The current work presents and discusses current insights from an ongoing BP Project Dynamics R&D program that supports a ‘Project of the Future’ vision enabled through the use of formal system dynamics modeling. The BP capital investment environment and the importance of effective capital project planning and execution is discussed. The role of system dynamics in BP’s project training approach and early adoption trends favoring conceptual versus formal model tools are reviewed. A formal modeling application conducted in parallel with an actual project assessment that used a traditional approach is detailed and contrasted to provide a direct comparison. In particular, we describe the traditional project assessment approach, how a formal system dynamics model was introduced and used, and how the quantified results influenced both the project and participants. We then identify key learning’s and how a ‘model-in-loop’ concept supports the ‘Project of the Future’ vision. Finally, we briefly discuss implications for future R&D efforts.

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Date created

• 2006 July 23-2006 July 27

Type

• Document

Processing Activity

• Processing documentation available at: https://wiki.albany.edu/display/SCA/Processing+Ingested+Digital+Files

License

• Creative Commons BY-NC-ND Attribution-NonCommercial-NoDerivs 4.0 International

  
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ITEM CONTEXT

Part of

32937c7b43e3e015509bb71fd40d2054

Scope and Contents

Part of

23d738ba88f8333bc39725f9cb5bd0b8

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f9377a3ac7b50b1fca5e04fb6d679ec2

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Collection

System Dynamic Society Records

Scope and Contents

Collecting area

• This collection is part of the University Archives