Due Diligence & Technical Audits: Save Billions in Construction
Construction, particularly of critical infrastructure projects like dams, barrages, and tunnels, require due diligence and technical audits for identifying risks, ensuring regulatory compliance, and optimizing project execution. In fact, due diligence and technical audits can save billions in construction by preventing catastrophic failures of such infrastructure.
Subrata Das - FIE, Chartered Engineer, Advisor-PMDCS; Professor of Practice-MIT(WPU), Pune
China Dam BreachDue diligence involves a thorough investigation and assessment of all aspects of a project, from contractual to technical and safety aspects. It ensures that potential risks are identified early, particularly during the construction stage and are mitigated before they become costly issues. This applies to every phase of the project - right from feasibility, design engineering, construction, commissioning, and operation phases and is a continuous process.
On the other hand, technical audits focus on evaluating the quality of engineering design, construction methods, materials, and adherence to safety standards during all phases of the project and its lifecycle. Audits serve as a checkpoint, verifying that construction, maintenance and operations are proceeding as planned and that any deviations, including the ones which were not envisaged during DPR or construction stage, are corrected immediately.
