Uncertain economic times cause us all to tighten our belts a little and the Chemical Process Industry is no different. The outcome: a shift from large capital projects to small capital projects. Even though the activity today is on a smaller scale, there is emphasis on maintaining competitiveness by increasing Return on Investment and stretching capital budgets to include more projects.
Achieving these goals is made possible by the implementation of Value Improving Practices (VIPs). VIPs are specific engineering applications of the science of value engineering that are utilized on capital construction projects to reduce implementation life cycle costs, such as capital costs, execution schedule or operability/reliability, thus significantly increasing the probability of attaining project goals and objectives.
There is a widely held perception that VIP's are applied only to large capital projects; however, small projects can benefit from the implementation of VIP’s by reducing capital costs as well as operations costs.
This presentation defines VIP's and their benefits, details general VIP process, addresses unique considerations for small projects, and covers VIP Planning for small projects.
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