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| Apply VIPs in the Front End Loading (FEL) Stages of the Project |
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Value Improving Practices, (VIPs) are out-of-the-ordinary practices used to improve project performance, and they are primarily used during the Front-End Loading (FEL) Stages of a project. VIPs are formal, documented practices involving a repeatable work process with measurable results. Here we provide an increased understanding of what these practices are and how to implement them to gain the most benefit in capital effectiveness.
Effective application of VIPs is proven to yield improved project outcomes (e.g., cost, operability, schedule, reliability, safety, etc.) that can be directly measured and to achieve a significantly positive impact on full cycle return on investment.
A key attribute associated with VIP implementation is that the practices be applied in a systematic approach with a methodology that allows repeatable and consistent results from project to project. Use of the Value Methodology (Augmented by Decision Analyses tools) delivers a consistent, proven and repeatable process to implement the VIPs in a fashion that delivers measurable results. An excellent methodology for selecting the VIPs to implement on a Project is Setting Business Priorities / Classes of Plant Quality followed by the
VIP Selection Dashboard :
(Link to VIP Dashboard for a video of how to use the VIP Selection Dashboard tool)
The VIPNOW software application is a superb tool for implementing, documenting and measuring impact of VIPs.
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