MUSCAT, FEB 27
The museum industry is facing a significant challenge in the form of escalating cost inflation, which is impacting project forecasting and budgeting processes. With the risk of overbudgeting looming large, stakeholders in the museum sector are seeking ways to manage ambitions and expectations effectively in an inflationary market.
In response to this pressing issue, industry experts and thought leaders gathered in Oman for the special edition of International Museum Construction Congress (IMCC) to address the challenges faced by museum projects in an inflationary market. The session ‘Managing Ambitions and Expectations for Museum Projects in an Inflationary Market’ sheds light on the impact of cost inflation on museum projects, the risks of over-budgeting, and practical strategies to mitigate these challenges.
The session featured a lineup of distinguished speakers, including Jared Mensah from Greenway Associates Limited UK, Victor Frutos from Acciona Cultura, and Mohamed Osman from Oman Across Ages Museum. These experts shared valuable insights and strategies for navigating the complexities of project management in the face of cost inflation.
The session highlighted key insights for industry professionals. One major focus was the impact of cost inflation on museum projects of all sizes, emphasising the need for early discussions on project costs to set realistic targets. The session also discussed the inadequacy of common contingency methods in the current market, stressing the importance of more robust measures.
Accurate forecasting was deemed crucial to avoid underbudgeting, with an emphasis on using reliable data to ensure a proper budget distribution. Additionally, a collaborative approach to soft costs was recommended, involving accurate cost analysis to enhance design quality and ensure sufficient funds for hard costs.
During an interview with Oman Observer, Jared Mensah, Director of Greenway Associates Limited UK, expressed concerns about the lingering effects of the pandemic on pricing levels and the challenges of accurate budget forecasting.
Mensah emphasised the risks of over-budgeting, citing missed opportunities for enhancing project designs when budgets are inaccurately estimated. He stressed the importance of transparency and collaboration among stakeholders to improve the accuracy of project estimates.
Meanwhile, Marta Oliveira, Chairperson of IMCC Oman, shared insights into the inspiration behind selecting Oman as the host country for this special edition of IMCC. Having lived in Oman for decade and worked in National Museum of Oman and Oman Across Ages Museum, she acknowledged the innovative work in Oman's museum sector, including advancements in architecture, exhibition design, and professional capacity building.
She viewed the Congress as a platform to showcase Oman's achievements and invite global museum professionals to appreciate the sector's developments.
Attendees had the opportunity to engage in interactive discussions and share their own insights and experiences from live and past projects. This knowledge-sharing platform facilitated a rich exchange of best practices and lessons learned, enabling participants to gain valuable insights into effective strategies for managing ambitions and expectations in a challenging economic environment.
As the IMCC continues to tackle industry challenges and promote best practices in museum construction, stakeholders are encouraged to proactively manage project ambitions, navigate inflationary pressures, and foster innovation in museum design and development.
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