By Melissa Centurio Lopes on Mar 06, 2014
from the 4th
edition of Construction Connection’s digital magazine
Asset-intensive projects, regardless of scope and scale, are under constant pressure to control costs, meet demanding schedules and manage risk. For E&C contractors, one large problematic project could wipe out a year’s worth of profit. The risks to owners and operators are equally bad—ranging from discontented stakeholders to lost revenues.
Yet according to the Building in change: project construction in asset-intensive industries special report prepared by the Economist Intelligence Unit (EIU), over one-third of asset-intensive companies miss their budget (39%) and schedule targets (34%) on major projects at least one-quarter of the time; and more than 60% of respondents blame unexpected change for at least one-half of all project overruns.
No doubt, the lifecycle of a capital asset project is fraught with challenges.
Craig Larson, director of E&C Industry at Oracle, explains, “Owners and project teams need effective ways to manage projects from concept to completion and react with agility to unplanned changes to deliver multiyear projects on budget and schedule.”
Read the full article to learn more about the common platforms and standards that support the lifecycle of a project and the long-term operational efficiency of an organization.
 oil and gas, utilities, infrastructure (excluding utilities), chemicals, mining and metals