Alumni networking, CBFS Oman, Central Bank of Oman, College of Banking and Financial Studies, Dr Ron Bradfield, estimation, MBA Alumni, MBA Oman, middle-east, Professor Colin Eden, Strategic Management, Strathclyde alumni, strathclyde mba, under-estimation, University of Strathclyde MBA
The University of Strathclyde’s Partner in Oman is the College of Banking and Financial Studies (CBFS) which was established in 1983 under a Royal Decree (No. 64/83). Since 2001, the College of Banking and Financial Studies (CBFS) and the School of Business at the University of Strathclyde, have been into a partnership to host the SBS’ MBA Programme.
CBFS comes under the umbrella of the Central Bank of Oman with its Chairman being the Vice President of the Central Bank; its Council consists of CEOs of banks, Governmental functionaries and Central bank officials. CBFS has a vision to achieve world-class `Centre of Excellence` status by 2020 and a mission to provide internationally accredited education. The partnership with Strathclyde firms up these objectives.
The College of Banking and Financial Studies and the University of Strathclyde recently jointly organized a talk for select alumni on the University’s research into the role of ‘estimating’ in projects failure: “Underestimating Estimation” by Professor Colin Eden, Professor of Strategic Management.
Over the past 20 years, Professor Eden and a team at Strathclyde Business School have been involved in detailed and extensive forensic analysis of a range of ten complex projects that have been the subject of significant overrun in time and costs. These projects relate to aerospace, shipbuilding, trains, and buildings and each was in excess of $100m value. From analyses of these project, a key theme that has emerged is that the impact of under-estimation is normally underestimated.
Under-estimation matters for a project due to its potential dynamic consequences which result from vicious cycles of disruption and delay. The analyses have identified four key areas of estimation as significant drivers of under-estimation: productivity; interactions between supplier and customer; learning curve expectations; and risk assessment beyond technical risk. The presentation illustrated these points three examples from some of the projects Colin has been involved in. Although these have been large engineering projects he demonstrated how the same issues arise with internal projects and relatively small projects, where the customer is an internal customer. However, given the number of significant engineering projects underway in Oman it is likely that many of our projects are suffering from avoidable extensions of time and avoidable cost overruns.
Mr. Anis Al Lawati, Assistant Dean, Academics and Dr Ron Bradfield , Associate Dean of the University of Strathclyde also spoke. Dr. Yasmin Al Balushi, Assistant Dean , Student Support felicitated Colin.
In a message on the occasion, the Dean of the College, Dr. Ahmed Mohsin Al Ghassini pointed out that the hallmark of CBFS was its emphasis on quality. CBFS’ international partnerships were motivated by its vision of achieving excellence in education and in keeping with the national objective of developing human resource talent in Oman.
For more information on applying to our MBA Programme in Oman, please contact Ms Dina Al Maimani
at firstname.lastname@example.org or on telephone 24502288 Extn: 513.