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Reduce Risk and Costs by Improving Project Selection

Why taking the time early on to devise up-to-date project specifications saves time, money, and risk in the long run.

Manufacturing is a competitive landscape that is fraught with risk. To remain a leader in any given manufacturing sector requires skill and dedication to know your processes, understand them better than anyone else, and continually identify ways to improve them.

Often lost in this process is the time to effectively navigate the mechanics of a traditional project selection process. Part of the problem here is that manufacturers are so busy mastering the nuances of their production operations that they have a tough time staying on top of emerging technologies. This commonly leads to an ineffective start on improvement projects, once those projects are identified. And a bad start often leads to bad implementation, higher costs and avoidable risk.

A lot of manufacturers employ a front-end engineering design (FEED) process to identify projects, justify them and, if warranted, generate the specification. Other names used for this process include pre-project planning (PPP) and front-end loading (FEL). The purpose of this front-end process is to garner project approval internally and to generate a specification that can be used to go out for bid. Continue Reading →