Get total clarity and unrivaled project efficiency with a live, up-to-the-minute Project Execution Plan (PEP), hosted in the cloud.
Old-school capital project execution plans are rife with problems. Developed early, they’re often written by contractors who don’t know if they’ll execute the project themselves — or if they’re just laying the groundwork for a rival firm. Too often, they’re template-based documents that are already out of date by the time they come back from the printer or by the time the project is past the funding gate. Once approved, many functions as little more than doorstops.
There’s a better way. In this article, I’ll argue that owners and EPC contractors need to pay more attention to the Project Execution Plan (PEP), and transform it into a live document that functions as the single source of truth on a project, from beginning to end. A live PEP is a key to managing complexity and to more efficient, cost-effective construction on major capital projects.
Why now?
Paper-based project management is perpetually out of date. Modern communication technologies like email and cloud-based file-sharing have dramatically improved field-to-office communications, but the realities of existing knowledge management strategies mean that even the most efficient project management teams are still routinely forced to make decisions based on outdated information. Errors related to basic data inconsistencies are more common than one might think. Think of the many scope statement versions your last megaproject had and eventually, the confusion caused to the hundreds of people working on it.
The live PEP wasn’t possible until recently, when technology finally caught up with the reality of contemporary project management and the ability of complex information technology backend architecture to support simpler and more straightforward front end user experience. It relies on next-generation technology, which integrates the myriad functions of capital project teams from office to field, and effortlessly centralizes information on one, purpose-built platform.
Three Key Characteristics of a Live PEP
1 | A live PEP is owner-driven
Owner companies develop their own live PEPs. The company that will fund and operate a facility is best positioned to decide how that facility will be built and what it should achieve, and nobody has more incentive to keep costs under control. The owner company should hold the reins from mission and scope determination through risk mitigation and controls, and all the way to resource, procurement and construction strategies. This helps keeps the current project on track, but also — critically — allows owner companies to track and analyze what works and what doesn’t, in real-time. These learnings can then be applied to future projects (no costly post-mortem required).
2 | A live PEP leverages cutting-edge technology to remain constantly up-to-date
A key feature of the live PEP is that it is hosted in the cloud, and is therefore accessible anywhere teams are working. Instead of withering on a desk at company headquarters, the live PEP serves as a storehouse of up-to-the-minute direction and deliverables that can be updated in real-time. For example, live PEP might include the scope of work contained in a construction work package. The construction manager updates it continually as work is completed, and project managers — and owners — can see the project status in real-time.
3 | A live PEP is the single source of truth (SSOT)
When a PEP goes live, it is elevated from a foundational document to the most important document in the project management delivery system: A fully up-to-date handbook for every member of the team. It is where newcomers come to begin their project orientation and where the most senior executives in the owner company come to get a status update. For project managers, it provides a single source of truth, offering effective direction to cross-functional teams working on deadline-driven, technically complex capital projects.
The promise of a live PEP
A live PEP establishes a strong governance model that helps owner companies achieve ambitious cost, schedule and quality goals. Use a live PEP to create a highly efficient capital project organization. It can help your company establish defined roles with clear lines of responsibility, along with reliable mechanisms for the collection of definition and execution data and KPIs. Live PEPs also have the power to help your company identify and mitigate risk, and draw meaningful learnings from previous projects. What are you waiting for?
Ready to get started with a live PEP?
Concord® Project Technologies developed T-CON™ to help companies accelerate project performance. Our purpose-built, cloud-based capital project platform can support your live PEP and ensure your complex project delivery reliability through the application of the principles of the single source of truth in project technology. Request a demo today.
