Capital Project Challenges

Capital Project Challenges and Consequences

Oil & Gas, Energy, and Capital construction projects are among the most complex in the world. They deserve more attention to detail than spreadsheet-based project management systems can give. That is why it is important to address the most fatal capital project challenges and consequences before they cripple your projects.

Engineering-centric projects (Oil & Gas, Engineering Procurement Construction, Architecture, Capital Construction, Aerospace, Etc.) face constant change and a competitive global market. To stay current and drive growth, companies must overcome relentless capital project challenges and consequences, including:

Lack of a Standardized, Enforced Workflow

Operating with inefficient processes and lack of accountability within projects causes increased man-hours, schedule slippages and the inability to identify and track project issues. ProjecTools allows users to enforce workflows across disciplines such as procurement, commissioning, etc. The end result is that managers and executives can efficiently track performance down to individual user’s tasks, generate invaluable reports (late action, discipline progress, status, and earned-value) to prevent financial loss, keep schedule, and maintain accountability.

Inaccurate and Incomplete Data

Poor communication and lack of organization are core capital project challenges that prevent success. Missing data, incomplete data and inconsistent reporting errors produce confusion, project delays, and lost credibility with clients as consequences. ProjecTools enforces workflows and ensures no steps are skipped or repeated unnecessarily and allows users to communicate consistently with clients. A central document repository and system-enforced processes prevent information mismanagement and loss. Leverage previous project knowledge, structure and experience to develop effective, efficient, repeatable processes with ProjecTools.

Inability to scale

Spreadsheets and siloed departments lack the flexibility, scalability and consistency required by today’s Oil & Gas asset owners and operators. These limitations lead to profit-killing mistakes that devastate reputations and paralyze company growth. ProjecTools provides scalable and proven project management tools to satisfy even the largest and most demanding client needs.

Poor Access to Information and Data

Today’s complex projects span the globe with team members and contractors in multiple locations and time zones. The consequence of using an outdated system that can’t accommodate is delayed access to project information and missed deadlines creating serious obstacles to successful project completion. ProjecTools web-based system gives users real-time access to the project information they need whenever they need it.

Capital Project Management Trends

Technical complexity and increased government regulation require companies to be more vigilant than at any time in history. In this era of costly litigation and skyrocketing compensatory and punitive judgments, firms must be able to

Capital Project Management Trends

Oil & Gas, EPC, Rngineering, Construction, Architecture, and Infrastructure projects are changing. You can either adapt and prosper or get left behind.

Capital project management trends include increasing technical complexity and increased government regulation. This requires companies to be more vigilant than at any time in history. In this era of costly litigation and skyrocketing compensatory and punitive judgments, firms must be able to prove each team, supplier, and subcontractor has performed responsibly and consistently throughout execution.

Superior risk management is attained through standardized and controlled processes, which provide precise auditable results. Any authorized member of your team can use ProjecTools to access and report project information. Whether your project spans multiple countries or just one, is on land or offshore, uses dollars or euros, ProjecTools software gives you the tools to efficiently and successfully manage today’s complex project landscape to deliver superior quality, safety, and profitability.

Globalization is another capital project management trend that greatly affects the quality, schedule, and profitability of projects. Project managers are leveraging teams spread across the globe because they are great in terms of diversity of experience, problem solving and initial cost estimate. These project managers are finding a major gap in the strategy, however. The gap arises from the fact that globalization of teams, professionals, and supply chain has outpaced the tools that integrate these teams. This is making way for costly situations where engineers are working on the wrong things, suppliers are working from superseded revisions, and progress and status reporting is left to the individual units. These are what we call siloes. The result of these siloes is confusion that creates rework, duplicated effort, delays, overruns, change orders, and other profitability killers.

ProjecTools software is the only capital project management software in the AEC/PPM market that was built to specifically address complexity, risk management, and globalization challenges. The system does so by integrating all project information and teams into a single system to eliminate the siloes, confusion, and disorganization that hurts project performance.

Leverage ProjecTools industry expertise to buck the capital project management trends and mitigate risk to stop losing profit to avoidable project management challenges.

Request a personal demo of ProjecTools – the most reliable, efficient project management tool that understands capital project management trends.

Project Control Software

Define work breakdown structures (WBS), build a profiled baseline budget, and manage administrative and contractual change orders. Execute your budget plan from start to closeout using a system controlled process. Use integrated, web based tools

Project Control Software

ProjecTools Project Control Software manages cash flows, mitigates risks and produces concise reports using tools that integrate critical information and communication with real-time, world-wide access.

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Cost Controller

Managing project cost is not a simple task. The bigger the project, the more costs there are to chip away at budget control. As such, the typical method of spreadsheets to manage budgets, progress, and produce reports becomes less and less appropriate as projects get larger.

ProjecTools Project Control software helps project controllers define work breakdown structures (WBS), build a profiled baseline budget, and manage administrative and contractual change orders. Execute your budget plan from start to closeout using a system controlled process. Use integrated, web based project control software to manage each WBS with line item precision from cost, man-hours, and revenue perspectives. Generate reports to predict cash flow requirements.

Other breakdown structures (OBS) allow organizations to map existing WBS formats for consistent and familiar reporting.

Instantly replicate project control structures and best practices to rapidly deploy new projects for complete project control.

Financial Interface

Integrate existing accounting systems with ProjecTools Cost Control Software and Procurement Software to generate precise, Financial data and reports in a secure environment eliminating duplicated effort and costly data entry errors.

Financial Interface pushes purchase order and change order data directly and pulls purchasing data, commitments and actuals directly to and from your company’s accounting system, bypassing cumbersome spreadsheets.

Scheduling Interface

The Financila Interface in ProjecTools Cost Control Software integrates existing scheduling systems with ProjecTools for true collaboration, up-to-date cost and progress data, and real-time progress reporting.

^* Additional implementation necessary to integrate

Home Page

The ProjecTools Home Page allows users to complete tasks as well as view, download, mark-up, and submit items as well as define and generate Cost Control Histograms to help project control teams track costs vs estimates vs time.

Feature	Benefit
Budget controls	Protects baseline from inception through closeout
Work breakdown structures (WBS)	Standardized for more accurate and flexible project reporting
Purchasing, financial and scheduling integration	Single entry financial and scheduling data prevent wasted time and inaccuracies
WBS mapping	Report using the client’s WBS
Cloud deployment	Provides secure, worldwide access to real-time project control data and reports
Extensive reporting	Maintain financial visibility and credibility
Performance measurement	Accurately compute variance and Earned Value
Budget Forecasting	Maintain accurate projections with visibility into bid package progress and pending change orders

ProjecTools Product Information

ProjecTools Client Spotlight

September 24th, 2015|0 Comments

ProjecTools Client Spotlight "I don't see how companies can manage projects like [...]

Standard Project Management Features

September 2nd, 2015|0 Comments

ProjecTools subscriptions provide valuable standard features that support projects. ProjecTools standard features are available to each user to complement core application functions and business processes. Utilize the modules below to increase top-down visibility, communication, accountability

Security and Reliability

September 1st, 2015|0 Comments

Users need a secure, reliable environment to access project information and perform work. All applications and client data resides in a private cloud network with data replication and failover to geographically diverse datacenter equipment. ProjecTools provides 99.5% Network Availability

Construction Project Management Services

August 31st, 2015|0 Comments

ProjecTeams is proven for flexible on-site or remote project deployments. Each ProjecTeam specialist has deep work history with a career of improving project execution, information management processes, with tools that make projects efficient, timely, and profitable.

ProjecTools Resources

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Spreadsheets and Email as Project Management Tools

March 9th, 2017|0 Comments

Projects have too many moving parts and too many players to be trusting critical data to spreadsheets and emails. You need a spreadsheet reduction strategy.

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Project Management Assessment

November 15th, 2016|0 Comments

Project Management Assessment Assess your project management practices against the best project execution teams in the Capital Construction, [...]

1716

Document Management Software ROI

October 5th, 2016|0 Comments

Document management is massively important for engineering and construction projects. Take the approach and use the tools that add the most value.

1357

Aligning Document Control and Cost Control

February 15th, 2016|0 Comments

Align Document Control with Cost Control and create seamless progress and earned value reports to stay on budget and improve cash flows.

ProjecTools Videos, Demos, and Webinars

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Optimizing Review and Approval Processes for Engineering

October 14th, 2021|0 Comments

Let’s talk about review and approvals, and closed-loop systems, and how to execute the review and approval processes for engineering and commercial...

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The Keys to Successful Document Management

November 23rd, 2020|0 Comments

Let's talk specifically about document management software, and the key factors for clean and organized documentation, accessibility, finding a system...

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Document Management Software ROI

October 5th, 2016|0 Comments

Document management is massively important for engineering and construction projects. Take the approach and use the tools that add the most value.

1631

Document Distribution and Access for EPC and Construction

August 24th, 2016|0 Comments

Global projects have global teams that need to be in the loop. Cloud technology takes the pain out of giving teams on demand access to project data.