The process industries, including the petroleum, petrochemical, and pharmaceutical businesses, have benchmarked best management practices to understand capital project system performance. They have identified Value Improving Practices (VIP) that deliver results. These include the practices of Value Engineering, Process Simplification, Project Value Objectives, Constructibility Reviews, and others.

LZA is a leader in applying VIPs to process designs. Phillips Petroleum adopted LZA's Project Value Objectives technique as one of its own VIPs. Through Project Value Objectives, the stakeholders of a project (engineering, production, marketing, the finance/business manager, and the user) define the project's objectives for such critical factors as cost, schedule, cycle time, quality, and safety. Developing the project definition and goals in a team approach ensures that the required functions are stated and the needs of each participant are clearly communicated. This is typically the earliest and best technique to define a program.

Many owners apply two or three Value Improving Practices to a project over its planning/design life cycle, thereby ensuring that not only the project but also the total capital program are conceived and managed for optimum performance.

LZA has assisted many process owners with Value Engineering, Process Simplification, Project Value Objectives, and Constructibility Review services. Click here to read more about LZA's Process Industry services.