The decision box represents key management decisions and serve as the GATES which delineate phases. The decision can be to proceed, exit, or recycle. More complex projects may need additional intermediate decision reviews in a phase. Stop, Hold, Recycle The decision makers are individuals responsible for the framing of the opportunity and having the authority to approve the work plan. Stop, Hold, Recycle New Opportunities PHASE 1 ASSESS PHASE 2 SELECT PHASE 3 DEVELOP PHASE 4 EXECUTE PHASE 5 OPERATE&EVALUATE DECISION EXECUTIVE …………… ………………………. DECISION EXECUTIVE …………… ………………………. DECISION EXECUTIVE …………… ………………………. DECISION EXECUTIVE …………… ………………………. DECISION EXECUTIVE …………… ………………………. Opportunity Commit resources to progress opportunity Commit To Execution FID Asset Acceptance Proceed or bail out Commit to Development Plan Screen Opportunity Identify Feasible Concept(s) Interim Review(s) Generate Value/ Revenue Decision Makers Deliverables at Major Reviews Work Team Focus Items TO PHASE 1 The primary activities completed by the work team in each phase The multifunctional work team carries out the work under the guidance of the project manager or team leader. Expectations of the decision team are met through frequent communication & alignment of goals. TEAM LEADER ……………… ……….………………. ……………………….. The process does not end here! Secondary opportunities and projects will loop back into the appropriate phase. Documentation facilitates continuity of effort, captures lessons learned for future projects and evaluates the work done in that phase. CLEARLY FRAME GOAL TEST FOR STRATEGIC FIT PRELIMINARY OVERALL PLAN PRELIMINARY ASSESSMENT (eg Technical, market, etc.) REGULATORY APPROVAL PLAN FOR PHASE 2 (incl. Funding approval and resource requirements) REASSESS EFC, INCL. FUNDING FOR EACH SUCCESSIVE OPREP PHASE & REPORT ON COST & OTHER PERFORMANCE FOR CURRENT PHASE OTHER FOCUS ITEMS... GENERATE ALTERNATIVES PRELIMINARY DEVELOPMENT OF ALTERNATIVES DEVELOP EXPECTED VALUE IDENTIFY PREFERRED ALTERNATIVE(S) REGULATORY APPROVAL PLAN FOR PHASE 3 (incl. Funding approval and resource requirements) REASSESS EFC, INCL. FUNDING FOR EACH SUCCESSIVE OPREP PHASE & REPORT ON COST & OTHER PERFORMANCE FOR CURRENT PHASE OTHER FOCUS ITEMS... FULLY DEFINE SCOPE REFINE ESTIMATE DEVELOP FINAL EXPECTED VALUE REGULATORY APPROVAL SUBMIT FUNDING FOR APPROVAL DEVELOP DETAILED EXECUTION PLAN FOR PHASE 4 OTHER FOCUS ITEMS BUSINESS PLAN FOR PHASE 5 (DRAFT) IMPLEMENT EXECUTION PLAN FINALISE OPERATIONS PLAN BUSINESS PLAN FOR PHASE 5 PROJECT REVIEW REGULATORY APPROVAL OTHER FOCUS ITEMS OPERATE ASSET MONITOR AND EVALUATE PERFORMANCE IDENTIFY NEW OPPORTUNITIES REGULATORY APPROVAL OTHER FOCUS ITEMS Focus items provide a checklist of key activities, ensuring the quality of the work is commensurate with the next milestone decision being made. Identifies the required deliverable(s) that will enable the decision Document TEAM LEADER ……………… ……….………………. ……………………….. PROJECT MANAGER ………… ……….………………. ……………………….. PROJECT MANAGER ………… ……….………………. ……………………….. ASSET MANAGER ………… ……….………………. ……………………….. Primary Activity Value Improving Practices Assurance Checks VIP’s are available to help progression through a particular phase. They assist the teams to maximise value of an opportunity. Assurance Checks support the milestone decision to move to the next phase. They provide decision makers (both technical & commercial) assurance that the recommendations are sound and will deliver maximum value. Refine Selected Alternative(s) Selection Report Feasible Concept(s) Business Proposal Package Functional Asset(s) Performance Assessment Valuation Report Value Enhancing Opportunity POST INVESTMENT REVIEW FINAL: BENCHMARKING REVIEW FINAL INVESTMENT DECISION REVIEW BENCHMARKING REVIEW (FEL) COMMERCIAL ASSURANCE REVIEW OPPORTUNITY FRAMING TECHNOLOGY MANAGEMENT PROJECT EXECUTION PLANNING RISK MANAGEMENT CONSTRUCTABILITY STANDARDS CONTRACTING STRATEGY COST ENGINEERING PEER ASSISTS SUBSURFACE UNCERTAINTY MANAGEMENT OPPORTUNITY FRAMING TECHNOLOGY MANAGEMENT PROJECT EXECUTION PLANNING RISK MANAGEMENT CONTRACTING STRATEGY COST ENGINEERING ASSURANCE PLANNING PEER ASSISTS SUBSURFACE UNCERTAINTY MANAGEMENT PROJECT INITIATION REVIEW COMMERCIAL ASSURANCE REVIEW SUBSURFACE UNCERTAINTY MANAGEMENT FEASIBILITY REVIEW DEVELOPMENT PLAN(CONCEPT SELECTION ) REVIEW BENCHMARKING REVIEW (FEL) COMMERCIAL ASSURANCE REVIEW PRE START UP REVIEW Commit To Concept Alternative(s) Final Development Plan Recommendation Finalise Business Proposal TECHNOLOGY MANAGEMENT PROJECT EXECUTION PLANNING CONSTRUCTABILITY STANDARDS RISK MANAGEMENT CONTRACTING STRATEGY COST ENGINEERING PEER ASSISTS SUBSURFACE UNCERTAINTY MANAGEMENT PROJECT EXECUTION PLANNING(FINAL) CONSTRUCTABILITY RISK MANAGEMENT COST ENGINEERING SUBSURFACE UNCERTAINTY MANAGEMENT OPPORTUNITY & PROJECT REALISATION PROCESS Execute Interim Review(s) Refine Development Plan Option Guidelines Guidelines or “how to” manuals/handbooks are available to support key activities in each phase FDP BOD ARP