How can you measure the level of definition of the hundreds or thousands of small projects that your company executes each year? It isn’t feasible to benchmark every small project with Independent Project Analysis, so to that end, IPA developed a powerful tool that allows project teams to self-evaluate their level of Front-End Loading (FEL) on projects less than $10 million - the FEL Toolbox. The FEL Toolbox software can be licensed by companies that regularly benchmark a cross-section of their small projects with IPA.

 

Whether you’re a seasoned user or someone who’s just hearing about FEL Toolbox for the first time, it’s fair to ask – What’s in it for me? Why should I use FEL Toolbox, rather than some of the other checklists or software tools that are out there?

 

Let me share the top 5 reasons why FEL Toolbox is a great software choice for your small project system:

 

FEL Toolbox measures the FEL Index, which is one of the most powerful indicators of whether your project is set up to succeed or fail. Unlike other tools that measure more general practices or company-specific deliverables, the FEL Index is statistically correlated with key project outcomes such as cost competitiveness, meeting cost and schedule targets, and operability and safety. Measuring FEL is a proven way to learn if your project is set up for success.

 

Many of the homegrown tools that companies use for small projects are adapted from large projects and they often suffer from one of two flaws: either they overwhelm small projects with all the rigor of large projects, burdening the small project manager with bureaucratic requirements, or they go too far in eliminating process requirements such that small projects aren’t expected to use even the most basic of Best Practices. In contrast, FEL Toolbox is customized for small projects, based on IPA research on over 6,000 actual capital projects costing less than US$10 million. FEL Toolbox asks questions about practices that matter for small projects – like reserving space on pipe racks – and doesn’t waste your time with questions geared for large projects.

 

FEL Toolbox flags every weakness identified in your project’s planning and offers a specific recommendation to close that gap. In other words, FEL Toolbox doesn’t just give you a score – it gives you a path to success.

 

IPA is a research company, not a software company. So FEL Toolbox isn’t a fancy program with a lot of bells and whistles – it’s a simple, straightforward software tool. Within a matter of minutes, a project manager from a company that licenses FEL Toolbox can register and begin measuring his project. It’s easy to use and includes ample “help” functionality to explain all of the questions. And it includes smart logic, so the questions are adapted based on the project scope.

 

IPA research has shown that projects that use FEL Toolbox achieve, on average, a better level of definition than projects that do not use Toolbox. This better definition translates into an average cost savings of 7 percent! FEL Toolbox is a great way to institute the use of proven Best Practices across your company’s small projects.

 

Want to learn more about FEL Toolbox or find out what solution is right for you? Contact me directly at pkulkarni@ipaglobal.com.