Modern day projects and more specific mega projects are complex, involve multiple parties, take long and require many multi skilled resources. Project stakeholders desire projects to be successful, requiring project teams to deliver high performing projects. The question is how can both these parties assure that their aspirations of success are met?
The answer is value assurance, a structured process aimed at ensuring value is delivered throughout the project life-cycle. Value assurance support the project owner’s gate keepers, sponsor and project team with the necessary processes and tools. The purpose of this is to ensure quality work is done in a specific stage of the project and quality decision information is made during the stage. The gate keepers will be advised at the end of the stage on the continuation of the project, considering the economics and gate decision information generated in the value assurance process.
Owner Team Consult offers a practical guideline on a Value Assurance Process and is busy putting supportive tools in place to effectively facilitate the process.
The question to owner companies, investing billions of dollars and expecting return on investment, what is your expectation from Value Assurance?
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