The purpose of the paper is to identify the critical evaluation of a real-world project. The study aims to examine various factors and criteria’s that lead to the success or failure of a project. Therefore, studying a real-world scenario would help in the identification of the challenges and advantages behind a project’s success or failure. The success or failure of a project is judged differently by the people based on their criteria and purposes(Ajmal,Heloand Kekäle,2010). But the bright idea of the need and expectations of a plan helps to interpret its success.(Allen et al.,2014). It is evident that a project is successful when it can meet the budget and delivery time and its success may be measured by the response to the actual use of the project over time(Bell, 2010).
The study focuses on the way to improve Flowserve Corporation’s strategies related to project management to get rid of the factors that were leading the organisation to a path of failure. By efficient project management and evaluation of the criteria, the company could execute its leading projects into a successful one. The PR Online Assurance Program is a very innovative technology service introduced by The Flowserve Corporation(Flowserve, 2018). This paper aims to understand the impact of the PR Online Assurance Program in the formation of the criteria in which is responsible for the success story of the company making it a global supplier of the pump system.
The Flowserve Corporation is an American multinational company which supply environmental and industrial machinery such as pumps, seals, valves, actuation and instrumentation etc(Flowserve, 2018). Along with that, the company provides service to oil, gas, chemical power and other industries. The companies headquarter in Texas. The company is having more than 19,000 employees and has its presence across 55 countries. In addition to that, the company sells products and provide aftermarket services to the construction and engineering sectors. The company comprises of 48 fluid control and motion product. Being a large manufacturer, the company wanted to improve its decision-making process and wanted to extend its line of product and product growth. Most of the project of Flowserve Corporation was not doing well in the market, and the company was struggling with several activities such as cost control, labour productivity and project tracking process.
The company has implemented several strategies with resource and portfolio management and became more successful in delivering the product in the market more quickly(Flowserve, 2018). The company used an automated gate review method, and with that, it can manage the time and work along with the mitigation in launch hindrances. The efficient cost control by the company allows them to measure the success more efficiently. The company has a talented pool of employees and project managers who play a crucial role to make the existing and upcoming project successful.Tosin et al. (2014) stated thatFlowserve Corporation offersa wide range of pumping system that meets the customers demand and provides a solution to most of the arduous services. It has a team of highly specialised skilled engineer force which gives the customers access to the portfolio of proven hydraulic along with explaining them the mechanical know-how of the products. Flowserve’s valves are used in the world’s most robust industries. The valves are extremely useful as they can tolerate high temperature, erosion, corrosion and ultra-high pressure.
The PR Online Assurance Program of Flowserve Corporation is a very innovative technological solution provided by the company which is responsible for the company’s project success(Flowserve, 2018). The system makes it easier for the plant operator to acquire the data from the pump and another component via its control system and sensor-based monitoring system to diagnose the early stages problem in the project with the avoidance of future expense. The advanced algorithms in the system make it possible for the engineers to analyse the data for the diagnosis of additional problems in the system. More so the detected problems in PR emulator pump warns the plant personnel about the current and developing challenges in the project(Flowserve, 2018). However, the company is struggling with a few issues that include a delay in some client’s construction project, and the pumps were stored on-site for more than five years, and the storage condition was unknown. Therefore a number of problems in the pump rose because of its extended storage before the installation phase. Their issues were related to minor start-up problems which were not entirely resolved by the company by the customer’s deadline(Flowserve, 2018). The customers tried to address the challenges and became unsatisfied with the company’s service.
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It has been observed that smart companies are always for examples of successful project management to learn how successful companies are achieving their goal and objectives for project management. The real world example of Flowserve Corporation related to resource and work management solution helps to connect the strategies with project execution. The companies tackle the project management process in order to make a balance between their resources and delivery value(Alias et al., 2014). Flowserve Corporation mostly followed some standard base that includes optimisation of system efficiencies, maximisation of productivity, reduction or elimination of downtime, minimisation of maintenance cost,execution of timely implemented upgrades, matching the project delivery report with minimum investment, meeting the project execution within the allocated budget and so on. Along with that the company use the advanced technology and cooperate with the industry and product expert to proactively manage every facet of project life cycle cost(Lech, 2013). In doing so, the company make sure that the customers can look beyond the traditionalequipment.
The Flowserve Corporation is successful in making a value-based relationship with the customers that is another strong reason behind the success of its projects(Allen et al.,2014). The primary objective of the projectmanager is to deliver the project within the stated time and defined budget. However, that is not the only parameter to evaluate the successcriteria of the projects. In addition to that, the project managers and the people involved in the project need to work closely with the customers to ensure that the project deliverables meet the customer’s expectations(McLeod,Doolinand MacDonell, 2012). Various parameters help to measure the project success criteria.The performance indicator of project success criteriaof a company is demonstrated in Table 1 below:
|Project Success Criteria|
Table 1: Project Success Criteria of a Company
Project managers evaluate the project success criteria for understanding the reasons that act as barriers in the success of a project and make it a failure(Müllerand Jugdev,2012). This will enhance the chances of a project becoming successful and can meet customers’ expectations. The project managers ask for customer’s feedback to understand the mistakes that have been associated with a project. According to Davis (2014), new ideas and innovation play crucial roles to make a product better that could meet project objective instead of sticking to the original plans. Several factors act as contributors to a successful project. The elements can be classified in several groups such as project team, scope and timeline of a project, the type of organisation, project manager and external environment.
The project team should be enriched with a variety of skills and experience. The project’s success can easily be accomplished by a project team with proper guidance of Project manager. The project success criteria are not limited to the facts that are discussed in Table 1. Some of the supporting factors are further needed to be considered for a successful project execution that includes a feasible project plan, assigning a task to team members, managing project risks, allocation of time for process improvement, review of each step in a project, development of a plan for the achievement of the joint task (Nixon,Harringtonand Parker, 2012). Nevertheless, one of the significant problemsfor defining project success can be understood from the iron triangle model by considering three main constraints such as time, budget and scope(Ebbesenand Hope,2013). These constraints affect the delivery process of a project. The project managers sometimes overlook the benefit of a project and ignore whether the clients are happy or not.
Pump making companies maximise the equipment performance and plant throughput by the utilisation of ebullated bed hydrocracking process. The world-class refinery and pump manufacturing companies are experiencing massive challenges with their ebullated bed system in a brief period of time after product selling which followed incurring huge expenditure and loss(Flowserve, 2018). The problem was mostly occurring as the companies were operating the refinery process using the unspared pump. Even the upsets sometimes were observed in less than sixty days of downtime which was absolutely unplanned and caused significant production loss for the company. To provide a solution to that and examining the requirement of the clients Flowserve offers a wide range of pump system. The company is the biggest supplier of pumps to the gas and oil industry(Flow serve, 2018). In recent years the company has turned out to be a global supplier of pump system with the ability to penetrate new geographical markets.
The most important reason behind this significant success of the company is that it introduced and developed PR online assurance program that includes 24*7 monitoring services of the reactor of the recycled pump system(Flow serve, 2018). This unique service offered by the company helped it to gain competitive advantages in the market which is responsible for the success of its project evaluation. The PR Online Assurance Program of Flow serve Corporation measures equipment performance of the machinery along with advanced and expert diagnostic(Flowserve, 2018).This innovative project makes it possible for the plant operator to detect the systems issues at the early stage to take the corrective and preventive measures for the optimisation of the ebullated bed process. In addition to that, the system involves diagnosis and data acquisition of the current project. The company’s specific team visit the project site to measure the customer’s feedbacks on a routine basis.
Summing up the above discussion it can be concluded that Flow serve Corporation is a successful global company and can deliver its project successfully with its PR online assurance program. It can be understood from the research that the only reason Flow serve Corporation is so successful in its pump system projects is because of its capacity to look beyond the traditional product and service solution that differentiate it from the rest of the competitors in the market. In addition to that, the paper presents the criteria and factors that are responsible for the success and failure of a project. The critical analysis of the real-world example enhances the knowledge of why some organisations are incredibly successful in delivering the project in the market while other are not.Finally, it can be concluded that the project managers ensure the success of the business by meeting the business objectives within allocated time and budget generating customer’s satisfaction.
To overcome the existing issues related to the pump start-up issues the company can re-strengthen its relationship with the customers so that Flow serve specialist team can visit the site to ensure that the pumps are in a proper storage condition. Along with that the engineers and the pump operators must explain the technical features of the products so that the customers can resolve the issues by themselves. The company can further improve its PR Online Assurance Program so improve the technical features of the software so that its projects become more successful with timely delivery within the allocated budget. By evaluating the performance and condition of the equipment and machinery the company can improve the efficiency of the operation. The company can improve the reliability of its equipment for the reduction of maintenance cost to minimise the total cost of ownership. Furthermore, the company can focus on safety approach to prevent the accidents of the customers and employees from strengthening its project success criteria. However, focusing on client satisfaction and benefits are considered to be a significant factor for the project’s success.
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