The Client and the Project Monitor
Project Monitoring is distinct from both project management and construction monitoring and is defined in the RICS Project Monitoring guidance note (2007) as:
'Protecting the client's interests by identifying and advising on the risks associated with acquiring an interest in a development that is not under the client's direct control'.
The project monitor acts as investigator and adviser to the client on the risks associated with a development and protects the client's interests as the development proceeds.
See 'Projects' page for examples of projects where Johnstons have been the Project Monitor.
Types of Project Monitoring may include matters relating to:
- land and property acquisition
- statutory compliance
- competency of the developer
- financial appraisals
- legal agreements
- construction costs and programmes
- design and construction quality
The key stages in project monitoring are:
- initial audit role
- progress reporting
- practical completion
The benefits to the Client are:
- better risk management
- improved financial management
- enhanced programme management