Business is booming across many industries as digital technology opens up a world of possibilities. That’s why the services of capital project management consulting firms are in such high demand. These consulting firms specialize in setting up innovative solutions for commercial and government clients. This can make a big difference to businesses of all sizes and sectors. If you’re considering capital project management consulting, then it always helps to know some of the vocabulary these consultants will likely be using. If you brush up on these five terms, it will be easier for you to grasp what your business advisors and consultants are recommending for your organization. Take notes and enjoy success with your capital project management consulting.
Capital Delivery Lifecycle
One reference you’ll certainly hear with capital project management consulting is the capital delivery lifecycle. Also known as the workstream, this is the collection of processes and systems in place that can be used to effectively and efficiently use capital and deliver assets from initial concept all the way through to disposal. Capital delivery lifecycle includes the optimal total cost of ownership, and this is used to make accurate plans and projections.
This is a fancier way of saying “to put contracts in place.” Procurement is the process of identifying and agreeing to terms and conditions for any products, goods, services or employment. Contract procurement is an important aspect of capital project management, as many contract discussions included competitive bidding. Capital project management consultants can help to guide companies through this sometimes complicated process.
Advisers that specialize in capital project management are well-versed in dispute resolution. This is the process of resolving disagreements through discussion, cooperation and collaboration. There will always be disputes of one sort or another in the business world, and that’s why it’s important to have the tools and knowledge to take care of these problems accordingly.
Another term you should know is risk registers. These are scatterplots used as a risk management tool to meet regulatory compliance. Risk registers are a repository for all identified risks, with additional details about the nature of the risk and possible mitigation measures. Capital project management consultants can help businesses complete their risk registers accurately to ensure success in both the short-term and long-term.
Technology is key in any business in today’s world, and that’s where the concept of tool agnostic come into play. This means that a business is unbiased toward the use of different technical tools to fix a variety of problems. Think of it as rejecting “one size fits all” and instead being willing to use different tools for website development and technological solutions. Capital project management consulting can help businesses adopt a more tool agnostic approach.