It is becoming increasingly difficult for process manufacturers and producers to execute large capital projects. Edward Merrow, founder and president of Independent Project Analysis (IPA) and author of Industrial Megaprojects—Concepts, Strategies, and Practices for Success, noted that:
“…large, complex projects in petroleum, minerals, chemicals and power fail much too often for comfort. Large cost overruns, major delays poor operability, and far too many safety incidents characterize well over half of the industrial projects of $1 billion or more around the world.”
Even smaller projects are having difficulties in meeting budgets and time schedules due to the growing complexity of expertise required to successfully plan and execute these projects.