Understand Your Project’s Risks, Readiness, and Performance
Capital project performance can be predicted by understanding the empirical relationship between project drivers and outcomes. IPA’s broad understanding of what makes capital projects successful is made possible by detailed data amassed directly from thousands of capital projects. We perform risk assessments and benchmarking evaluations at every stage in the project life cycle, using our data and insights to help project teams understand likely outcomes, key issues to address, and readiness for the next stage.
Understanding local risks is critical for owner companies to select the best opportunity to meet business needs. Bolster the selection process with detailed and unbiased data to accurately assess regional project risks.
Two-thirds of all industrial megaprojects are failures, collectively suffering billions of dollars in overruns, construction delays, poor safety performance, and insufficient operational performance once completed. Megaproject failure is driven by shaping gaps in addition to planning and design gaps. Identify gaps in the shaping process that must be addressed in order to stabilize the project environment and enable project success.
With limited resources, project organizations seeking competitive advantage must focus on defining only those capital projects that are most likely to deliver successful business outcomes. Boost the decision-making process by quantifying the key risk factors early in the project life cycle.
A project team that is improperly staffed, organized, and misaligned will deliver disappointing project cost, schedule, operability, and safety results. Leverage IPA’s Organizations & Teams Database and internal expertise to build a high-functioning project team that is positioned for success.
Is your project ready to proceed to FEL 3/FEED? A PAC Evaluation informs the decision-making process by providing insights on the competitiveness of project targets and identifying risks to successful project completion.
Is your project still a good investment for full-funds authorization? A PRO Evaluation informs the authorization process by identifying risks to project success based on the status of project definition and assessing cost, schedule, safety, and operability targets relative to industry benchmarks.
Nearly one of every three capital projects begins field construction too early, which contributes to execution inefficiencies. Have your project execution plan and execution status assessed by experts to identify and mitigate risks before starting construction.
It is not uncommon for a project to go “off the rails” in mid-execution with cost overruns, schedule slip, and team development issues. Identify the issues that took your project off course and minimize risks moving forward to get the project to completion.
The process of transitioning a facility into an operating asset is challenging and carries significant risk. Identify and eliminate gaps in planning to prepare your facility for a smooth transition to operations.
Measuring project performance is critical to establishing effective continuous improvement initiatives and driving competitive capital deployment. Compare your project outcomes to its targets and the outcomes of similar projects within Industry, and gain an understanding of the factors that fundamentally drive your project’s performance.
Early operational performance has a strong influence on project economics. Benchmark your facility’s production performance in its early operation stage to understand this key driver of project value.
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