What are the top capital project management practices for FM?

2 Establish CPM governance and processes

The second step in CPM is to establish a clear and consistent governance structure and process for the project. This includes defining the roles and responsibilities of the project team, the sponsors, the clients, and the contractors. It also includes setting the communication, reporting, and decision-making protocols, as well as the performance indicators and feedback mechanisms. FMs should also document and standardize the project lifecycle, from initiation to closure, and follow the best practices and guidelines for each phase.

3 Apply CPM tools and technologies

The third step in CPM is to apply the appropriate tools and technologies to support the project execution and control. This includes using software applications, such as project management information systems (PMIS), computer-aided design (CAD), building information modeling (BIM), and geographic information systems (GIS), to facilitate the planning, design, construction, and commissioning of the project. It also includes using data analytics, artificial intelligence (AI), and internet of things (IoT) to monitor, optimize, and automate the project performance and outcomes.

4 Manage CPM risks and changes

The fourth step in CPM is to manage the potential risks and changes that may affect the project scope, budget, schedule, and quality. This includes identifying, assessing, prioritizing, and mitigating the internal and external factors that may cause uncertainty, variability, or disruption to the project. It also includes establishing a change management process that defines the criteria, procedures, and approvals for initiating, evaluating, and implementing changes to the project plan or deliverables.

5 Engage CPM stakeholders and users

The fifth step in CPM is to engage the relevant stakeholders and users throughout the project lifecycle. This includes communicating the project vision, goals, and benefits to the sponsors, clients, and end-users, and soliciting their feedback and input. It also includes involving the contractors, suppliers, and consultants in the project planning, design, and delivery, and ensuring their alignment and collaboration. FMs should also foster a culture of trust, transparency, and accountability among all the project participants.

6 Evaluate CPM performance and lessons

The sixth and final step in CPM is to evaluate the project performance and lessons learned. This includes measuring and comparing the actual results with the planned objectives, and identifying the gaps, deviations, and achievements. It also includes conducting a post-project review and documenting the best practices, challenges, and recommendations for future improvement. FMs should also celebrate the project success and recognize the contributions of the project team and stakeholders.