Emerson announces the launch of Project Certainty, an innovative technology and engineering-based approach for improved capital efficiency and more reliable project schedules.
Due to project excesses, billions of dollars are lost annually in oil and gas exploration and production, hydrocarbon and gas processing, chemical, pharmaceutical, and other process industries. According to industry data, more than 65 percent of projects greater than $1 billion fail, with companies exceeding their budgets by more than 25 percent or missing schedules by more than 50 percent. Routinely, they also face operational problems continuing through the second year of operations. This consistently poor project performance can be a serious deterrent to process manufacturers considering new investments.
“The industry has reached a tipping point in which projects are not sustainable with current budget and schedule excesses,” said Jim Nyquist, president of Emerson Process Management’s Systems and Solution business. “In order to achieve game-changing performance in projects, it will take a truly transformative and comprehensive approach like Project Certainty.”
Emerson’s Project Certainty begins with early engagement during engineering and design studies to define project goals and high impact strategies to meet those goals. Despite traditionally accounting for approximately 4 percent of a project investment, automation is revealing unique and repeatable ways to eliminate cost, reduce complexity and accommodate late-stage project changes, beyond the automation discipline.
Read the full news release at www2.emersonprocess.com.