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FEL 3 - Basic Design: The costs associated with basic design tend to be more significant. It could range between 15% and 30% of the total investment. FEL 4 - Project Execution: This stage usually represents the majority of the total investment, since it involves the construction and start-up of the project. It could represent between 50% and 70 ...
Front-End Engineering (FEE), or Front-End Engineering Design (FEED), is an engineering design approach used to control project expenses and thoroughly plan a project before a fix bid quote is submitted. [1] It may also be referred to as Pre-project planning (PPP), front-end loading (FEL), feasibility analysis, or early project planning.
A phase-gate process (also referred to as a waterfall process) is a project management technique in which an initiative or project (e.g., new product development, software development, process improvement, business change) is divided into distinct stages or phases, separated by decision points (known as gates).
Project plan is a formal, approved document used to guide both project execution and project control. The primary uses of the project plan are to document planning assumptions and decisions, facilitate communication among stakeholders, and document approved scope, cost, and schedule baselines. A project plan may be summary or detailed. [7]
A project manager needs to understand the order of execution of a project to schedule the project correctly as well as the time necessary to accomplish each individual task within the project. A project manager is the person accountable for accomplishing the stated project objectives on behalf of the client.
Image source: The Motley Fool. Marathon Petroleum (NYSE: MPC) Q4 2024 Earnings Call Feb 04, 2025, 11:00 a.m. ET. Contents: Prepared Remarks. Questions and Answers. Call Participants
Project production management (PPM) [1] [2] is the application of operations management [2] [3] to the delivery of capital projects. The PPM framework is based on a project as a production system view, [1] [2] [3] in which a project transforms inputs (raw materials, information, labor, plant & machinery) into outputs (goods and services).
The three main uses of the project charter are: To authorize the project - using a comparable format, projects can be ranked and authorized by Return on Investment.; Serves as the primary sales document for the project - ranking stakeholders have a 1-2 page summary to distribute, present, and keep handy for fending off other project or operations runs at project resources.