How to Unlock Efficiency with Integrated Capital Project Management
Learning Objectives:
- Describe best practices for optimizing capital projects.
- List techniques for improving project forecasts, tracking actual costs, and consolidating project information.
- Implement effective strategies to bridge communication gaps and enhance collaboration among project teams and stakeholders.
- Analyze the increasing criticality of standardizing project management practices.
Credits:
As industries continue to invest heavily in capital projects, the need to standardize project management has become increasingly critical. Successfully managing these projects requires meeting deadlines to ensure timely delivery and market readiness.
A significant challenge in capital project management is aggregating data from various sources—enterprise resource planning (ERP) systems, spreadsheets, and paper documents. This data fragmentation impairs visibility and efficiency, complicating the ability to stay on schedule and within budget.
Comprehensive visibility is central to successful capital project management. This insight is a critical guide for project managers and decision-makers, helping keep projects aligned with their goals. However, many organizations face difficulties due to disjointed systems and data silos, leading to missed opportunities, cost overruns, and strategic misalignment.
Photo courtesy of Bilanol, Adobe Stock
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Jonathan Addison is a Professional Services Manager at the Prometheus Group. Before joining the Prometheus Group, he worked as an operations engineer at Eaton, a global intelligent power management company. |
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Prometheus Group enables unified enterprise asset optimization through an integrated approach to planning, scheduling, work management, and business analytics across routine and preventive maintenance, shutdowns/turnarounds, and production scheduling. Unlike the competition, Prometheus packaged software is easy to use, can be implemented in weeks, and allows a business to quickly improve operational efficiency and the effectiveness of work processes to gain a competitive advantage. |
