Management wanted to ensure that their project was appropriately prepared for executive review
A petrochemical facility was planning a ~$50 million plant expansion — which is just large enough of a project to get the wrong kind of attention if things went poorly. The company had recently experienced cost and schedule overruns on a couple of major plant projects, so the project team wanted to avoid any “surprises” on this one, as it would likely be receiving significant scrutiny from company executives.
What the client desired was an independent expert’s view to identify any gaps in their planning and estimates, and to add credibility to what they would be presenting to their executive review board for project sanction.
Westney conducted qualitative and quantitative analysis of the project to provide an independent expert view of it’s readiness for sanction
Our team leveraged a two-pronged approach to deliver a comprehensive readiness review:
»Qualitative assessment of actual vs. achievable scores for 42 Predictability FactorsTM that dictate the likelihood of project success given the current project stage
»Quantitative benchmarking of the project’s cost, schedule, and work-hours, using our Predictive Project AnalyticsTM methodology to build a top-down view of the range of likely outcomes
Our work added credibility and confidence to the sanction review package
The executives were given confidence that the project team had thoroughly vetted the project scope, estimate, and schedule, due to it having been vetted by an independent third-party with significant knowledge on the nature of these types of projects; and the project team went into execution knowing where the key risks were and how they could manage them.
For more information on our services, take a look at Westney’s approach to evaluating readiness for project sanction using our Predictability Calibration® methodology.