Pitfalls in consortium schemes

Description

This Skill Bit talks about Consortium schemes, leveraging collective expertise and resources, which offer advantages but pose unique challenges. Managing consortium-led projects demands addressing complexities such as slower decision-making due to consensus requirements, coordination hurdles amidst diverse partners, and conflicts arising from misaligned objectives. Legal intricacies and joint liabilities further complicate matters, alongside system integration issues and dependency risks. Resolving profit-sharing disputes, planning exit strategies, and bridging cultural differences are essential for successful consortium execution, demanding robust governance and effective communication strategies.

Duration approx. 5 Min.

Tier: advanced