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Level: Advanced
TCM Section(s):
11.1. The Enterprise in Society
11.2. People and Performance Management
Venue: 2020 AACE International Conference & Expo
Abstract: Large capital projects are by their nature complex.Throughout their lifecycle, events and risks will occur that, individually or collectively, have the potential to derail them.In response to this, many capital-intensive owner organizations have developed project stage-gate systems as a part of corporate governance.These systems are very useful for project shaping as well as front end engineering and design (FEED) but less helpful in the execution stage when the majority of capital funds will be expended. Traditional audits focus on adherence to approved processes and procedures which is necessary but not sufficient to guarantee a successful project outcome.The field of project assurance developed in response to these shortcomings and is now mandated by many governments, insurers, and financing entities.Project assurance, as practiced today, is additive to a stage-gate process and critical for projects after the organization’s final investment decision.Although each assurance review is unique, a common framework is possible if one considers the typical capital project failure elements.With this framework, an organization is able to more readily identify and repair distressed projects.
TCM Section(s):
11.1. The Enterprise in Society
11.2. People and Performance Management
Venue: 2020 AACE International Conference & Expo
Abstract: Large capital projects are by their nature complex.Throughout their lifecycle, events and risks will occur that, individually or collectively, have the potential to derail them.In response to this, many capital-intensive owner organizations have developed project stage-gate systems as a part of corporate governance.These systems are very useful for project shaping as well as front end engineering and design (FEED) but less helpful in the execution stage when the majority of capital funds will be expended. Traditional audits focus on adherence to approved processes and procedures which is necessary but not sufficient to guarantee a successful project outcome.The field of project assurance developed in response to these shortcomings and is now mandated by many governments, insurers, and financing entities.Project assurance, as practiced today, is additive to a stage-gate process and critical for projects after the organization’s final investment decision.Although each assurance review is unique, a common framework is possible if one considers the typical capital project failure elements.With this framework, an organization is able to more readily identify and repair distressed projects.