Energy companies are struggling to balance capital project investment for long-term growth, while facing increased pressures to find alternative energy sources, expanding government regulation, and a lack of demand against a worsening backdrop of the world's economy. Companies who succeed and thrive in this competitive marketplace will be those that can quickly adapt to change, while carefully managing projects, optimizing resources, and controlling project costs and risks.
With Oracle's Primavera enterprise project portfolio management solutions, energy can successfully select, plan, and execute projects across the enterprise, while answering critical project-related questions. Energy companies use Oracle's Primavera enterprise project and portfolio management to:
- Identify and select the best exploration and production opportunities.
- Invest in and deliver projects with superior returns.
- Effectively maintain and increase the efficiency of existing assets.
- Coordinate existing resources and quickly train new talent.
- Monitor budget allocations against key performance indicators.
- Maximize labor pools globally through an integrated approach.
- Build end-to-end solutions to establish best practices across the enterprise.
Covering all aspects of project management, Primavera project portfolio management applications enable oil and gas companies to
- Identify and select the right projects. To plan for global expansion in exploration and capital projects, oil and gas companies must be able to effectively screen initial proposals. By using a Primavera solution, organizations can prioritize enterprise investments based on risk tolerance and resource constraints.
- Predict and manage risk. With Primavera applications, oil and gas companies can get a quick overview of project risk (based on simulation and modeling). They can then use this information to predict outcomes, mitigate risks, and quickly incorporate project changes in response to identified risks.
- Reduce project complexity. Primavera project management solutions provide easy, immediate access to key performance indicators and performance details for all of an organization’s business units. Interactive project summaries and dashboards enable users to quickly access and react to budget information, resource allocations, and project status.
- Control and manage project portfolios. With a Primavera project management solution in place, oil and gas companies can obtain up-to-the-minute project performance data across all business units and regions. Users can view graphic representations of project, cost, and budget status through fields they’ve defined, increasing collaboration across the enterprise.
- Manage project change. Primavera applications make it easy to identify project issues and then make changes on the fly to resolve them. The applications’ easily customized screens can be adapted to customer needs, and comments can be included by line item for faster resolution.
- Maximize resources. By providing clear visibility into all projects, Primavera project management applications help oil and gas companies improve resource planning and utilization. With a Primavera solution in place, organizations can proactively track resource demand, address staffing requirements, and view available resources for common skill sets. They can also capitalize on resource constraints by better planning resource usage across all projects.
- Improve collaboration. With a Primavera software solution, all project participants can review, manage, and approve project schedules—critical for successful project execution. With user-level security, project members, including contractors, can see and update only their own information.
- Implement earned value management (EVM). Oil and gas companies can use Primavera applications to track contractor progress by monitoring critical earned-value metrics. They can also use Primavera software to provide contractors with direct access to schedules (for timely and accurate project updates) and to create standard and custom EVM-compliant reporting.
- Control contracts and documents. Providing a complete collaborative contract and document control system, the Primavera application makes it easy to track changes and maintain accountability across the project team. It also enables organizations to monitor vendor performance, surety status, and payment requests through contract status and summary. The software provides real-time updates on approved changes, pending changes, and outstanding contract balances to ensure that organizations are in full control of obligations.
Oracle's Primavera P6 Enterprise Project Portfolio Management is the most powerful, robust, and easy-to-use solution for globally prioritizing, planning, managing, and executing projects, programs, and portfolios. Primavera P6 Enterprise Project Portfolio Management is an integrated project portfolio management (PPM) solution comprising role-specific functionality to satisfy each team member's needs, responsibilities, and skills. It provides a single solution for managing projects of any size, adapts to various levels of complexities within a project, and intelligently scales to meet the needs of various roles, functions, or skill levels in your organization and on your project team.
Benefits
- Plan, schedule, and control large-scale programs and individual projects.
- Select the right strategic mix of projects.
- Balance resource capacity.
- Allocate best resources and track progress.
- Monitor and visualize project performance versus plan.
- Foster team collaboration.
- Integrate with financial management and human capital management systems.
Oracle's Primavera P6 Professional Project Management gives today's project managers and schedulers the one thing they value most: control. Primavera P6 Professional Project Management, the recognized standard for high-performance project management software, is designed to handle large-scale, highly sophisticated and multifaceted projects. It can be used to organize projects up to 100,000 activities, and it provides unlimited resources and an unlimited number of target plans. Massive data requires sophisticated, yet highly flexible organization tools to provide you a multitude of ways to organize, filter and sort activities, projects, and resources.
Benefits
- Balance resource capacity.
- Plan, schedule, and control complex projects.
- Allocate best resources and track progress.
- Monitor and visualize project performance versus plan.
- Conduct what-if analysis and analyze alternative project plans.
Oracle's Primavera Risk Analysis is a full lifecycle risk analytics solution integrating cost and schedule risk management. Primavera Risk Analysis provides a comprehensive means of determining confidence levels for project success together with quick and easy techniques for determining contingency and risk response plans. You'll have an objective view of required contingency to account for cost and schedule uncertainty as well as analyzing the cost effectiveness of risk response plans. Combined, these form the basis of a "risk adjusted schedule," which today is becoming the norm within the planning and scheduling process.
Benefits
- Identify common scheduling pitfalls that may result in misleading schedule or risk analysis results.
- Integrate predeveloped risk registers and define new risk registers.
- Address full lifecycle risk management through advanced Monte Carlo-based cost and schedule analytics.
- Report confidence levels with regards to finish dates, costs, float, internal rate of return and net present value.
Oracle's Primavera Portfolio Management is the leading portfolio management software solution, providing unmatched flexibility and infrastructure for enterprise portfolio management. With its unique functionality, real-world enterprise scalability, and unlimited configurability, Primavera Portfolio Management is ideal for managing just about any type of portfolio from ideation through execution. Powerful security features and a clean user interface make it the perfect solution for collaboration among all stakeholders in the organization.
Benefits
- Select, prioritize, and align initiatives to achieve objectives.
- Understand the impact of changing or adding initiatives to portfolios.
- Enable better OMB 300 + 53 submissions.
It can be nearly impossible to build annual budgets that consider forecasted project and program work plans along with detailed cost data. Even more challenging is attempting to reconcile actual program costs with actual schedule performance. Oracle's Primavera Earned Value Management is a comprehensive solution that integrates detailed cost information with the program schedule by aligning and combining project performance data from cost systems, adding complex burdening rates, and tracking committed costs.
Benefits
- Calculate project costs using the direct and indirect costs per resource.
- Determine if a project is ahead of schedule, behind schedule, over budget, or under budget by analyzing the earned value KPIs.
- Track the variances between what was budgeted and how the project is being executed.
Oracle’s Primavera P6 Analytics is a packaged business intelligence solution that provides valuable insights into your Primavera P6 Enterprise Project Portfolio Management project portfolio performance so you can uncover trends, discover root cause of issues and forecast costs, helping you to drive efficiencies in your project processes by making better decisions about your projects.
Built on top of the Oracle Business Intelligence platform (Oracle Business Intelligence Suite Enterprise Edition Plus), Primavera P6 Analytics comes packaged with a new updated version of the Primavera P6 Reporting Database. All of the data loading, data mapping, data models and dashboard reports you will need to start gaining unprecedented visibility into your Primavera P6 Enterprise Project Portfolio Management projects and portfolios is included.
Oracle’s Primavera P6 Analytics enables you to:
- Uncover deep insights into projects as well as complete history and trends over time.
- Quickly identify potential performance issues.
- Effectively course-correct problems throughout the project lifecycle.
- Ultimately help you make better project portfolio decisions.
