For many organizations, capital projects by definition are not part of a company’s routine day-to-day operations. Whether it is gas transmission, electric distribution, or solar or power generation, assumptions and decisions during the early stages are the critical link along the maturation of a concept to a project.
Sound project definition and effective decision making at the outset of a capital project are critical to a successful outcome. The ability to influence project success and enhance value is greatest at the development stages of a project and rapidly declines as a project advances towards implementation.
This installment of the KPMG Major Projects Advisory Project Leadership Series emphasizes the critical considerations required during the earliest phases of the project development cycle. Many organizations discovered long ago that a carefully conceived concept, combined with a well-designed project plan, is the road map for success. While critical appraisal and intricate planning may not ensure success, their absence often results in negative project outcomes.