8. The preferred bidder stage of the process is (even with preparation) by far the most demanding, stressful and time consuming phase of the project - and the challenge will be further exacerbated by an IPT's failure to prepare. Every IPT approaching this phase needs to take a long, critical look at how the procurement has been run thus far and think about how things could be improved in the next stage. The following questions should (in no particular order) be posed:
• Have we met project milestones so far and if not what caused the slippage in the timetable?
• If we have met project milestones so far has this been achieved at the expense of optimising competitive tension? What do our external advisers think?
• Does our internal customer have a realistic view of the timetable to completion?
• Do we have the right number of the right people with the right skill-set in our IPT?
• Are we about to lose any key personnel from the IPT?
• Have we identified all key outstanding issues?
• Have we identified all issues that are likely to exercise the lenders in their due diligence and which may in consequence cause issues agreed with the preferred bidder to be re-opened?
• Are we confident that the preferred bidder's lenders' acceptance of positions during the competitive stage was based on a robust understanding of the risks?
• Are those issues listed in a format that is readily accessible by IPT members?
• Is there an agreed "hymn sheet" for negotiating each of these issues (see paragraph 30 below)?
• Have we considered methods of incentivising advisers to achieve contract award in a timely manner?
• Have we looked all available guidance and consulted in detail on our strategy with the PPFI?
In looking at these questions some IPTs have elected to have an away-day(days) to facilitate discussion. This approach often produces excellent results particularly where advisers have been given the opportunity to contribute. Time scoping the time table has paid dividends later in the process. The use of lists and "hymn sheets" is explored in more detail below (paragraph 30).