Managing capital projects effectively is crucial for organizations looking to drive growth and optimize asset utilization. The PACE application envisions a comprehensive platform for managing owner capital projects, from initial proposals and portfolio prioritization to project execution and asset placement. Let’s explore how PACE will streamline this process, ensuring projects deliver maximum value.
Collect Proposals: Capturing the Seeds of Opportunity
The first step in effective capital project management is capturing and evaluating proposals. PACE provides a centralized hub for this process.
- New and Existing Projects:
- PACE will allow for the submission of both new and existing project proposals, ensuring that all potential investments are captured.
- Project Charter and Strategic Score:
- Users can create and store project charters, providing a clear overview of project objectives, scope, and stakeholders and allow for the assignment of strategic scores to proposals, aligning projects with organizational goals and priorities..
- Cost Estimates:
- PACE will facilitate the creation and management of detailed cost estimates, ensuring accurate financial planning.
- ROI Estimates:
- The application enables the calculation and tracking of return on investment (ROI) estimates, allowing for informed decision-making.
- Strategic Score:
- PACE will allow for the assignment of strategic scores to proposals, aligning projects with organizational goals and priorities.
Prioritize Portfolio: Aligning Investments with Strategy
With proposals collected, PACE helps organizations prioritize their portfolio, ensuring that resources are allocated to the most valuable projects.
- Run Portfolio Analysis:
- PACE will provide tools for running portfolio analysis, evaluating proposals based on various criteria, such as ROI, strategic alignment, and risk.
- Select Projects:
- Based on the portfolio analysis, organizations can select the most promising projects for implementation.
- Develop Capital Plan:
- PACE will facilitate the development of a comprehensive capital plan, outlining the timing and funding of selected projects.
- Submit for Approval:
- The application streamlines the approval process, ensuring that capital plans are reviewed and approved by relevant stakeholders.
Plan and Execute Projects: Bringing Plans to Life
Once projects are approved, PACE provides the tools to plan and execute them effectively.
- Notify Approved Projects:
- PACE automatically notifies project teams of approved projects, ensuring timely initiation.
- Scope & Financial Planning:
- The application facilitates detailed scope and financial planning, ensuring that projects are well-defined and budgeted.
- Complete Stage Gates:
- PACE supports the use of stage gates, ensuring that projects are reviewed and approved at key milestones.
- Gain approval for executionGain and Notify Approvals:
- PACE automatically notifies project teams of approved projects, ensuring timely initiation. andPACE allows for the gathering of all needed documentation, and the submission of that data for the final execution approval.
- Collect Costs:
- The application automates the collection of project costs, providing real-time visibility into financial performance.
- Review Performance: Capex/Opex/Budget:
- PACE provides tools for managing capital expenditures (Capex), operating expenses (Opex), against project budgets, ensuring financial control.
- PACE provides reporting and analytics tools for reviewing project performance against budget and forecasts.
- Manage Changes & Forecasts:
- The application facilitates the management of project changes and the creation of accurate forecasts.
Place in Service and Identify Assets: Realizing Value and Tracking Performance
The final step in capital project management is placing assets in service and tracking their performance.
- Complete Project Scope:
- PACE ensures that all project deliverables are completed and accepted before asset placement.
- Define Assets:
- The application allows for the definition and tracking of project assets, ensuring accurate asset management.
- Place in Service:
- PACE facilitates the process of placing assets in service, ensuring a smooth transition from project completion to operational use.
- Track ROI:
- The application provides tools for tracking the ROI of placed assets, ensuring that projects deliver the expected value.
Key Benefits of PACE for Owner Capital Projects
↦ Improved project visibility and control.
↦ Enhanced portfolio prioritization and alignment with strategy.
↦ Streamlined project execution and financial management.
↦ Accurate asset tracking and performance monitoring.
↦ Improved ROI and asset utilization.
By leveraging Frontrol’s PACE, organizations can effectively manage their capital projects, ensuring that they deliver maximum value and contribute to overall business success.
