Front End Loading (FEL)
One of the biggest decisions an organisation has to make is which projects to implement given budget constraints and how to best stage capital investment. There are many more projects requested that can be funded hence the necessity for a considered project decision making frame work - The criteria against which all proposed projects are assessed for viability and those that do not meet predetermined measures.
Organisations may sometimes identify projects progressing to delivery without fully considering feasibility and alignment with priorities.
This is where tap’s integrated approach of identify, analyse, selection, engineering and business case development is able to maximise efficiency, minimise risk and ensure informed business decisions are achieved.
Advantages of tap’s project decision making framework
- Build discipline into the project selection process
- Understand and mitigate risk
- Link project selection to strategic metrics
- Prioritise project proposals across agreed criteria
- Informed Whole of Life Cost Assessments
- Justify decisions to stop projects
- Creating portfolios and ability to view multiyear capital investments
- Creating accountability and transparency through documented decisions
Front End Loading
Several medium to large projects including Stanwell Power Stations Coal Mills, and Boiler Lift Projects were successfully managed through the front-end loading phases for business case consideration.
The Coal Mills platforms in particular presented numerous technical challenges including vibration, fatigue, maintenance and safety considerations. This well considered process considered the full impact of duplication on sister sites and what this meant in real terms. This process presented indepth financial impacts across the business.
Front End success hinged on tap’s absolute determination for achievement, ability to work with people, and the ability to influence outcomes through the use of factual information, options analyses, data dissection and sensitivity scrutinization.
Balancing need with available budget
The framework can be thought of as a funnel. As the projects progress through the various stages of consideration, some projects will be deferred or abandoned. By the time projects reach the end of the funnel, only those that were able to meet the evaluation criteria will have progressed through a full evaluation process. This is an effective means of applying limited budget to those projects which can demonstrate the most strategic need and highest priority.
Stage 1 Concept selection
- Concept Approval Template
Stage 2 Pre-feasability
- Options analysis template
- Project risk assessment tool (initial)
- Whole-of-life costing tool
- Lease-vs-buy tool
Stage 3 Feasibility
- Business case template
- Project portfolio tool
- Project risk assessment tool
Stage 4 Planning
- Project plan template