The challenge at every operating plant is to improve performance year over year, despite limited resources and the relentless wear and tear that comes with ‘pushing’ an aging asset. This one-day course introduces a Lean governance framework for the portfolio of hundreds of small and mid-sized engineered improvements necessary to sustain and improve an operating plant.
Portfolio management is different from project management, starting with the overall goal. Lean portfolio governance enables facility management to align key contributors (notably Finance, Operations, Maintenance, Engineering, Supply Chain and Construction) to achieve a shared goal of more asset improvements in less time for less money and effort. Some companies use the term ‘brownfield capital efficiency’ for this desirable outcome. The stakes are high: a large and growing backlog of project work requests could be a leading indicator that the asset is wearing out faster than it is being improved. The course introduces the principles of Lean brownfield portfolio management and equips participants to begin to implement them at their operating facilities.
This is a management course designed for plant managers and middle managers who are responsible for developing, delivering or controlling an annual program of brownfield asset improvements, also known as sustaining project work, in support of an operating facility. Direct reports to these positions will also gain from attending.
The type of leader who would benefit from this course is one seeking ways to get more asset improvements in less time for less money but who may have concerns about whether traditional project controls help the overall portfolio (and the asset that it serves) as much as they help individual projects.
You Will Learn How to
Participants completing this one day course will learn how to:
- Define and communicate a goal for their facility’s portfolio that will align Operations, Maintenance, Engineering and Finance around what matters most in brownfield work.
- Understand four distinct business practices which lead to more asset improvements in less time for less money, and which benefit from improved alignment among the groups just mentioned.
- Declutter any large and growing backlog of brownfield project work requests so that management attention can be focused on the most valid project ideas.
- Adapt and apply their company’s current Risk Matrix to further refine the list of valid projects ideas so that the asset gets the most improvement possible with the funds and resources available.
- Recognize and optimize whatever constraints are limiting the
organization’s ability to get more asset improvements in less time for less money.
- Build on the strengths of current project controls but shape their
emphasis to create more portfolio value.
The course begins with an engaging interactive brownfield portfolio simulation to show the surprising range of impact of project selection and timing (two big decisions in managing portfolios) when measured against a shared portfolio goal. Participants then take the lessons from the simulation and apply them to their own portfolio governance, looking specifically at how management attention is divided amongst:
- Improving the asset
- Using resources wisely
- Doing what’s promised
- Learning to do it all better
Instructor shares insights into common blind spots in brownfield portfolio governance to help participants recognize their own blind spots. Each participant, or groups of participants from the same company, will have a chance to outline an implementation framework aimed at improving capital efficiency, alignment and portfolio value in their own organizations. It’s not just conceptual; participants will be introduced to the Reliability Integrity Bang for the Buck (RIBB) tool that can be adapted to any existing risk matrix and used immediately to sort and spread a backlog over time, improving clarity and value for annual budgeting. The day ends with the opportunity to revisit the Portfolio Zookeeper simulation to apply lessons learnt and improve the value created from the sample portfolio.
Upon completion, you will receive a Worley Academy Certificate of Completion