Project Development Framework
Project Development for large projects usually follows the stage-gate process. The phase-gate process divides a project into distinct phases, with each phase having specific gates or checkpoints. These gates serve as decision points where project stakeholders assess the progress, viability, and alignment of the project with its goals before proceeding to the next phase. Here are some benefits associated with a phase gate process:
Structured Decision-Making: Phase gates provide structured decision points where decision-makers and stakeholders can evaluate the project's status and make informed decisions on whether to proceed to the next phase, make adjustments, or even terminate the project if necessary.
Risk Management: By incorporating phase gates, the project team can identify and address potential issues and risks at various stages. This helps in proactively managing risks and minimizing the likelihood of significant problems occurring later in the project lifecycle.
Resource Optimization: The phase gate process allows for a more efficient allocation of resources. Resources can be adjusted or reallocated based on the outcomes and requirements of each phase, ensuring that resources are used effectively and efficiently.
Improved Communication: Regular reviews at phase gates promote communication and collaboration among project stakeholders. This helps in maintaining alignment between project goals, stakeholder expectations, and the actual project progress.
Quality Assurance: The phase gate process typically includes quality checks and assessments, ensuring that the project meets predefined quality standards before progressing to the next phase. This helps in delivering a high-quality final product.
Flexibility and Adaptability: If changes are required due to shifting priorities, emerging risks, or new information, phase gates provide opportunities to reassess and modify the project plan accordingly.
Project Development Key Components
The EMB Project Development team supports clients in executing the comprehensive lifecycle of engineering projects. At its core, the project development team engages in multifaceted activities to ensure the successful planning and development of projects to enable clients and regulators to decide on the execution of the project (FID - Final Investment Decision). Here is a summary of the key components typically undertaken by the EMB Project Development Team:
Business Case Development
The document justifies the investment in the project by outlining its potential benefits, risks, costs, and returns. It serves as a strategic tool for decision-makers and stakeholders to assess the viability of the project at initial stages.
Project Planning and Scoping
Carefully defining objectives, scopes, and requirements in collaboration with clients and stakeholders. Feasibility studies are conducted to assess technical and financial viability, and project plans, timelines, and budgets are carefully developed.
Resource Allocation and Team Formation
Strategic allocation of human and material resources is undertaken based on project specifications. Project teams are assembled with a keen focus on acquiring the necessary skill sets, and roles and responsibilities are defined for each team member.
Design and Engineering
Overseeing the design phases (Conceptual Design, Pre-FEED, and FEED), the project development team ensures compliance with client specifications and industry standards. Collaboration with engineers and SMEs (Subject Matter Experts) is paramount, and design reviews are conducted to refine and optimize project plans.
Regulatory Compliance and Permitting
Navigating regulatory landscapes, the project development team manages necessary permits for construction projects with the support of the Permitting and Environmental Team, ensuring adherence to local, state, and federal regulations. Considerations related to environmental impact and safety are addressed comprehensively.
Procurement and Supply Chain Management:
Efficient procurement of materials, equipment, and services is managed by the Project Development Team. This involves establishing and managing relationships with suppliers and subcontractors while optimizing the supply chain for enhanced efficiency and cost-effectiveness.
Risk Management
Identification and assessment of potential risks to project success are key responsibilities. The project development team formulates and implements risk mitigation strategies, monitoring and managing risks throughout the entire project lifecycle as per AACE (Association for the Advancement of Cost Engineering) recommended practices.
Project Monitoring and Reporting
Project Control systems are established for real-time tracking of project progress, costs, and timelines. Regular reports are generated for both internal and external stakeholders, ensuring transparent communication and issue resolution.
Post-Project Evaluation
Following project completion, the project development team conducts thorough reviews to analyze successes, challenges, and lessons learned. Insights gleaned from these evaluations are documented and disseminated to continually improve future project management processes.
