Primary Author: Ms Tina Sara Thomas
Audience Focus: Basic
Application Type: Application
Venue: 2013 AACE International Annual Meeting, Washington, DC, USA
Abstract: Managing complex capital project requires continuous monitoring of the factors that impact the project from start to completion. The portfolio of risks is a key factor and it varies throughout the lifecycle of the project, with varied risks impacting the activities performed at each stage. In addition, uncertainty factor changes over time as the project develops from conceptual, design, fabrication, installation, commissioning, and operations to decommissioning. As the project progresses through the stages, the ability to influence project costs and duration decreases. If the risks are left unattended, they accumulate over time and can have adverse impact on the overall cost and performance of the project. Making decisions on selecting the best prospects and right investment at each stage is a challenge for the operators and is only possible with the support of a well defined risk management framework. This paper outlines the type of risks and uncertainties that impact each stage of project life cycle and its influence on the subsequent stage in the project life cycle.
Audience Focus: Basic
Application Type: Application
Venue: 2013 AACE International Annual Meeting, Washington, DC, USA
Abstract: Managing complex capital project requires continuous monitoring of the factors that impact the project from start to completion. The portfolio of risks is a key factor and it varies throughout the lifecycle of the project, with varied risks impacting the activities performed at each stage. In addition, uncertainty factor changes over time as the project develops from conceptual, design, fabrication, installation, commissioning, and operations to decommissioning. As the project progresses through the stages, the ability to influence project costs and duration decreases. If the risks are left unattended, they accumulate over time and can have adverse impact on the overall cost and performance of the project. Making decisions on selecting the best prospects and right investment at each stage is a challenge for the operators and is only possible with the support of a well defined risk management framework. This paper outlines the type of risks and uncertainties that impact each stage of project life cycle and its influence on the subsequent stage in the project life cycle.