Value Improving Practices

Value Improving Practices (VIPs) are practices which create the most value in a Project, as their creative and innovative potential is very high.

Background

VIPs are characterized as formal, repeatable best practices that should be properly documented and utilised to maximize value.

Using best practices can assist the project team (and all the company) realize substantial gains not only in terms of operational efficiency but also competitive advantage and revenue generation, such as:

  • reducing or eliminating non-critical-scope items;
  • achieving the optimum balance between cost and performance;
  • increasing reliability or simplifying processes;
  • maximising the likelihood of project success;
  • eliminating over-design;
  • reducing the total installed cost of the facilities;
  • reducing the overall life cycle cost by analysis of operations and maintenance expenses;
  • improving scope of work definition, in advance of detailed engineering design activities;
  • giving an opportunity to implement changes early in the project’s engineering design activities;
  • achieving a fit for purpose design through a structured approach.

Network approach to Value Improving Practices

The IET/ACostE Project Controls Network acknowledges the value in disseminating knowledge and best practices. It endeavours to deliver events along with online resources such as on demand webcasts, case studies, etc, to the community based on the theme Value Improving Practices.

Webcasts

We have recorded proceedings from recent events which you can view online.
 

lessons learned

Lessons Learned

Lessons Learned is a formidable tool in Project Management and Controls yet they are not being used effectively and are often seen as an “after thought” following the completion of a project.




blocks spelling the word risk

Risk management

The IET/ACostE Project Controls Network delivered a webcast on 20 May 2011 which focused on the successful implementation of risk management.