Winston Churchill famously quoted, “He who fails to plan is planning to fail.” This great advice was undoubtedly a paraphrase from the original quote by Benjamin Franklin, a father of modern time management techniques, who said, “By failing to prepare, you are preparing to fail.” With this in mind, you can’t diminish the importance of the first activity in the project lifecycle, a project charter.
Whether the project is large or small, the project charter provides justification for the authorization to engage corporate resources. It provides management a foundation for understanding the necessity, scope, costs and expectations for the project and is the primary tool to achieve corporate buy-in. With many competing projects management may elect to proceed on, a well-documented charter can often be the deciding factor.
As the writer of the project charter, you need a complete and thorough understanding from the project sponsor. He or she may be the subject matter expert but may lack the organizational skills required to develop a winning charter. You can help him succeed in gaining management approval by utilizing this proven approach to develop your charter.
Scope, Objectives and Success Criteria – identify what you want to accomplish, why you want to accomplish it and what success will look like to the organization.
Business Requirements – identify the high-level business requirements that will establish the expectations for the project deliverables.
Alternatives – identify the alternative approaches considered and why they were dismissed.
Key Assumptions and Constraints – seek to validate assumptions and expected constraints as often times these may be refuted.
Resources – identify persons or departments, the skill sets required and the expected time commitments required to meet the project objective.
Schedule – identify the project milestones with start, completion dates and durations.
Compliance or Regulatory Concerns – identify how the project may comply with or impact existing client compliance activities.
Cost Estimates – identify the costs of internal and external resources, as well as expected capital expenditures and over what time frame.
Benefits – identify both the financial and non-financial benefits. Be sure to include any estimates for annual cost reductions or avoidances based on the outcome of the project.
With these key factors determined, don’t forget about presentation! A well-structured and organized project charter can make a great first impression on management that this project will be managed effectively and successfully. You want the management team to believe in you and how you will ensure that the successful implementation of the project will benefit the organization.
Drew Epps is President of MidDel Consulting and has over 30 years of experience in the energy industry. MidDel Consulting is a System Integrator and Professional Services firm specializing in services supporting the business systems for Front, Back and Mid-Office. MidDel has been in business for over 16 years, and our consultants, on average, bring over 25 years of senior level energy industry knowledge to our projects. We have deep relationships with our clients, often working with them for more than a decade. For more information, email us at info@middelgrp.com or call #952-500-9275.
Continuing our blog series, “Powerful Reading,” our team of energy trading consultants at MidDel Consulting will be sharing some of their favorite books. These books have not only influenced them in the excellent work that they do for our clients as energy consultants, but have also helped them gain perspective on a variety of global issues as we continue to strive to build a culture of lifelong learning.
Today, we look at two books: The Big Short – Michael Lewis, 2011 And Then the Roof Caved In – David Faber, 2010
These two books both illustrate what led to the economic collapse in 2008 resulting from the mortgage crisis. The books are complimentary in that while they both cover an ugly episode in American finance; they approach it from different angles with little overlap between the two.
Lewis has a natural gift for explaining complex topics in lay terms. In the movie version of The Big Short, it often cut away to celebrities attempting to explain some of these complexities in a provocative setting. Lewis’ writing needs no gimmicks. Understanding what led to the mortgage crisis and the eventual economic downturn provide insight to identifying the next bubble.
Scott Pederson is a Certified Public Accountant and Senior Consultant with MidDel Consulting. MidDel Consulting is a System Integrator and Professional Services firm specializing in services supporting the business systems for Front, Back and Mid-Office. MidDel has been in business for over 16 years, and our consultants, on average, bring over 25 years of senior level energy industry knowledge to our projects. We have deep relationships with our clients, often working with them for more than a decade. For more information, email us at info@middelgrp.com or call 952-500-9275.
Continuing our blog series, “Powerful Reading,” our team of energy trading consultants at MidDel Consulting will be sharing some of their favorite books. These books have not only influenced them in the excellent work that they do for our clients as energy consultants, but have also helped them gain perspective on a variety of global issues as we continue to strive to build a culture of lifelong learning. Today, we look at a book entitled:
The Quest: Energy, Security, and the Remaking of the Modern World – Daniel Yergin, 2011
This book provides a comprehensive evolution of man’s quest for energy in its myriad sources from oil, gas, and coal to solar, wind, hydrogen and others. Not only does Yergin discuss the technical histories of the energy sources, but also covers the political, economic and social impacts of each. Although the book was released in 2011, it is still relevant today as many of the obstacles facing further expansion of each energy source still exist. Geopolitics, climate change, carbon emissions and many other topics play a heavy role in dictating which energy sources make sense moving forward and each is addressed in a fact-based, non-political tone. Pros and cons are presented regarding continued drilling for oil and gas across the globe, economics related to solar power, the increasing retreat from nuclear and the ongoing search for the most efficient and clean methods for fueling transportation, such as hydrogen fuel cells, natural gas vehicles or batteries.
Understanding the history of how and why we rely on current sources of energy will help pave the way to figuring out how to move forward. This issue will be hotly debated in the coming months and years with the current administration and legislative bodies. Decisions based on a one-sided view of our available options could prove detrimental for generations to come. A common thread throughout the book highlights how slow the overall industry tends to evolve. A long-term view must be taken into consideration over short-term goals.
Scott Pederson is a Certified Public Accountant and a Senior Consultant with MidDel Consulting. MidDel Consulting is a System Integrator and Professional Services firm specializing in services supporting the business systems for Front, Back and Mid-Office. MidDel has been in business for 16 years, and our consultants, on average, bring over 25 years of senior level energy industry knowledge to our projects. We have deep relationships with our clients, often working with them for more than a decade.
For more information on MidDel Consulting, visit the website: middelconsulting.com, email at mailto:info@middelconsulting.com, or call 952-500-9340.
Nuclear regulators, industry groups and power plant owners have begun talking about the possibility of operating some U.S. nuclear plants for up to 100 years.
Read more here:
A recovery in oil demand will be focused on the second half of the year, according to OPEC.
Read the article here:
https://oilprice.com/Energy/Crude-Oil/Another-Investment-Bank-Is-Betting-On-100-Oil.html
Being an Energy consultant that travels consistently can be tough. I’ve been doing it off and on since 1997 when I spent a year commuting from Houston to Mexico City. I’ve got many stories and many lessons that I’ve learned to adhere to that I’d like to share with you. The first I’ve found to be most important during my travels is making sure you keep your lifelines back to your home.
Keeping Ties To Home While Away
I find pre-determining a time every day to talk to your family works great. For me, that time is first thing in the morning before my children go to school. They are a captive, although sleepy audience. The point is just to let them know you are thinking about them and are interested in what they are doing.
Of course many road warriors may not yet have kids or are empty nesters. Still, having that schedule with your spouse/significant other is important.
Stay On A Schedule
I also find keeping to a specific schedule when I’m on the road keeps me grounded. (some of my friends even make light about my strict adherence to that schedule…) I get up, go get some exercise, get breakfast on my way in (right now I’m really in to protein shakes) and work, work work. I also enjoy getting out with my colleagues and clients in the evening.
I have to get in bed early or I’ll turn into a pumpkin! Right now I’m out in Pennsylvania so the mornings are at least cool. That’s a blessing when you are from Houston.
Patience, Patience, Patience
I have found that patience is key while you travel. Keeping a cool head when dealing with the ridiculousness that is the TSA and the airlines is a must. Sometimes you win, sometimes you lose. A friend of mine once said, "getting in your own bed at 1am is still better than not getting in it at all."
I’m sure everyone has their own story, but this happened to me two weeks ago. First let me say that I have to drive about 80 miles to EWR (Newark). If everything goes perfect I can leave the office, drive in, get gas, drop off the rental, get into the terminal and through security in about 2hrs and 15 mins.
Well, last week I got stuck on the highway because of an accident and went 6 miles in 90 mins! Oh yeah, that was fun. At some point during that time, I determined I’m probably not going to make it. So, I call the airline and get moved back to the later flight. Ok. Plan B is in place.
Always Have a Plan B
Always good to lock in plan B. Did I mention I’ve worked in risk management for years? Anyway, to continue my story, I end up getting to the gate of the original flight just when they were about to board. No airline personnel in sight at the gate. They were all down ready to take tickets. So another call to the airline desk. I requisitioned a seat back but they could not check me in. I was told I’d have to find a gate agent. Since none were there, I just went right to the front of the line to the ticket podium and told them they would have to do it. Great! Middle seat, but who cares I thought. As that later flight was going to be 2 hours late! (poor suckers I thought…)
I go to sit down in that prime middle and realize that someone smells really bad! “Be cool,” I think. “At least I’m on.” I settle in and get my headphones on. Along comes the flight attendant who hands me a ticket. I’m a bit confused I thought it was just a receipt. Then the person next to me says “Hey, they have upgraded you to first class!”. The benefits of staying patient and having a plan B!
Flash forward to last night. I get to airport in plenty of time. All is well. Then I’m notified the plane is going to be late. OK, no problem. I’ll get to bed by 1am!
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Drew Epps is a Senior Consulting Manager with over 30 years of experience in the Energy industry. MidDel Consulting is a System Integrator and Professional Services firm specilaizing in services supporting the business systems for Front, Back and Mid Office. MidDel has been in business for 16 years and our consultants, on average, bring over 25 years of senior level energy industry knowledge to our projects. We have deep relationships with our clients, often working with them for more than a decade.
For more information, email us at info@middelgrp.com or call #952-500-9275.
Qatar Petroleum, the world’s key liquefied natural gas (LNG) producer, is turning up the pressure with bold expansion plans that will boost supplies over the coming decade and potentially push prices down further.
