Project Business and Solutions
Project Businesses are found under different forms such as: Capital projects, Development Projects, Infrastructure Projects, Industrial projects, Investment Projects, Mega Projects, etc.
They are defined by the following Top 10 characteristics:
- High Value;
- High Stake;
- Novel and Unique;
- Multiple stakeholders;
- Long life-cycle;
- Multiple, unknown and changing Requirements;
- Multi-technical, multidisciplinary;
- Require teamwork, partnering, collaboration;
- Require a lot of communication;
- Therefore, complex. This complexity is maximum at the start.
Project Business in Industrial Sectors
Project Businesses are developed by private or public entities in the industrial sectors, such as:
- Construction & Engineering
- Oil & Gas
- IT/ Telecom
- Power & Utilities
- Defense & Security
- Industrial Manufacturing.
Project Development Phase as the most crucial
Projects are made of 3 phases: Project Development, Project Execution, Project Operation:
While the project Execution and Operational phases are well addressed, respectively by the PM and OM corpuses, the initial phases of projects are usually characterized as the “fuzzy front end” for 2 main reasons:
- Firstly, the high level of complexity inherent to new projects exacerbated by the level of stakes and the competitive context.
- Secondly, the lack of specific corpus, methodology and the absence of any framework, structured methods, competences whatsoever, for both the acquirer and the provider sides.
As a result, this is reflected in the usual series of disparate actions, best efforts and globally disorganized events, where a variety of organizations and functions (sales, technical, management, etc.) try to be involved and exercise influence, according to their own interest and in context of fierce competition.
However, this strategic phase deserves in fact the most methodologic and rational way of operation, as initial choices and decisions will determine the actual success or failure of the project.
Therefore, the advantages of a rational management of this phase are very consequent, in terms of project effectivity and governance, and for all stakeholders: public and private buyers, financiers and suppliers. The inherent transparency and structure of a methodology stimulate the stakeholders to collaborate and act for the common good of the project.
Giving the above, IBS Academy is glad to provide specialized trainings to teams and organizations looking to increase their effectiveness in Project Business.