Improved project definition ensures value-added performance - Part 1

There are several techniques that can be employed to ensure the value-added performance of capital projects in the petrochemical industry. Through such means as better communication and alignment as well as an integrated team and a disciplined project process, costs can be accurately and repeatedly estimated and controlled. Common capital project processes can be divided into five stages, namely, the business assessment stage, the feasibility stage, the front end engineering design (FEED) stage, the execution stage and the operation/evaluation stage.