$3.3bn Capital Project Investment Needs with Rising Complexity and Innovative Dynamics
“You can’t continue to think that the world is the same it was five years ago. It is incredibly different now. It’s even changed from how it was five weeks ago or five months ago. The spiral of change is speeding up.” (Juan Bejar)
The Challenge
Worldwide, capital project spending is expected to total more than $9 trillion by 2025, up from $4 trillion in 2012. Urbanization and both economic and demographic shifts create enormous need for additional infrastructure worldwide.
The size and complexity of capital projects in particular in the field of infrastructure and mobility sector, is continually increasing. In example at the ambitious Midfield Terminal in Abu Dhabi 12,000 construction workers are simultaneous working in shifts around the clock while, at peak times, this increases to almost 17,000 site personnel. Smart Parking, Smart Metering, Smart Traffic etc., each approach is connecting citizens and infrastructure in a dramatically complex network. To address the urbanization, the complexity has to be managed.
Risk Management and Operation Readiness, Activation, Transfer are the two crucial management concepts getting more and more importance in the project life cycle of large capital projects. Knowledge management and knowledge transfer from experts to non-experts enabling the embedding of and communication between all stakeholders in the process are crucial management disciplines.
Capital Project Validation and Risk Visualizer
The acceleration of development in all fields of technology appears to an increasing complexity of projects and its components. During planning process specialists in the fields are collecting and analysing data and documenting the results in their specialized tools. At accompanying risk management and validation, the latest stage of a project, the concepts of the experts have to be consolidated in a comprehensive and understandable view. There is a need of an interactive, easy to use communication platform.
Operational Readiness, Activation, and Transition is turning a building to business. After a long course of validation of specialized planning, the quality of a building including the full range of deliveries has to be evaluated as a whole. The complex interaction between structure, processes, and people needs a full examination.
The political leadership should ensure public awareness of the relative costs, benefits and risks of Public-Private-Partnership and conventional procurement. Popular understanding of Public-Private-Partnership requires active consultation and engagement with stakeholders as well as involving end-users in defining the project and monitoring service quality. (OECD, 2012)
Success Factor Knowledge Management
Identification, monitoring and communication are the triad of risk management. Communication and consultation with project stakeholders are crucial factor in undertaking good risk management and in achieving project outcomes that are broadly accepted. It helps everyone to understand the risks and trade-offs that must be made in a project. Communication ensures that all parties are fully informed, and thus avoids unpleasant surprises.
· Identify Explicit and Fluid (Tacit) Knowledge Items in the Assessment
· View the systems from different perspectives
· Transfer Knowledge from Experts to Non-Experts
· Establish an Intuitive and Interactive Communication Platform
· Explore Knowledge Items in their Context
· Organize Knowledge in a Knowledge Base
· Start Knowledge Management in the Beginning; Establish the Continuous Process
Implementing knowledge management strategies in capital project management methodology could bridge the gap between planners and all stakeholders and improve project quality and acceptance.
Collaboration and Communication are key components to any successful project. In Program Management Teams and Risk Management Teams specialists of all disciplines are working together on a continuous improvement of the venture, discussing all aspects and exchanging ideas.
Knowledge validation is precondition to knowledge transfer as crucial part of risk management. The data processing is aligned to the requirements of stakeholder`s communication.
Stakeholder Interaction and Participation
Town and country planners are facing an increasing complex and challenging environment with interconnection of technical, social, economic and environmental issues.
Public participation, supporting the population’s commitment and guidance to urban planning actions is therefore of utmost importance in the development process and transformation of the cities for the future.
Citizen Participation is composed by 2 strategic directions: creativity to improve the solution and understanding and convincing to build acceptance for the solution. Both perspectives are based on a communication platform to enable a common understanding of complex interrelations. As a result, the huge amount of data generated during the planning process need to be reassembled and compiled in respect to the different background of the audience in the citizens participation process.
Virtual models enable the participant to explore the knowledge in his own way and individual speed.
Tacit Knowledge is getting Touchable (explicit) by 3D Real-Time Interaction.
Enable Planning Data for Business Value Contribution
Knowledge is the central resource of many organizations. The operating core of organizations consists to a great extent of specialists and their expert knowledge. Knowledge transfer among the member of organization is a basic necessity.
Therefore, the knowledge which person A provides is never the same knowledge that person B obtains. Obtaining knowledge have to be supported by an environment, enabling managers to explore, analyse and present interactively.
Concepts of knowledge management and knowledge transfer are supporting this crucial process of knowledge transfer. The communication is done using an understandable, interactive platform composed by 3D Real-Time Interaction models of the real world.