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Improving the Decision Process

In: Risk Navigation Strategies for Major Capital Projects

Author

Listed:
  • Asbjørn Rolstadås

    (Norwegian University of Science and Technology)

  • Per Willy Hetland

    (Norwegian School of Management)

  • George Farage Jergeas

    (University of Calgary)

  • Richard E. Westney

    (Westney Consulting Group, Inc.)

Abstract

Capital projects are an investment made to generate future free cash-flow. The extent and reliability of this cash-flow is dependent on many things of which the cost and time of the engineering and construction are only a part. While project cost and time impact the commercial and financial aspects of the project (and vice versa), organizational silos and other constraints often inhibit the management of these interfaces. This chapter will describe the four planes of capital projects: Commercial, Financial, Technical, and Execution, and suggest a holistic approach that not only recognizes the activities and deliverables in each plane, but also the interfaces between them.

Suggested Citation

  • Asbjørn Rolstadås & Per Willy Hetland & George Farage Jergeas & Richard E. Westney, 2011. "Improving the Decision Process," Springer Series in Reliability Engineering, in: Risk Navigation Strategies for Major Capital Projects, chapter 0, pages 97-107, Springer.
    • Handle: RePEc:spr:ssrchp:978-0-85729-594-1_9
    DOI: 10.1007/978-0-85729-594-1_9
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