Opinion: With huge shipbuilding projects looming, ferry commissioner set rules for handling cost escalation
Deloitte reviewed a selection of capital projects undertaken by the company in the years 2019 to 2022 and found an average 12 per cent overrun on the original budgets.
Other concerns flagged in the Deloitte report included inadequate risk assessment in advance of a given project and the failure to manage schedules and cost variances as they came along. Deloitte recommended several ways for B.C. Ferries to improve its budget-making and risk assessment on major projects.
“With capital spending expected to escalate exponentially, the commissioner urges B.C. Ferries to strengthen its capital planning process, particularly in addressing risk and project management, to ensure confidence that the corporation can deliver the capital plan, on time, on budget, and within the price cap.”
All by way of putting B.C. Ferries on notice that the commissioner is watching, given the 12 per cent overruns identified by Deloitte.
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