A prospective analysis is performed near the end of the project definition phase of a capital project. The objective of the prospective analysis is to assess the project's readiness to move into the execution stage by evaluating the Front-End Loading Index, the use of the applicable Value Improving Practices, and the Team Development Index. The prospective analysis also provides industry average performance benchmarks for critical project outcome metrics including the estimated cost, planned schedule duration, and expected operability performance for the project. A set of statistical models, founded in IPA's project evaluation system, has been developed, tested, and refined that permits the quantification and assessment of a project's drivers and outcomes.

HOW CAN YOUR COMPANY BENEFIT?

The prospective analysis provides the project team and project sponsors with an objective assessment of the project's inputs (e.g., Front-End Loading and team development) and expected outcomes (e.g., cost and schedule performance). The analysis compares your project's inputs and expected outcomes with industry averages for comparable projects. In addition, the analysis provides lessons learned from similar projects executed by other companies which provides insights to the project team not available from any other source. Finally, a prospective analysis provides a set of specific recommendations offered to help the project team complete the project successfully. Many organizations use the prospective analysis as a "cold-eyes" review of its projects prior to full-funds authorization.

PROSPECTIVE DELIVERABLES

IPA delivers a written report detailing the results of the prospective analysis. The report includes an overview of the project background and scope, assessment of the project inputs, comparisons of the planned outcomes with industry averages, conclusions of the analysis, and recommendations based on the analysis results. The report provides detailed discussions of the basis of comparison used in the analysis, lessons learned that have been collected from comparable projects, and any previous IPA research studies that are applicable to the evaluation. The report is developed using both detailed text and graphics. IPA will also deliver a separate briefing to the project team if requested.