What is risk? How can you measure risk? What are some of the red flags around risk? I would submit that one such risk might well be a project price, particularly when a bid is so far below other reputable bidders as to seem outlandish. This means that sometimes the lowest bid for a project is not always the best selection to make.
I was reminded of this when I read a recent article in the New York Times about the grand reopening of the Panama Canal. For anyone who read David McCollough’s book The Path Between the Seas, you will certainly note this opening of the new canal is much less auspicious, with nary the worldwide celebration which occurred with the first canal was created an opened.
