Category: Contracts

When you hire a consultant, you only know if you’re paying a fair fee if you have some idea of what the project is worth to you. Unfortunately, you overestimate the contribution of your project to whatever your larger goal is and therefore you risk overestimating the value of your project.

By the way, this same principal applies to the projects and initiatives you do in-house: you overestimate their value. Why? Let’s go back to 1979 for a moment, when Michael Ross and Fiore Sicoly at the University of Waterloo, Canada wrote about egocentricity biases. Really, you need to know about these.

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Every Project Has Risks

The work may take too long and miss an important deadline, or use more of your people’s time than you originally thought, or become irrelevant because your needs change, just to name a few.

Usually those risks are given a passing thought, at most, then dismissed prior to bringing in a consultant. Sometimes you voice a concern internally or to the outside expert.

Risk is Actually an Opportunity

Let’s say you ask the consultant, “How much of our people’s time will this project take?” The eager expert, sensing your worry, will

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