Feasibility phase – Implementation capabilities Organisational capability demands change during the course of a project. Whereas strategic skills and conceptual engineering know-how are essential during the project development, the implementation phase brings totally new demands to enable a successful delivery of a project. These facts are based on natural development phasing of an investment project.
Conceptual study – Project organisation and governance Project organisation, the team that runs the project, is the single most important element impacting the success of the investment project. In the conceptual phase, the organisation is not yet very large, but in pre-feasibility and feasibility phases there should be in place both relevant project organisation and
Key criteria in designing a post-completion auditing system In this article we will review essential aspects to be taken into account when one designs a post-completion auditing system for a company e.g. to enhance organisational learning (OL). Enhancing organisational learning is commonly considered the major reason for conducting PCA and also the major perceived benefits
Post-completion auditing of investments In this article we will review the basics of post-completion auditing including its definition, typical characteristics, reporting, and managerial uses. Capital investment can be understood as a process consisting of distinct stages: (see Figure 1) Identification of potential investments, Project definition and screening, Analysis and acceptance, Implementation, Monitoring, and Post-completion audit (PCA).
Investment case examples Every investment project is different and has special features in terms of scope, size, timetable and complexity. However, some similarities in e.g. planning, target-setting and final implementation can be found. Below you can find some investment case examples from different businesses and scope: Development investment on SC fluting production line Strategic investment
Typical project pitfalls and success factors Concerning the risk management practices discussed earlier, each project has its own risk landscape and individual unknowns. However, the learnings from similar projects and homework done during the development phases are essential for functional risk management. Proactive analyses in potential challenges and continuous work with risk register can support
Organisational learning in investment projects In every project there are factors which go well and as planned and elements which could have gone better. Also, every project team develops and learns during the project and gains knowledge, which is useful for the future projects. Thus, once the investment project has been implemented, it is very
Time schedule and progress monitoring Typical implementation phase schedules are introduced in connection with time schedule development. In the implementation phase, procurement schedules are perhaps the most dictating schedules related to the overall time frame, as equipment supplies and availability of supplier documentation and data impacts all the other technical work. As an example, not
Project rules Perhaps the most central success factors of project implementation are related to setting up the rules and practices for implementation in advance. When a project is set up, it is important to understand how the requirements change during the development phases and implementation. Companies operate on different phasing models, but each of them
Technical concept Mill concept preparation is discussed earlier. When the project implementation decision has been taken, the technical concept must be frozen to continue with the detail engineering with fixed goals. Typically, engineering objectives and the big picture are clear, but in order to proceed with procurement of all equipment, a significant amount of engineering
