Reduce risk, reduce costs, reduce project cycle time - these are key mandates for everyone involved in capital projects. Mega-projects, JVs, tight capital, fluctuating material costs, and aging workforce make projects more difficult to manage.
Project Performance Management Model
Project Management is a well-recognized discipline with many strategies and best practices to control scope, manage resources, and control progress. But today's challenges require strategies that go beyond the basics and address key constraints to better performance. ARC's model for Project Performance Management (PPM) recognizes these issues and provides a framework for analyzing project management needs, developing effective strategies, and driving better performance across all project activities.
ARC's model for PPM is unique in its view of design and build activities. It explicitly acknowledges critical interdependencies between processes that limit individual performance. And, it recognizes the need for organizations to effectively coordinate all of their assets, financial, human, and information, and fully enable all of their external stakeholders. Most importantly, ARC's PPM model is firmly grounded in the extensive research we have done in Asset Lifecycle Management (ALM), which helps organizations balance PPM goals with other critical ALM objectives.
Project Information Management (PIM)
ARC's model for PPM is the only model that explicitly recognizes Project Information Management (PIM) as a key PPM process. Research repeatedly shows that organizations suffer staggering losses each year as a result of poor Project Information Management. Neglect in this area has also been linked to major safety and compliance violations in the subsequent operation of facilities. Project Information Management issues plague every group in the project delivery value chain and its role as the foundation for project excellence is clearly highlighted in the ARC model for PPM.
Asset Lifecycle Management (ALM)
During the engineering and construction phase of a given industrial plant, the focus is on managing project performance. Thereafter, during the operate and maintain phase, the focus shifts to maximizing returns and minimizing costs. Within ARC's overall Asset Lifecycle Management (ALM) model, the first process is project performance management (PPM), the latter asset performance management (APM). These two processes are controlled by asset and portfolio performance management. Effectively managing asset information throughout the asset lifecycle is essential to facilitate these processes. The degree to which asset information is accurate and up to date is the key metric for asset data quality and integrity. Accessible, accurate and up to date asset data has proven to:
- Reduce maintenance and contractor cost
- Reduce industrial risk and improve process safety
- Improve reliability and availability
- Improve regulatory compliance and reduce its cost
How Can ARC Help?
ARC's analysts can help you analyze your current PPM performance and identify the best opportunities for improvement. They can also educate you on technologies and best practices that you can use to improve your performance and help you select the solutions that are most suitable for your company.
Functioning as members of your own internal PPM team, ARC's analysts can add our unique knowledge of technologies, suppliers and other PPM programs to accelerate your continuous improvement efforts.