How Do I Sign Georgia Banking Word

How do i industry sign banking georgia word later

[Music] welcome ladies and gentlemen my name is dr sadiadra ceo of advisors and happy to moderate our panel today what does the evolving future of managing projects hold managing the complexity of major capital projects in today's online gas landscape has never been more critical large projects make up a significant percentage of companies spend and therefore there must be a particular focus on how we can realize the benefits of awaited projects taken into account the current capital constraints of the pandemic economy and the business ecosystem this panel will discuss what new ways downstream refiners and service providers may take together to deliver efficient projects the panelists will share their success stories and offer us an insight on what we need to be ready for tomorrow our panelists come from saudi arabia belgium and usa and represent thought leadership in the domain of project management please welcome them with me starting with bethel worshiped buddha is the president of pmi ksa chapter he has 20 years of experience in the project management field within saudi aramco bader was recognized as the pmo leader of the year by pmo global alliance which is the largest community of pmo professionals congratulations bader he is currently thank you he's currently programmed director of marjan and zuluf program one of the largest offshore programs in saudi aramco his experience includes working as a director of saudi aramco's pmo responsible to oversee manage monitor and control multi-billion dollar project portfolio this portfolio covers over more than 200 projects annually including oil and gas projects petrochemicals community and infrastructure projects in addition to joint ventures maritime projects and other sectors weather holds a bachelor's degree in mechanical engineering from kim kwad university of petroleum and minerals in saudi arabia and he complemented his degree with numerous professional certifications and accreditations mostly in the field of project management welcome brother we are happy to have you with us today thank you mighty second panelist is dr stephen mulva he directs the construction industry institute a research component of the university of texas at austin his current research projects are focused on the performance and productivity of capital projects in most sectors of the modern economy in addition to his responsibilities at cii stephen teaches graduate courses in construction engineering and project management at the university of texas before that stephen told construction management at texas state university and he holds an industry position he held industry positions at floor bechtel phillips petroleum and is as a project management consultant for epm dr steven holds a phd in civil engineering construction and management from georgia tech and two degrees from university of texas at austin a master's in civil engineering and bachelor in architectural engineering welcome dr mulva thank you very much glad to be here thank you our third panelist is dr james shu he's the chief technical officer for strategic project solutions it's a company that assists organizations to improve the delivery of capital projects through the application of project production management he also serves on the technical committee for the project production institute which addresses the root cause of major capital project cost and schedule overruns dr james has over 25 years of experience in research development and implementation of solutions for optimizing the delivery of complex and critical capital projects in a variety of industries he published numerous papers on the subject in various technical journals which have been presented at global conferences and are regularly cited by other authors welcome dr james thank you very nice to be here thank you and i kept to the last my friend antonio nieto rodriguez the world project management champion he was the pmi chairman in 2016 and co-founder of the brightline strategy initiative currently antonio is writing the next harvard business review project management handbook for senior leaders he is awarded by thinkers 50 and a member of marshall goldsmith 100 coaches antonio founded the strategy implementation institute replicating pmi and with the goal to allow project managers to become strategy implementation professionals welcome antonio thank you sadie dr sadie thank you my dear my friend so uh after introducing oh let us start we're gonna start with the poll an interesting poll we're gonna have today three polls after each poll we're gonna address a challenge to our uh dear panelists uh and we will have three minutes each a discussion we'll have three rounds today then we'll have some time at the end to answer some of your questions so we're talking about uh the sorry okay i believe that the the challenge is set uh the the poll is set okay so we should our audience should be answering the poll now which is what did we learn or do right during the pandemic that can be considered an asset for our future worthy of generalization to extend benefits for all and you have five possible answers and i'd like to look at the results once they they appear and we'll we'll discuss them together so while our audience answers let us start with the first challenge what is the knowledge practice expertise that helps our organization survive the pandemic with respect to managing projects that can be of service for tomorrow in case we capitalize and implement at a larger scale and for this question let me start with dr steven thanks secretary um so i think in general the the main project management principles that we have you know good project execution and planning is the cornerstone of what we do and we for the pandemic we saw that a lot of our companies were implementing some additional technologies so for example microsoft has a technology called hololens and some of our companies were using this for equipment factory acceptance testing and what they said is you know normally they would send somebody to another country to examine the the equipment that they were purchasing in this case they sent the microsoft hololens and the people at the factory were were using it to show the the capabilities or where they were in the production of the equipment and instead of having one person look at it they had multiple people and they found out that actually the factory acceptance testing of equipment was actually enabled or it was better than when they had sent somebody on a business trip so that's where that kind of technology is enabling the sound practices that we've always had cio was founded 38 years ago it's a not-for-profit part of the university of texas and we have 17 best practices so things that are commonly known as constructability front-end planning zero accident techniques uh advanced work packaging those are all innovations that that started at cii and and really have gone around the world um i think in particular two practices that are going to be incredibly important for the future one is um is advanced work packaging and in general improvement of any kind of thing you're looking at improving people process or work process technology and also the business model but for work process we're seeing that advanced work packaging is really enabling the integration of technology and having better agility when you go to executing capital projects on the people front we have a tool called pm cat project management competency assessment tool what we do with that essentially during performance appraisals or even throughout the year we can evaluate exactly where a personal uh a project manager's capabilities and competencies are at and and where they might want to uh have some additional education or training to improve those capabilities ultimately i think the future is to have better integration of these work practices with tools that people are using whether it's 3d modeling or project controls tools such as scheduling tools so that the practices aren't an additional thing but they're integral to what the companies are doing to manage projects very interesting so it seems that what we were doing right before and perhaps doing even better than others helped some of us survive the pandemic and as though can be considered an asset for our future to build upon thank you and i'd like to take this thought to my friend brother shed brother what can you enlighten us because i know you are dipped in lots of projects and lots of experience whether on processes tools knowledge governance whatever it takes to manage projects properly yeah first of all i would totally compare what was what about the telstra and when when we have been damaged and when it comes to the uh the project management it really gives emphasis on three or five stories five domains of knowledge that every professional mobility and magnitude and the skills many industries and professionals cannot cooperate within your fandom second domain is defective communication participating turbulent environment and healthy and professionals can learn a personal and professional communications within the team tell the stakeholder management we have a teacher's individuals how to employ men and spirituality based on their influence power and interest department specifically during the crisis of the abandonment of the community uh fourth is the planet planning are nothing driving into everything the professionals look at the real estate early stage while the plans will disturb there is often plans always come for transportation uh last but not least time management is essential needed for any professional success potentially a most important citizen advisory aliens fortunately for being professionals this is skilled and endlessly in their positions and thoughts and religious security without accuracy for a project manager okay quite interesting well one of the interesting things which you mentioned now about leadership and yesterday it all was about leadership so probably proper leader a proper captain who was able or capable to maneuver the ship through the storm of the pandemic can probably do a good job tomorrow as well and since we are talking about these leaders who should maintain the ship they need to have a strategy perhaps antonio you can enlighten us about your opinion to this challenge especially now you are leading the strategy implementation institute thank you dr sadie so it's a very interesting question i think there's a lot of learnings what happened in the last year with the pandemic uh let me just highlight a few from a strategy implementation perspective for a project management perspective uh just three i think one thing that has become clear is that prior retention prioritization is a crucial tool for implementation successfully companies had hundreds and thousands of projects before the crisis a few months down that crisis you could see companies extremely focused they have just a few projects it's about survival it's about keeping the company alive and then you would have a few projects looking at reinventing their business in the new reality so it has been clear that prioritization extreme patriotisation get things moving companies no company would have survived the crisis if they would have kept their portfolio projects impossible so prioritization cutting down to the essential is one of the most important learnings that i hope leaders keep and apply regularly after this crisis second big learning the role of senior leaders in execution in projects in transformation in crisis uh before the crisis senior leaders often saw sponsorship of projects as a nice add-on the focus is on running the business making the targets making the commercial goals and that's it and we spend the half an hour per week on projects what we've seen in the crisis that they change they're spending two three days uh senior leaders on overcoming the crisis looking at crisis projects and how can we turn around the organization how can we build the new future so the role of the senior leaders in projects has shifted from an hour per week to two to three days per week and you can see the results are there so there's no doubt on the importance of the senior leader and the third one which i think is applicable to the theme of this conference is that we thought that agile methods i more agile ways of working were not applicable for traditional industries i've been in pharma for many years we never thought the vaccine will be developed in nine months are you crazy if they tell you that in february last year are you insane a pharma is done in 12 years 15 years why are you challenging is impossible today we have a vaccine in nine months so what did we do right agile is not just scrum teams it's i think it's a combination of methods it's hybrid approaches program management with project management agent methods that's the future of implementation that's the future of projects it works so don't come to tell me agility just for technology companies agile concepts mix with project management concepts are applicable everywhere everywhere it has been proven so that's my three kind of takeaways from this crisis which i hope we can bring forward thank you very much and i would like to take the last point about agile and take it forward to dr james perhaps you can enlighten us as of your experience with respect to what worked well and whether or not agile can still be considered a great asset for our future thank you dr sari when we are faced with this challenge i actually had to think very hard and long time to actually come up with what would be the appropriate answer and definitely agile is actually part of the the equation so to answer this question we need to consider two things one is what enables certain organizations and projects cope with the pandemic better than others and what the future may hold to determine if it can be of service tomorrow right that's the question one situation that we've seen throughout the pandemic is the discrepancies in the policies employed by each country region at different times this has put a tremendous strain especially on industry projects that have supply network extended throughout the various continents countries and regions projects in many locations around the world have gone through a complicated process of demobilization and then now currently going through the re-mobilization process not only is this process occurring on the construction sites but also in fabrication shops and logistical infrastructures what the situation has tested is the robustness of our supply network for projects a common conception regarding inventory of material and equipment is that it can serve as the means to achieve high productivity but due to the inability to mobilize labor to perform the work on some projects material equipment have become a liability to make tools many projects causing additional cash tied up the projects that have shorter and more agile and responsive supply networks have fared better than those with longer and rigid supply network driven by predetermined schedules this is important to note as many experts forecast that the effect of the pandemic will not disappear overnight in addition some even predict this will not be the last one in addition we also need to consider a few key trends in the industry one is obviously the digitalization the other is the industrialization of construction also known as modularization or factory model the modularization initiatives that's being discussed are not just the pre-assembly of larger facilities into smaller sub-assemblies that we're familiar with but also designing and building smaller and standardized production facilities that can be localized and built online faster in this model the overall production capacity can be increased by installation of additional modules in the same location or even other locations closer to a point of extraction one element of this initiative is to shift work offsite whether it is in the same country or another as industry moves in that direction the ability to leverage digital technology such as artificial intelligence including machine learning robotic process automation iot sensors augmented by robots and drones to further integrate the supply chain to enable m re responsive and agile supply chain that is going to be very critical to the future i'm very happy i'm very happy because each one of the four of you provided amazing input with very little intersection which enhances the value you are offering to our participants today so thank you my dear panelists and i'd like to spend just a minute on the results of the first poll which shows that answer one learned how to adapt change strategies quickly fail better and be more agile to survive got 47 percent then the next one which got 25 percent is the adopt digitalization in five months rather than five years especially for connectivity communication and collaboration and the the rest got the the rest all are important all are right answers it's just uh the trick here is to get our participants to choose number one and they fall into perspective to some of the insights we've heard from you today so let us move together to the next uh challenge if we can have it on the screen what is the number one thing that we need to develop capacities for in order to enhance project success tomorrow so in this in this question we are not talking about what do we what we do have we answered this on the first one the second question to our panelists is what is the thing we should focus on we should acquire we should learn so that we can be ready for tomorrow and here i'd love to start with better please what can you provide as insight for this challenge well uh um i have three things one uh which we already discussed in this quest through this question which is uh technology with your friends uh visualization technology has not only been augmented our quantity according to deloitte's analysis they find that 21 companies already using recommendations in their business uh 61 64 saying that will be utilized more and at one percent they think that ai is a way to go in their entire business so uh the technologies and and automation is really the way to go for for better tomorrow the second thing is really you need to focus to have agility in the in your organization as you mentioned your position to adopt agility enhance your own blindness the black one and lastly is really listening to the use of the user generation blind remains the one of the strongest challenges that we face by our organization with the new to the workforce and almost in other generations they come and disturb the work industry uh 1894 responded to the survey agree that the technology would require more training yes we're saying we need to deploy technology but also we need to train our workforce for those technologies uh that's it thank you mother so you are focusing on doing more for less enhancing the productivity taking the extra mile in terms of agility for the organization as a whole and equipping our people with the needed capacities in order to to do that very interesting indeed which seems like a continuation of what works today but we need to do it even much more and this respect dr james what can you tell us please yes um one thing that we actually need to develop capacity in order to enhance project success tomorrow um according to many research reports the engineering construction industry continues to suffer from less than optimal performance as a result of fragmentation existing business models and low profit margins however much of the improvement efforts are currently focused on automating and optimizing current methods and processes rather than a lot of much innovation such example is a gap related to management of work as an industry whose core business is to design make and construct assets the uh engineering and construction industry has most part ignored how and where the work is done if we look at project delivery how is how it's actually often managed a lot of emphasis is given to who needs to what when or by when and what the progress is and what the final cost and end date will be this focus is well reflected in many software project project management softwares and procedures even the latest tools that are brought into the market leveraging the digital technologies including ai and ml and iot focus on that framework so how and where to get the work done in other words how to how and where to design how and where to fabricate how and where where to transport to and how to install is typically left to the people that respond for doing the work quite often this results in a situation where each phase is optimized in isolation but not across the phases for example project may minimize the fabrication cost or even duration by producing the same sizes or length before producing another size or length so the construction but however the construction will benefit from having multiple mixture of different sizes and lengths in order to actually optimize for their productivity so a common solution in the industry is to actually meet the needs of the both fabrication and construction by decoupling them using an inventory of fabricated material or equipment to actually optimize the you know productivity while maintaining flexibility however typically this results in a larger than necessary amount of cash tied up as well as extended overall project duration as it takes takes time to build up the inventory in this market where cash flow is one of the key most fought target by the investors it's very important to figure out how we're going to actually minimize the cache tied up in the system so therefore to optimize the product performance the ability to optimize the how and where across the organizational boundary within the supply network needs to be developed this is not only about yep yes sorry continue now this is not only about designing processes but how to do the work where but how to size the and allocate the labor equipment space and how to size and locate inventory and how to manage variability which are not independent decisions so by looking at project as a production system we can avoid much of the cost associated with trial and error and operational science actually provides the framework to map model simulate optimizing control data and production systems well actually i love what you're talking about in terms of optimization it's you are you are implementing the focus or the prioritization antonio spoke of on the whole supply chain you are looking at the whole life cycle of the investment in order to allocate where we need to do things in a more optimized matter in a better sense without neglecting the essential financial perspective because it's easy to optimize everything and get the the price to go to go high now since we're talking about this okay we go back again to antonio so tell us what do you have in terms of tomorrow what do we need to do to learn for tomorrow thank you dr sally very interesting points here from my colleagues um i i i just think the future of project managers and has to evolve very quickly i think the world has never seen as many projects as we've seen in the next year there's no doubt but project managers have to step up and i'm saying big big time project managers has been people have been people who deliver who deliver deliverables and that might be good for the past and we still see a lot of failure rates 60 70 percent failure rate this is unacceptable we cannot accept a 70 failure rate this is in other profession you have that amount imagine every 10 seven flights out of 10 crashes or every 7 out of 10 operations crashes this is not possible we we need to step up into becoming more entrepreneurship project managers are people who understand the value proposition understand how that project is going to impact the bottom line the benefits the strategy of the company we should not be talking about delivers anymore we need to talk about benefits only benefits deliverables is the internal kitchen and we need that for sure but that's our internal kitchen for all the other stakeholders we stop talking about deliverables we talk about benefits so that means for us that we need to broaden up i created the strategy implementation institute out of frustration because i couldn't see any other credential or course which will bring a project manager to a strategic level you can continue evolving into program management pmo portfolio manager or transversally into agile and scrum and change but i want that people become strategic thinkers the challenge projects that project sponsors listen if you are not in the project the project will collapse let's stop it yeah uh i think we need to step up in into the entrepreneurship mindset venture capital we need to take accountability not only on the deliverables but on the benefits and that's for me the future and if project managers don't do it and we continue doing the internal kitchen i think we'll miss a huge opportunity to become the role of the future shaping the future we do need to step up a lot but i think the opportunity has never been so clear as today so i think uh um with that um i just want to raise a bit of urgency here we need to get quicker there otherwise we'll miss this opportunity so antonio you want project managers to to play a higher role to think of benefits to think of strategy to think forward within the whole value chain for whatever investment they are working on now this is beautiful thinking uh but i wonder how can we manage this role this future role between the contractor and the owner perhaps dr steven can give us your your point of view and also comment on this point sure i think it's a great point um actually my scholarly background is to to look at this this phenomenon exactly that project managers are typically responsible for technical deliverables program or portfolio managers are responsible for benefits and that moves us closer to this idea of strategy but one of the big problems that we see in terms of develop developing capacities for the future is we've been locked in this i call it plan the work work the plan where it's kind of a static model and it doesn't have the agility necessary for for success in the future paramount to that is really this look at the business model and we've we've been doing that now for about five years at at cii what we found is that 41 of the cost of a large industrial project like a downstream project is transactional waste there are typically between 8 and 12 layers of contracting if you think about starting with the banks or the owners hiring an epc firm hiring subcontractors hiring equipment providers you know so on and so forth this is not only slow but it's extremely costly so we embarked on a on a journey to to really revolutionize the the business model and it has and attacked this 41 percent of the project cost which is waste it doesn't end up in the engineering or the equipment or the construction of the final facility it's duplicate insurance coverages it's risk protection schemes and risk is a key part of that the inability for the industry to really understand what its risk profile is driving a lot of this cost so we started four different research areas to attack this and uh the first is to move from a project mentality to more of a portfolio mentality the way antonio was describing and uh we say it's moving from treating each other like strangers to more like neighbors in a neighborhood where you're in it for the long term and you and you want to help each other so that overall the project and the portfolio of projects can be successful the second one is we call early supplier engagement and in the future a lot of the design is going to be done by suppliers we're about the last industry to have design centralized most other industries aerospace automotive you have suppliers doing design uh the third one is we call dynamic risk model so how do we adequately understand the risk perspectives of everybody you know they're unwilling to share them so we use which is the fourth area blockchain we we can enable people to share their risk profiles on a blockchain securely and you can imagine a scenario where there's 20 wealthy people and they all want to know which is the wealthiest but they're unwilling to tell each other how much money they have so they can securely put their net worth on a blockchain they can they can find out that oh well i'm the fifth wealthiest person and that the and that the wealthiest person has so much money but we don't need to know who they are and the same is true for risk in a project so we use these modern technologies to enable this risk sharing and thereby attack this 41 percent of the cost of a project which is again just transactional waste it's something that we really haven't looked at we've been again like antonio said focus on these technical deliverables but we need to behave as business people as well and really understand how we're contracting what things really cost what the risk perspectives are and i think we're we'll get there and those are the capacities i think we need to build for the future honey guys it feels like sitting in a design thinking ideation workshop with all of you all the con the beautiful contributions and the highly complementary concepts for authorities perhaps you are meeting some of you for the first time today it's beautiful how gda is bringing us all together thank you all now before we get to the uh do we have the results of the of the uh uh let me check of the second poll just a second i uh don't okay so the second poll uh to be the leading project manager for tomorrow your efforts and focus needs to go on we have i believe 52 all of the above and the above where to understand the business acumen and strategic objectives your projects trying to realize selecting the most agile and flexible technical solution that enhance efficiency and offer capability to upscale or downscale in a rapid manner becoming a generalist and focusing more on the organization transformation optimization and serving the operations and realizing benefits identifying the means for achieving sustainable impact out of your project they are all right i second that myself now by this let us go to the third and last challenge please what does the evolving future of managing projects hold what i asked the third poll to be an open question to our participants and this open question to them is a small story of a person walking on the beach and he stumbles over something and when he gets up he finds this old and dirty lamp and what do you do to a dirty lamp you clean it and when you clean a dirty dirty lamb especially if you are in disneyland what happens the genie comes up but since here we are talking about project management he says i'm not just any genie i'm the pm genie and i grant only wishes only pm wishes and he's also not very generous so he grants only one wish so i'm asking our participants about their only one wish and also i'd like to ask the same question it's the same what does the evolving future of managing projects hold antonio if you got that genie to serve you what would you ask him well uh you got me a bit uh by surprise with your story dr saudi i like it i think like i was saying and i think most uh the whole panel agreed that the future is about projects uh life cycles are shorter operations are being automated and robotized um i think my wish if i could wish is that i would love to see much more artificial intelligence and been using in project management it's something that i've been exploring for my hbr book there are tiny little places and researchers who are working but we cannot be managing the amount of mega projects and programs with technology developed 40 years ago like ms project and spreadsheets i think we are one of these industries where we've been left behind thinking that well there's no data so we cannot automate we cannot use technology um i would love that 50 60 percent of our current working disappear it's done by machines it's done by artificial intelligence that they help us select the right projects the ones which have more chances the the ones that will tell us where to focus what are the risk i've seen some software development making you a planning five minutes instead of five weeks so i think we we have missed technology in project management there is of course a bit of advance towards primavera plan is worse but still is very much of the same and i think we if we embrace technology artificial intelligence our world will shift completely we're going to be able to focus on that leadership role in the strategic part on the benefits far on the people management part and and and i just wish that i think the predictions is by the end of the this decade um i think i hope that could go much faster and and all the admin work that we do that that's taken away i i i just think this is still very very manual what we do very much back office and we need to step up on that front so together with the other aspect which is sustainability i think we need to think much more we need to avoid another caveat 19 uh pandemic and i think we need to be more accountable as i think we were all saying project managers have to step up and to be more accountable of the results and and and just thinking what's the end life of of this project uh who's going to pay for that and and how can we have just not an impact in our company but in society and and in the world so it's a completely radical change there are i think there's more on that part but i'm also something that i'm working on sustainability i think it's the future of the next generations we need to think about that when we look at projects much more um so that's maybe two wishes for genie uh if i can dr sadie okay for you we make an exception and now we go to dr james so dr james what do you ask what do you think the future should hold what do we miss antonio wants more ai to serve us okay and it i think it's gonna need a genie from mit or something to do that so yes i think um my answer is going to be in conjunction with antonio's focus point about the benefits and stephen's actually point about the early engagement of the suppliers okay so one of the things i think all the panelists agreed is there is substantial pressure to generate cash flow and the timeline allowed to deliver a project is actually decreasing so the question is you know in order to make that what would actually ask our genie is actually provide an intelligent supply chain that self-organizes and self-optimizes okay other industries such as manufacturing and retail are leveraging the use of digital technologies as uh antonio actually talked about more effectively to understand you know demand and control production throughout its supply network in our industry we're seeing many companies developing smart oil fields and smart facilities to assist in the operations and maintenance what we see an opportunity to do is to do an intelligent production or delivery of projects okay so okay all the many new and existing organizations in our industry invest a significant amount of capital and effort in the digital technology a lot of the investment results in a point-based solution so we've seen solutions such as like gps to track vehicles sensors to signal when the concrete is cured drones with the programmatic capabilities all these actual solutions provide incremental value but the real value will arise when the production system is able to again self-organize and self-optimize through the integration of operations science and digital technology okay so okay beautiful yes yes please i've been saying you know this actually in term of in addition to what we've already talked about which is industrialization and the factory models this actually becomes even more important for our future okay so you are asking too much of the genie i don't know how much of his juice is left for better well so my uh my colleagues were so brave to meet that ginny if i see him i will run away actually actually if you see the studies and analysis it's only 19 percent of the organization complete project successfully on a regular basis only 30 percent complete the project on a set timeline only 36 completing the project within within the budget so the challenge is really huge and which should motivate the project managers to uh look for improvement in the in the future uh price management will be the key to the breakthrough different industries in blood too several industry has been seeing different spikes in their productivity since establishment digital solutions automation machine learning smarter project management will enable the organization to achieve greater a more challenging strategies by implementing efficient pm methodologies digitization will continue more and more solution will be developed and launched every day to enhance pm planning execution this extends beyond the project itself to cover the education part communication smart visualization tools autonomous division decision making not to mention the applicable data management system that will allow for future learning curves to spike compared to the decade in the past smarter tools and methodologies we have seen how many different companies have to come to existence just to serve the purpose of establishing the new solutions for augmenting project management planning and execution this transformation is not limited to this in fact social media which you see today have been playing an important role and bridging the gap and allowing the the fastest transformation of data between the professionals so i believe this decade will be the most exciting one to have ever witness in our profession thank you brother uh very interesting indeed um you are focusing on the organization and this is important because if we are going to to succeed in all these points each one requires like a lot of work and i believe we need to think of the integration how to integrate all these concepts for the whatever serves the purpose the strategy and division of the organization in the future this is how we can probably get access to funds in order to uh at the end of the day the genius is not gonna work for free because you are asking for too much so dr steven we are taking your opinion here please yeah so it's interesting you mentioned investment because that's actually what i would ask the genie for our different investment models for our industry um one of the things that we've observed for a long time is if you think of a traditional owner when a project is authorized the business unit that's asking for the project will tell the board of directors for example well this project can generate 17 18 20 year-over-year returns on the investment and yet that same company turns around and contracts with engineering and construction companies and and others on a on a cost and time basis so we have what's called goal incongruence the the people who are who are asked to do the work the engineering and the construction work aren't motivated on the same investment basis as the owner and i think that's got to change and i think it will change because the volume of projects that have to get done is going to be you know vastly bigger than we've ever seen before right now only about one third of the world's capital projects are getting built even in heavy industry in oil and gas and related industries you know there's still two-thirds of projects that go unfulfilled that actually have decent business cases and so the this energy transition that that were in the middle of um and you know the changing landscape is going to require even more capital projects so that means these investment models have to be different and the question is how do we allow the supply chain to participate as equity partners perhaps in some of these projects we know the supply chain is globally distributed we know that it's becoming increasingly specialized and yet fragmented and this is the the point that dr james was bringing up is you know how do you leverage the supply chain so that it can be self-organizing and more efficient well part of that answer i think is allowing the suppliers to have a little bit of equity participation in the project and if you do that these supplier companies will become much healthier one of the problems we're concerned with is a lot of the big epc firms engineering outfits they're going bankrupt because the profit margins are so low and it's a one-time thing i mean they come into a project they get paid for the project that's it they're looking for another project all the time and yet if they maintained a little bit of equity in the projects that they're designing and building it would sustain them it would provide cash flow in lean in lean periods it would enable them to invest in technology it would enable them to invest in their employees and i think this is a huge stumbling block so the investment the thing i asked for the genie is hey can we have some different investment models for the suppliers the entire uh world of suppliers i think that would make things a lot better for everybody including the owners a very interesting point dr mulva perhaps we need to have another look on the public private partnership framework and model by the world bank maybe ask the genie to adjust it to be adapted for the supply chain while taking all the different stakeholders as actual ppp owners or participants within this model now thank you very much really interesting awesome amazing contribution we still have six minutes so let's try to take a couple of questions and uh answer them uh i'm trying to look at the questions one second okay what are the main elements that need to be satisfied by both the pmt and contractors to ensure positive cash flow and health progression of the project in this prevailing situation maybe dr mulva i'd like to answer this in one minute so that we can take at least three more questions yeah so quickly i i think it's it goes back to something that uh dr james said earlier is you know having a robust supply chain with with inventory and part of that is to get away from the specialization of these projects there's a speaker later today on the agenda my colleague at the university of texas dr jim o'connor is going to talk about how do you make not one big factory but 15 little ones and if you can do that increase the volume and there thereby you can leverage the inventory and i think that's part partly how you would solve this problem okay then also another question uh how about making a shared contingency reserve to optimize transaction cost uh maybe dr james you can provide an input on this please yeah so it's an interesting question so the transactional cost that i think that dr uh stephen actually talked about actually making a marginal percentage of the cost actually when you actually talk about the the shared contingency it actually kind of goes back to what is the risk that we're actually trying to protect ourselves actually from right and i think by actually understanding what is the actual necessary risks that we actually have to share across all the the owners and the contractors and even the vendors of the equipment and actually put that actually into a shared poll and and and be carried by someone that can actually care carry it again dr stephen actually also talked about the fact that a lot of the epcs are going out of business and they're no longer the ones that are surviving are no longer accepting um some turnkey projects so therefore that's actually shared contentious is critical okay now a question for antonio will the traditional project manager approach exist or project management approach exist in the near future and how how can we select the best project management approach before we start any project i think definitely will be there it's been there since the pyramids of egypt so i don't think that that would be the problem it just needs to evolve and and i think what we need to see is an expansion of our toolkit uh adding program and agent methods and technology and change management so i think the evolution is more on the toolkit and and focusing on the benefits so i definitely see a future but we just need to evolve it and and how do you know which tool to use is like fixing a problem at home depending on the problem you use different tools so that's where we need to get into that level knowing the tools and knowing what when to fix them and when to use them as simple as that we cannot fix all the problems with one hammer as we've been trying to do that since years thank you the last question before we wrap up for better brother can you tell us very quickly how can we actually integrate all this all this knowledge all the things we learned today from each other how can we integrated and be ready for tomorrow um maybe you are muted yeah sorry well we can integrate all this knowledge by by by benchmarking with each other owners or contractors or learning organizations we always think we know better we always think that our business environment is the best but trust me if we learn from each other and we share the knowledge among those organizations we talked about the risk between the owners and the company uh and the owners and the sharing and the evaluating the new business models and to do how to do projects we used to do lstks all the time right and that mod may not be to go for the future as we need to share rest between the owners and the contractor to let this contractor survive so the question is how to retain that knowledge among us is to have a continuous benchmark of continuous uh platform between the all the participant and project success to share their knowledge and their and their pain points and how to come over it thank you very much thank you everybody to wrap up together i'd like uh uh i'm very happy i'm privileged to have all of you with me today to be moderating this this excellent panel we learned a lot about today about what works and we learned we learned about the future i would like to thank each one of our esteemed speakers i'd like to thank our participants stay tuned because the day is not over and you still have a lot in gda pocket within virtual summit thank you you