Almost all project success is measured by the effective and efficient use of capital to achieve the target outcome. Too often efficiency is measured only as a function of first cost and schedule duration. Overall project ‘cost of ownership‘ should be evaluated against a wider range of key success elements.
Reliability, maintainability, operability and flexibility are key elements which work hand in hand on successful projects. MDCSystems® can help to optimize these elements through the use of risk analysis and management studies (Fault Tree, or FMEA – Failure Mode Effect Analysis) and similar front-end planning exercises can help to optimize the design and execution process. They can also serve as a sort of ‘value engineering’ session done before cost becomes an issue by identifying and separating ‘must have’ items from ‘nice to have’ items.
MDCSystems® can develop a Risk Analysis program and facilitate the execution, and evaluation of the Risk Analysis study and implementation of the resulting recommendations.