Watch this video recap, as Feroz Ashraf, PTAG’s Executive Advisor for Capital Projects, presents this direct and to the point session providing practical and validated examples on “The Importance of Front-End Planning and Leveraging Industry Best Practices to Minimize Project Risk” at CIM 2021
This is the video recording of the presentation which was originally presented at the Canadian Institute of Mining’s Annual Virtual Convention CIM 2021 on May 3rd, 2021.
Globally, including North America, most capital and sustaining projects have been impacted by COVID and resulting economic slowdown. Projects are also experiencing significant productivity impacts due to the new normal COVID working conditions, as well as increasing emphasis on safety, security, and regulatory compliance.
Due to budget cuts, project and construction teams have been reduced by 30% or more. Across the board, our industry is also seeing increases in material and equipment costs due to COVID with commodity price volatility and supply/demand uncertainty presenting additional challenges.
To mitigate these issues the project team must further increase the use of the Front-End Planning process, deploy industry best practices, conduct extensive value engineering exercises, as well as thorough internal and external risk assessment process. In doing so, the Construction Industry Institute (CII) has established through its industry research that a significant saving can be achieved and gain in productivity:
- Every $1 spent on Front End Planning saves $25 in Execution & Commissioning.
- High use of Constructability results in up to 6% Cost improvement and reduces project Schedule by up to 7.5%.
- “Fit for Purpose” Contracting & Partnering Strategy provides Owners with up to 9% in cost improvements.
Interested in downloading the slide deck? Click here for Direct Download.
Find out more about the event here: The Experience (cim.org)