Assessment of the Process
The organization now needs to:
- Decide whether or not they believe that the processes are valid and useful tools to be used to evaluate, rank and organize their CIP programs
- Decide on the confidence level targets they wish to achieve and set interim ones for each of the key stages e.g. 15 years, 10 years, 5 years, and final approval (year zero)
- Determine the number of projects that should be exposed to this process, keeping in mind any restricted budget or capacity to do this.
- Determine which projects should be allowed to proceed.
It may be desirable to stop work in the early stages of construction, if the project cannot be justified, especially if the project had significant life cycle costs. This is shown below:
Organizations can use a similar logic to determine those projects that should be allowed to proceed:
This approach assumes that the organization has unlimited resources and can afford to do all the analysis or R&D required to improve the confidence levels of these projects.
However many organizations with large CIP programs may not have the resources to do this work.
It is therefore vital that any organization uses a filtering system to reduce this workload logically, ensuring that the efforts are directed at the critical projects, which represent the greatest risk.
Finally, the organization should review its available resources: