Project Management: Factors Critical for Success of Projects in Oil & Gas Sector of Kuwait
57 Pages Posted: 18 May 2012
Date Written: December 25, 2011
Project management methodology is a set of established guidelines that are used for executing projects in every industry. They are broadly based on initiating, planning, organizing, executing, and monitoring & controlling process group. However, project management is carried out through nine project management knowledge areas i.e. integration, scope, time, cost, quality, human resource, communications, risk and procurement management. Projects are governed by certain factors that have major influence in directing the success or failures. Broadly cost, time & scope have been identified as key important success factors for projects.
This research is carried out to identify the critical success factors in EPC/PC projects in Oil & Gas industry of Kuwait and to compare the results with previous established success factors. Previously established researches were used to define the frame work for the research to facilitate in identifying success factors. A questionnaire was developed, based on the nine knowledge management areas, and data were acquired from the selected participants of a particular organization which is operating in the oil & gas industry executing EPC/PC projects. The data were collected based on convenience sampling technique. Acquired data were analyzed through factor analysis technique and critical factors based on these data, acquired from the selected organization, were identified.
The findings indicated concurrence with three previously established success factors i.e. scope, time and cost. However, analysis also identified two more factors namely integration and risk. To summarize, the analysis resulted in identifying five critical success factors:
1. Time 2. Cost 3. Scope 4. Communications 5. Human resource 6. Integration.
Keywords: Project Management, Projects, Oil & Gas Sector, Kuwait
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