”circle” color=”#ffffff” background_color=”#000000″]2[/eltdf_dropcaps]Click on Alternatives: Look out for Simpler, safer but amazing ways of doing things.

You can be tempted to attempt to rush into the big picture of your project idea. Check out the guy in this video who had this dream of scaling all the skyscrapers in China!

 

Video credit: Daily Mail

WARNING: Don’t Try This At Home With Your Projects!!!

Project dreams and ideas get frustrated when you cannot take little steps at a time, using simpler and safer alternatives to reach your Big project goals.  One trick doesn’t do it all for all resources, needed skills and stages of your project. By the way, I think this Chinese guy fell because that last skyscraper had a smoother wall cladding than the rest in the video… He should have worn gloves able to grip the cladding of the skyscraper – a better alternative at that stage. Alternatives…

[eltdf_dropcaps type=”circle” color=”#ffffff” background_color=”#000000″]3[/eltdf_dropcaps]Grab The SWOT (Strengths. Weakness. Opportunities & Threats) of Your Project.

Even ‘God cannot sink this ship’ is a lousy way to build your ideas and dreams into a successful project. Balance your optimism, state of the art technology and financial or political muscles with careful thorough thinking. Even 100 years after the sinking of RMS Titanic, a lot of facts and argument are still going around about why the Titanic RMS, the most current ocean liner of her time sank on a voyage where she was supposed to break the record time for fastest ship. Honest, the owners, crew and passengers of the Titanic somehow never truly thought about the strengths, weaknesses, opportunities and threats of the journey. Hopefully that’s not your idea and dream. Appreciate the strong areas of your project idea, look around for weak holes in your thinking, be happy and optimistic about the opportunities you can build on and find how to cancel out landmines (hidden bombs) that threaten to blow up the dream.

May The Great Project Mind guide you!

Explore How To Fast Track Your Passion/Pipeline ideas into practical project plans that fly! 

PasSolutions offers One or One/Group Brainstorming and Training Sessions.

To Preview Our Modules, e-mail: akino@passolutions.com.ng

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