Public-Private Partnerships (also known as P3s or PPPs) are gaining popularity as a way to fund massive infrastructure projects across the globe. The use of P3s makes it possible to invest in projects that would otherwise be neglected, ultimately creating economic opportunity and improved global infrastructure.
Based off the American Society of Civil Engineers' 2013 Infrastructure Report Card, the US has an estimated shortfall of $1.6 trillion in needed infrastructure spending. One way to combat this predicament is through the use of P3s.
While P3s offer a reduced financial burden on governments, they do place a heightened level of risk on the private organization partner.
Since the Private firm is accepting a high level of risk, they need to make sure that they have the tools in place to manage the projects in the most effective and efficient way possible. Public entities rely on software solutions to provide visibility into the project to give them confidence that things are progressing as they should be. By using ARES PRISM's suite of software, both firms can be confident that the project will be brought in on-time and within budget - allowing them both to experience the maximum possible benefit from the partnership.
ARES PRISM offers:
- Stakeholder Engagement
- With real-time reporting and dashboards, you have visibility into project performance and can see changes as they happen. This allows you to take proactive actions and keep stakeholders fully engaged in the project.
- Powerful Forecasting
- With PRISM's forecasting capabilities you are able to identify project trends and recognize potential problems before they happen.
- Data Transparency
- Visibility into all aspects of your project is crucial in order to achieve success. Whether you want to provide visibility to all, or just some, of the project stakeholders you can be certain that you will always have the data transparency to know what's happening in your project.
- Earned Value Management
- EVM is a proven method that both Private and Public firms can take advantage of as it helps identify specific areas of the project that need intervention with early warning indicators. PRISM meets government standards for earned value management.
As technology continues to develop and improve, Public-Private Partnerships are able to find more efficient and effective ways to manage their complicated projects. ARES PRISM has always evolved with changing technology and can act as the ideal solution to a P3's needs.
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"PRISM provides one source of truth to manage multiple baselines, integrate Primavera P6 and SAP data, and also produce project summary reports."