Primary Author: Mr Michael Shawn Longfellow GE-Hitachi Nuclear Energy
Audience Focus: Advanced
Application Type: Theoretical
Venue: 2012 AACE International Annual Meeting, San Antonio, TX, USA
Abstract: In a commercially focused project oriented business, project identification, selection and execution determine profitability. A business must measure, rank and prioritize its commercial projects to ensure resources are allocated to the high priority components, and to make adjustments in the portfolio as business environmental factors change. When considering potential projects, there is a need for quantification of project strategic value, risks and potential financial benefit to ensure decision makers have adequate information from which to base their decisions. The ability to align selected commercial projects with the organizations strategic goals and objectives, to group them based on some important distinguishable features, and then to measure, rank and prioritize them, based on the projects total utility , will allow focused application of resources, improve risk management effectiveness, improve portfolio management processes and result in improved profitability. The research results in a detailed framework of tools and techniques for the identification, evaluation and selection of commercial project portfolio's, with a focus on total utility and risks to project planning and execution.
Audience Focus: Advanced
Application Type: Theoretical
Venue: 2012 AACE International Annual Meeting, San Antonio, TX, USA
Abstract: In a commercially focused project oriented business, project identification, selection and execution determine profitability. A business must measure, rank and prioritize its commercial projects to ensure resources are allocated to the high priority components, and to make adjustments in the portfolio as business environmental factors change. When considering potential projects, there is a need for quantification of project strategic value, risks and potential financial benefit to ensure decision makers have adequate information from which to base their decisions. The ability to align selected commercial projects with the organizations strategic goals and objectives, to group them based on some important distinguishable features, and then to measure, rank and prioritize them, based on the projects total utility , will allow focused application of resources, improve risk management effectiveness, improve portfolio management processes and result in improved profitability. The research results in a detailed framework of tools and techniques for the identification, evaluation and selection of commercial project portfolio's, with a focus on total utility and risks to project planning and execution.