Effective management of projects throughout their lifecycle is central to avoiding costly delays and overruns, optimising the value of the project investment, and ensuring efficient operations. Lloyd’s Register has a long history of project management excellence and can support you in enhancing their project management capabilities, tools, and frameworks, as well as taking on project management activities on your behalf.
What we offer
Our team has enabled clients to enhance their project management capabilities through development of, or review and update of, project management frameworks, documentation, and tools, bringing them in line with industry best practices and global project management standards. We have also advised on the establishment of the project management office (PMO) and provided training to project management resources.
On projects themselves, we have delivered in a range of roles from project management consultant (PMC) for major projects, requiring up to 40 Lloyd’s Register professionals being deployed to plan and monitor the project and to validate contractor deliverables, to project assurance specialist and targeted project management roles such as the provision of independent project reviews, project health checks and project risk management.
What are the benefits
Effective project management processes and tools are integral to timely and cost-efficient execution, to safeguard the investment, and to deliver consistent and predictable outcomes. Standardisation of project management processes across an organisation actively support benchmarking and continuous improvement, promotes development of its people, and should pay for itself many times over.
In project execution, whether for full project management or in a more targeted capacity, not only does the application of best project management techniques ensure a successful outcome, but bringing in an outside perspective can provide a more objective input that also brings experience of global industry practices. Timely independent project reviews and health checks will provide an objective assessment of project progress, evaluate the accuracy of project reporting, review the project organisation and its robustness to manage the project, and evaluate the effectiveness of risk management and risk treatment plans.
Why choose LR
Our technical and risk management heritage means that we have a dedication to effective project management, whilst our domain expertise and global presence means that we are able to translate project management best practice into practical frameworks, processes and advice for managing industrial, maritime and energy projects. The external perspective and objectivity provided by Lloyd’s Register, and our experience of global industry practices, will provide a unique input or addition to a client’s project management.
Case study: Operational Readiness and Capability Review
The client, a global scale LNG shipping and maritime company, approached Lloyd’s Register to assess its ability to accommodate a range of fleet expansion scenarios, potentially taking the organisation from a current state of 18 vessels under management to an extreme position of approaching vessels by 2030.
This expansion would see the fleet composition change from both a technical (vessel technology) and commercial (chartering model) perspective, and see new markets being entered (FSRU). The organisation would also transition from its previous model of assuming control of existing vessels to onboarding new build vessels directly from shipyards.
The client required an operational readiness and capability review that could be reported to the organisation’s board, the national oil and gas company, and the associated ministry, that describes the scaling potential of the organisation to support a projected increase in export volumes.
LR built a framework that covered the entire project lifecycle from ‘Identify’ through to ‘Operate’. It addressed all potential projects and the diverse sectors of the individual companies including oil & gas upstream, refining, petrochemicals, pipelines, and renewable energy.
The project provided the client with a global framework and comprised of procedures, specifications, guidelines, tools, and templates in the following areas:
- Project governance
- Project controls
- Risk management
- Quality management
- Concept selection and development
- Engineering management
- Construction management
- Contracting and procurement
- Operations readiness