{"product_id":"capital-projects-isbn-9781119119210","title":"Capital Projects","description":"\u003cb\u003eA real-world framework for driving capital project success\u003c\/b\u003e \u003cp\u003e\u003ci\u003eCapital Projects \u003c\/i\u003eprovides an empirically-based framework for capital project strategy and implementation, based on the histories of over 20,000 capital projects ranging from $50,000 to $40 billion. Derived from the detailed, carefully normalized database at preeminent project consultancy IPA, this solid framework is applicable to all types of capital investment projects large and small, in any sector, including technology, life sciences, petroleum, consumer products, and more. Although grounded in empirical research and rigorous data analysis, this book is not an academic discussion or a conceptual dissertation; it's a practical, actionable, on-the-ground guide to making your project succeed. Clear discussion tackles the challenges that cause capital projects to fail or underperform, and lays out exactly what it takes to successfully manage a project using real-world methods that apply at any level.\u003c\/p\u003e \u003cp\u003eBusinesses report that 60 percent of their projects fail to meet all business objectives, and IPA's database shows that projects' final average net present  value undershoots initial estimates by 28 percent. This book provides concrete, actionable solutions to help you avoid the pitfalls and lead the way toward a more positive outcome.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eAvoid the missteps that make capital projects fail\u003c\/li\u003e \u003cli\u003eLearn the specific practices that drive project success\u003c\/li\u003e \u003cli\u003eUnderstand what effective capital project management entails\u003c\/li\u003e \u003cli\u003eDiscover real-world best practices that generate more value from capital\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eWhen capital projects fail, it is almost always preventable. Inefficiency, underestimated timelines, and unforeseen costs are the primary weights that drag a project down—and they are all avoidable with good management. \u003ci\u003eCapital Projects\u003c\/i\u003e gives you the insight and practical tools you need to drive a successful project.\u003c\/p\u003e \u003cp\u003eAcknowledgments ix\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 Falling Short of Expectations: How Executives Struggle to Deliver the Value from Their Capital Projects 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBackground and Basis for the Book 5\u003c\/p\u003e \u003cp\u003eCapital Projects Create Value 6\u003c\/p\u003e \u003cp\u003eMost Projects Create Less Value Than Expected 7\u003c\/p\u003e \u003cp\u003eResults Apply to All Types of Projects 7\u003c\/p\u003e \u003cp\u003eSources of Value Erosion Are Not Limited to Cost and Schedule Overruns 8\u003c\/p\u003e \u003cp\u003eHow to Deliver the Value Promised 10\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 Why the Stage-Gate Process Is the Best Tool Executives Can Use to Get the Most Value from Their Capital Projects 15\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA Necessary Process 19\u003c\/p\u003e \u003cp\u003eHow Does the Process Work? 20\u003c\/p\u003e \u003cp\u003eWhat Is the Role of Executives in the Process? 25\u003c\/p\u003e \u003cp\u003eStage-Gates and Executive Control 29\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 The Project Frame: Understand the Opportunity before Starting a Project 31\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTypical Contents of a Project Frame 34\u003c\/p\u003e \u003cp\u003eUnlock Value by Finding a Better Option 35\u003c\/p\u003e \u003cp\u003eHow to Develop a Project Frame 37\u003c\/p\u003e \u003cp\u003eUse the Frame for Executive Alignment and Endorsement 45\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 The Critical Project Sponsor Role 51\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWho Is the Project Sponsor? 56\u003c\/p\u003e \u003cp\u003eOverview of Project Sponsor Role 58\u003c\/p\u003e \u003cp\u003eAssign a Project Sponsor as the Initial Business Case Is Developed 59\u003c\/p\u003e \u003cp\u003eRequirements for a Strong Project Sponsor 59\u003c\/p\u003e \u003cp\u003eChoosing the Right Project Sponsor 69\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 The Single Most Important Thing an Executive Can Do to Make Any Capital Project Succeed: Define Clear Objectives 75\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBusiness Objectives versus Project Objectives 79\u003c\/p\u003e \u003cp\u003eDeveloping Clear Objectives 79\u003c\/p\u003e \u003cp\u003eCommunicating the Objectives 84\u003c\/p\u003e \u003cp\u003ePrioritizing the Objectives 87\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 The Executive’s Role in Building and Supporting High-Performing Project Teams 91\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eExecutive Leaders Lead 94\u003c\/p\u003e \u003cp\u003eInvest in a Strong Owner Project Team 96\u003c\/p\u003e \u003cp\u003eWhy You Need a Functionally Integrated Team 97\u003c\/p\u003e \u003cp\u003eHelp the Project Manager Get the Resources for a Functionally Integrated Team 99\u003c\/p\u003e \u003cp\u003eDo Not Outsource the Owner Team Role 100\u003c\/p\u003e \u003cp\u003eMore Experienced Project Teams Do Better Projects 102\u003c\/p\u003e \u003cp\u003eStrategies for Coping with Staffing Shortages 102\u003c\/p\u003e \u003cp\u003eExecutives Working Together to Support the Project 104\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 Project Definition: The Fundamental Capital Project Concept Every Executive Must Understand 107\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eStrong Project Definition Preserves Value and Produces Better Assets 112\u003c\/p\u003e \u003cp\u003eExecutives Control the Quality of Project Definition 115\u003c\/p\u003e \u003cp\u003eUnderstand the Cost of Weak Project Definition 116\u003c\/p\u003e \u003cp\u003eBe Careful When Trading Fast Schedule for Strong Project Definition 118\u003c\/p\u003e \u003cp\u003eReduce the Number of Schedule-Driven Projects 122\u003c\/p\u003e \u003cp\u003eMore Project Definition Is Not Necessarily Better 122\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 It’s Going to Cost How Much!?! A Guide to Help Executives Avoid Capital Cost Surprises 125\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eKey Concepts to Understand about Capital Cost Estimate Accuracy 128\u003c\/p\u003e \u003cp\u003eFactor the Cost Estimate Range into Decision Making 129\u003c\/p\u003e \u003cp\u003eImprove Project Definition to Narrow the Cost Estimate Range 136\u003c\/p\u003e \u003cp\u003eFollow These Rules to Get Contingency Right 140\u003c\/p\u003e \u003cp\u003e\u003cb\u003e9 Using a Project Steering Committee to Improve Executive Decision Making 147\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHow to Build a Strong Steering Committee 150\u003c\/p\u003e \u003cp\u003eWho to Include in the Steering Committee 152\u003c\/p\u003e \u003cp\u003eRun the Steering Committee Efficiently 154\u003c\/p\u003e \u003cp\u003eMake Decisions at the Right Level 155\u003c\/p\u003e \u003cp\u003eDo Not Dilute Project Sponsor Accountability 156\u003c\/p\u003e \u003cp\u003e\u003cb\u003e10 Risk Management: A Mechanism to Understand Project Risk and Decide What to Do 159\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRisk Management: Identify, Analyze, and Manage Individual Risks 164\u003c\/p\u003e \u003cp\u003ePractices for Getting the Most from Risk Management 166\u003c\/p\u003e \u003cp\u003eScrutinize Risks to Decide Whether They Are Worth Taking 167\u003c\/p\u003e \u003cp\u003eUnderstand That the Estimate of the Risk Is Probably Too Low 168\u003c\/p\u003e \u003cp\u003eBe Careful with Making Late Changes in Response to Business Risk 169\u003c\/p\u003e \u003cp\u003eStrong Risk Management Does Not Substitute for Strong Project Definition 171\u003c\/p\u003e \u003cp\u003e\u003cb\u003e11 Approve, Recycle, Cancel, or Hold: Making Good Stage-Gate Decisions 173\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCapital Investment Decisions Are Made at the Stage-Gates 176\u003c\/p\u003e \u003cp\u003eThree Gates Provide Adequate Control 177\u003c\/p\u003e \u003cp\u003eThe Business Question Asked and Answered at Each Stage-Gate 179\u003c\/p\u003e \u003cp\u003eUse Your Early Stage-Gates Better 180\u003c\/p\u003e \u003cp\u003eFour Choices for the Stage-Gate Decision 181\u003c\/p\u003e \u003cp\u003eInformation Used in an Investment Decision 182\u003c\/p\u003e \u003cp\u003eRules for Strong Gates 183\u003c\/p\u003e \u003cp\u003eThe Slippery Slope of Granting Exceptions to Stage-Gate Deliverables 189\u003c\/p\u003e \u003cp\u003e\u003cb\u003e12 Executive Role, Executive Control: 12 Essential Rules 193\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRule 1: Use the Stage-Gate Process 195\u003c\/p\u003e \u003cp\u003eRule 2: Start by Framing the Project 195\u003c\/p\u003e \u003cp\u003eRule 3: Ensure Project Sponsor Involvement 196\u003c\/p\u003e \u003cp\u003eRule 4: Develop Clear Objectives 196\u003c\/p\u003e \u003cp\u003eRule 5: Invest in Owner Teams and Provide the Support They Need 197\u003c\/p\u003e \u003cp\u003eRule 6: Reach a Strong Level of Project Definition 198\u003c\/p\u003e \u003cp\u003eRule 7: Factor the Accuracy of the Capital Cost Estimate into Decision Making 199\u003c\/p\u003e \u003cp\u003eRule 8: Set Contingency in Accordance with Project Risk 199\u003c\/p\u003e \u003cp\u003eRule 9: Build an Effective Steering Committee 200\u003c\/p\u003e \u003cp\u003eRule 10: Use a Robust Risk Management Process 200\u003c\/p\u003e \u003cp\u003eRule 11: Keep the Stage-Gates Strong 200\u003c\/p\u003e \u003cp\u003eRule 12: Be Coachable 201\u003c\/p\u003e \u003cp\u003eGlossary 203\u003c\/p\u003e \u003cp\u003eIndex 207\u003c\/p\u003e   \u003cp\u003e\u003cb\u003ePAUL BARSHOP,\u003c\/b\u003e Director, IPA Capital Solutions, provides hands-on support to companies who are seeking to realize more value by enhancing their capital project development and delivery systems. Previously, he served as both IPA's chief operating officer and director of its Europe, Middle East, and Africa region. He has authored numerous articles for industry trade journals and IPA subscription newsletters.    \u003c\/p\u003e\u003cp\u003eWhen a company invests in a capital project, a lot is at stake—often times, an executive's job. Substantial company resources are on the line to develop, improve, or refurbish an asset so it can generate profit, but the typical odds of success are only slightly better than a coin flip. \u003ci\u003eCapital Projects\u003c\/i\u003e gives you unprecedented access to one of Independent Project Analysis's (IPA's) leading researchers and his world-class guidance and solutions for achieving every objective of your capital projects. \u003c\/p\u003e\u003cp\u003eThis comprehensive guidebook is for every executive who doesn't want to rely on chance to accomplish goals. Inside, you'll find concrete methods for reaching your project objectives, ensuring your project portfolio hits its numbers, and avoiding the most common pitfalls and disasters. Culled from IPA's carefully normalized project databases containing 20,000 capital projects ranging in size from $50,000 to $50 billion, this proven toolkit of best practices puts unrivaled industry knowledge at your fingertips, whether you're undertaking incremental expansions, introducing new products or services, or building a brand-new production facility in any part of the world. Take this everyday resource into the boardroom with you for the support and hard evidence you need to effectively organize and manage your team from the planning stages to day one of operating the new facility. Everything you need to make a name for yourself leading capital projects is here, including: \u003c\/p\u003e\u003cul\u003e \u003cli\u003e A road map to using the stage-gate methodology to maximize the value of capital projects, including how to make the best decisions at each gate\u003c\/li\u003e \u003cli\u003e Convenient tools, checklists, and rules of thumb for unlocking the value in capital projects, choosing the best project sponsor, avoiding capital costs surprises, and more\u003c\/li\u003e \u003cli\u003e Dependable, practical techniques for enhancing executive decision-making through the steering committee and developing high-performing project teams\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eThe broad cross-section of capital projects used to illustrate the paths to achievement represents many diverse industry sectors, including petroleum, minerals and metals, and chemicals, as well as life sciences, nutrition, and consumer products. Through this encompassing examination, you will gain a deeper insight into the critical alignment of business and project objectives needed for positive growth. \u003c\/p\u003e\u003cp\u003eTake control from the start and deliver the expected value from your projects with \u003ci\u003eCapital Projects\u003c\/i\u003e, the real-world guide to beating the status quo.    \u003c\/p\u003e\u003cp\u003e\u003cb\u003eTHE AUTHORITATIVE FRAMEWORK FOR LEADING PROFITABLE CAPITAL PROJECTS\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\u003ci\u003eCapital Projects\u003c\/i\u003e is the A-to-Z guide for directing, supervising, supporting, and ultimately profiting on all types of capital investment projects in any industry. \u003c\/p\u003e\u003cp\u003eSenior leadership and project sponsors no longer have to settle for disappointing returns or catastrophic failures. This practical guide from one of the leading minds at Independent Project Analysis, the preeminent consultancy for capital projects excellence, gives you a succinct road map of best practices boiled down from an extensive database of real-world projects. Regardless of the project's size, objectives, or the industry it operated in, the principles and tools inside this book all produced successfully managed projects that resulted in real bottom-line growth. \u003c\/p\u003e\u003cp\u003eIf you've been burned by poorly operating assets that do not work right, missed market windows due to late projects, or watched as costs ran out of control, this single resource will give you    peace of mind by greatly improving the chances of success. It shows you how to take control right away by finding the most value in the capital project, precisely defining the business objectives, and ensuring all potential conflicts between objectives are identified and resolved. Set yourself up for a win by: \u003c\/p\u003e\u003cul\u003e \u003cli\u003eMastering the real-world best practices empirically proven to deliver project success\u003c\/li\u003e \u003cli\u003eProactively recruiting and developing the teams who enable you to deliver more value from your projects\u003c\/li\u003e \u003cli\u003eAvoiding the repeated missteps that cause all types of capital projects to fail\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eDecisions are made in the boardroom but action takes place in the field—\u003ci\u003eCapital Projects\u003c\/i\u003e is your go-to guide to taking a project from paper to operational and hitting the best real numbers. \u003c\/p\u003e\u003cp\u003eThis is IPA's second Wiley book on capital projects. It follows the widely influential book \u003ci\u003eIndustrial Megaprojects: Concepts, Strategies, and Practices for Success\u003c\/i\u003e by Edward W. Merrow, IPA's founder, CEO, and President. This book covers all types of capital projects and explains the critical role executives have in making a project a successful business venture and how easily their actions and decisions can lead to a project disaster.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47988883783909,"sku":"NP9781119119210","price":42.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119119210.jpg?v=1761781910","url":"https:\/\/k12savings.com\/products\/capital-projects-isbn-9781119119210","provider":"K12savings","version":"1.0","type":"link"}