Level:
Basic
TCM Section(s):
2.1. Basis of Total Cost Management Processes
1.3. Organization of the TCM Framework
Venue: 2022 AACE International Conference & Expo
Abstract: Industry benchmarking shows that a company’s megaproject performance is very close to the industry average and almost in the top quintile as compared to other typical megaproject performance. The megaproject is deemed to be one of only a handful of successful megaprojects that has met four industry criteria for megaproject success of cost underrun, average cost-effectiveness, limited execution schedule slip, and average schedule effectiveness. This paper will showcase the key success factors along with the best practices adopted in successfully undertaking efforts to drive a megaproject towards being delivered at a manageable and competitive cost. It is suggested that the project competitiveness is driven largely by effective project shaping and definition, developing a strong project management team, and maintaining good discipline during execution as well as safety and HSE requirements, all of which are critical as the building blocks for a successful megaproject. A study on a company’s mega project has been conducted and aims to shed light on factors that have contributed to the success of the megaproject execution and delivery. The goal is to identify primary lessons learned and key take away from the overall study that potentially can be put into practice and become a part of the system to improve future project execution and performance.
TCM Section(s):
2.1. Basis of Total Cost Management Processes
1.3. Organization of the TCM Framework
Venue: 2022 AACE International Conference & Expo
Abstract: Industry benchmarking shows that a company’s megaproject performance is very close to the industry average and almost in the top quintile as compared to other typical megaproject performance. The megaproject is deemed to be one of only a handful of successful megaprojects that has met four industry criteria for megaproject success of cost underrun, average cost-effectiveness, limited execution schedule slip, and average schedule effectiveness. This paper will showcase the key success factors along with the best practices adopted in successfully undertaking efforts to drive a megaproject towards being delivered at a manageable and competitive cost. It is suggested that the project competitiveness is driven largely by effective project shaping and definition, developing a strong project management team, and maintaining good discipline during execution as well as safety and HSE requirements, all of which are critical as the building blocks for a successful megaproject. A study on a company’s mega project has been conducted and aims to shed light on factors that have contributed to the success of the megaproject execution and delivery. The goal is to identify primary lessons learned and key take away from the overall study that potentially can be put into practice and become a part of the system to improve future project execution and performance.