Many projects nowadays are capital intensive, highly complex, with many moving parts. This means there is significant potential for inherent risks that, if left unmonitored, can escalate into issues that will create major setbacks to a projects progress, safety, and erode its budget. Success of capital projects depends on good project governance; even if the primary responsibility for project delivery is delegated to a contractor, management should maintain visibility into and control over all elements of performance, identify and mitigate delivery risk.
The petrochemicals project studied here was part of the expansion of an existing refinery, to facilitate production of a new variety of high-value petrochemical products. Petrochemicals are the lifeblood of the modern world, used in the production of many of lifes essentials, such as food packaging, medical equipment, clothes, furniture, computer parts, automobile parts, fertilizers, and building materials.
Have you read this case study from Stainless Steel World Americas? Take a few minutes to do so now: https://ssw-americas.com/pdf/202102_14-15.pdf