CLOUD-BASED PROJECT
MANAGEMENT PLATFORM
PROJECT MANAGEMENT
Project management is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.
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It has always been practiced informally but began to emerge as a distinct profession in the mid-20th century. The Project Management Institute is the most known industry leader when it comes to project management standards, which they publish in the “Guide to the Project Management Body of Knowledge” also known as the PMBOK.
FUN FACT:
Imhotep, known for the most famous stepped pyramids of Egypt, is widely believed to be the first project manager.
Industry
Trends
The Project Management Institute’s 2020 Pulse of the Profession® research reveals that 11.4% of each dollar invested in projects is wasted due to poor performance that’s $114 million for every $1 billion. There is a great deal at stake to ensure that pandemic response projects and programs are delivered as efficiently and effectively as possible.
Project Management Software is expected to manage work between members of a group and implement the order in projects they are managing. As a tool for organizing and managing work, the use of project management software continues to grow at a faster speed across industries. As corporations develop in size and difficulty, more all-inclusive solutions are required to coordinate a complete organization's portfolio of projects. These solutions are helping the management to shuffle plan, budgets and resources, workload and observe projects as they develop, and report on delivery success.
PROJECT MANAGEMENT CHALLENGES IN CANADA
35%
of projects fail due to a change in project objectives
only 50%
of projects are completed
on time
only 56%
of projects are completed within budget
41%
of the budget
is lost when
a project fails
The Project Management Institute’s research finds that organizations with mature project management capabilities, including the adoption of project management standards, using project management tools and use of certified project managers, deliver 24% more of their projects on time and complete 21% more of their projects within budget.
According to The PMI 2020 Pulse of the Profession® Research Highlights by Region “Canada”; Organizations in Canada waste an average of $123 million for every $1 billion spent on projects and programs due to poor project performance, compared to the global average of $114 million for every $1 billion spent.
Many real-world system problems do involve probabilistic occurrences, false-starts, activity repetition, and multiple outcomes. With deterministic planning, these are difficult to address, because:
DETERMINISTIC PLANNING
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All predecessor activities must be completed before an activity can be started
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No activity can be repeated, if the rework is needed a change request is needed and the network must be replanned
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The critical path is considered the longest path
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Offers little to no chance to dynamically and regularly update project baselines
WHY IS THIS IMPORTANT?
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Limited time to duly account for risk probabilities and impact
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Everchanging political and economic climate forces quick decisions
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Deterministic planning and limited time result in significant cost, schedule, and scope variances
PROJECT MANAGEMENT TOOLS IN THE OIL AND GAS INDUSTRY
Managing projects for the oil-gas industry is especially challenging considering the vast resources under management, responsibility against the backdrop of ever-changing weather conditions, changing seasons affecting all operations and uncertainty geological explorations. Today's mobile office workers are burdened with countless deadlines, appointments, emails, and
tasks, which means they may not have the time and space to devote their talents to you and your projects. Fortunately, you can alleviate this situation. To ensure a more successful project (be it a completed project for clients or internal stakeholders), review these services as part of project management to utilize effective time management techniques, saving the budget and other resources.
Gantt Chart and Scrum BoardGantt Chart and Scrum Board
In an age of endless content - an invincible fleet of words constantly competing for our limited attention - simple visuals can be refreshing and highly effective. The Gantt chart uses basic horizontal bars to show scene design and progress. From the first overview of your teammates, we can see what work is currently being done (or what work needs to be done first) and when we find their data. They can also be used to find out how long each phase takes.
A Scrum board works in a similar way and is very suitable for small projects involving multiple teams. The chalkboard shows the different phases of a project — planning, implementing another phase — and marketing each team. Once the milestones and progress have been completed, the team can cancel marketing after heavy rain. Each participant can see the big picture and its place in it.
Task and subtasks
Each project is broken down into phases according to the common goal or based on the type of resources required. The function of creating each lost message is a new request. Therefore, online tools are made to generate these prices. The managers responsible for the implementation of various parts of the project will log in and easily see what exactly they need to do. Depending on the registered location, they will also receive email notification of the date.
On the other hand, project managers monitor their field teams and reset all tasks so that they are completed on time, without having to scroll through long chains of letters. The close collaborations of departments, teams and groups while minimizing the document turnover are important in the oil exploration, deployment, and ongoing production for all types of operations.
Feedback tool
Posting testimonials means different things to different people: some contain complex editing instructions, other vague feelings and reactions. Sometimes different stakeholders come up with conflicting opinions. They all use a person who gets the answer and knows how to act. Whom should they listen to?
The feedback tool allows stakeholders to announce and evaluate different versions of the results, making it easier for the group to clearly provide consistent recommendations. If a person's opinion needs more weight - perhaps to supplement meaningful and relevant information - you will find that their vote can be counted in two.
Resource allocation
In advance, ask your team to maximize their work on the project. Let them know any days they are on vacation, days when they cannot start their mind and work through meetings, and days when there are other deadlines. If you feel free every hour, you can set a practical deadline. Online resource allocation tools make it easy for you and your team members to keep track of actual time to assess and respond to usage, thereby ensuring that external workflows are delivered in the future.
Reporting
The reporting functions offer a multitude of options depending on the user position, goals, access authorization and the time frame.
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Executive Report
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Planning of Assurance Reviews
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Budget/cost Report by Project Manager
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Master Report (View of Project Portfolio)
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Monthly Report
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Report by Project Authorization Level
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Report for top-level Executives (COO)
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Report to monitor Authorized Projects
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Project Milestone Report
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Flash Monthly Report for Regions
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Presentation to specific Geographic Areas
What is GERT?
Why do we need GERT?
Graphical Evaluation and Review Technique, commonly known as GERT, is a network analysis technique used in project management that allows probabilistic treatment of both network logic and estimation of activity durations.
GERT originated from the cooperation between the National Aeronautics and Space Administration (NASA) and the RAND Corporation in the 1960s. It was developed to handle the most complex project planning challenges. Such challenges occur when project managers deal with complicated project activity sequences that are not deterministic. The course of any project can take different paths on the network. Completion of any task is followed by a decision node that allows proceeding with all further tasks, some or any of them. This also means that looping back to earlier events is acceptable.
It addresses the majority of the limitations associated with the PERT/CPM technique.
Deterministic network models, such as PERT/CPM have several limitations:
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All preceding predecessors must be completed before an activity can be started
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No activity can be repeated, if the rework is needed such an event is handled as a change request and requires replanning the network
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The critical path is considered the longest path even though variances allow the likelihood of other paths being longer
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There is only one ending event of a project and the only way of completing it successfully is to perform all tasks in the projects' initial scope.
ARTIFICIAL INTELLIGENCE IN OIL INDUSTRY PROJECT MANAGEMENT
Artificial intelligence applications become more practical and more frequent across all industries. Human beings aren't good at assessing the risks and especially when it comes to comparative analysis. Humans have biases. Project management has been at the forefront of AI applications when it comes to the automation of repetitive tasks.
At the same time, existing Project Management tools aren't capable to utilize the power of AI in the field of risk analysis, planning, and forecasting. The reason is simple - they are built on Program evaluation and review technique (PERT) and Critical Path Method (CPM) and don't allow us to consider the stochastic nature of tasks. That's where the Graphical Evaluation and Review Technique (GERT) is the answer. It's the only technique that fits with the AI application. Considering the scale and multimillion-dollar cost of oil-gas industry projects, the planning and resource optimization becomes a must.