With rising environmental concerns and an increasing demand for fuel and electricity around the globe, companies across the Energy sectors are under more significant pressure than ever to deliver clean, reliable, and affordable energy.
The success of these companies has substantial economic and environmental implications. The scale of a typical energy project is massive when compared to other industries. Hence, their projects are highly regulated by local governments and face intense public scrutiny.
For example, decommissioning a Nuclear power plant can take at least seven years for decontamination with up to 60 years of dismantling after that. In comparison, a typical Automotive Industry project lasts 5 years and is shrinking.
Energy projects are not only extremely time-consuming but also resource-intensive, both of which are very costly. Effective risk, schedule, and cost management are therefore vital to these projects. Yet, companies too often fall behind schedule, spend over budget, and endure costly issues.
To compound this, the Energy industry encompasses a broad group of sectors: Oil & Natural Gas, Coal, Nuclear, Wind, Solar, Hydro, Geothermal, etc. Each contains very different types of organizations and projects; what constitutes for risk in wind projects is far different than in Nuclear. Nevertheless, they all share a similar challenge: to produce more energy at a lower cost with fewer emissions.