Formation of Joint Ventures
Over the years projects have grown progressively larger and more complex. Execution of these large projects may require access to specialized project management knowledge contributed by an array of different people.
Over the years projects have grown progressively larger and more complex. Execution of these large projects may require access to specialized project management knowledge contributed by an array of different people. Many of these large projects are also controlled by government regulations that affect the way a project must be carried out. Because of these restrictions it is becoming increasingly difficult for any one firm to meet project bid requirements. That’s why more and more companies are pooling their resources and forming Joint Venture partnerships or Consortiums, thereby increasing their capability to handle restrictions without the need to invest in additional employees and equipment.
Meeting the Needs of All Organizations
In preparing their bid, the Joint Venture partners need to propose a project management software solution that will meet the needs of all partners as well as the client’s. Using one partner’s software solution may not be a remedy due to software limitations and lack of training. Integrating all the partner’s solutions is also not a viable option due to technical issues, time constraints, and the cost involved.
A compromise solution is the only realistic avenue that a Joint Venture can take – and that’s where PRISM comes in. PRISM is an integrated project lifecycle management solution that supports the planning, execution, and completion of capital projects. PRISM is an out-of-the-box project controls software suite designed to meet the needs of each Joint Venture partner.
PRISM as a Solution
PRISM’s modular design offers a straightforward approach in segregating each partner’s tasks in terms of managing:
- Capital cost estimates
- Schedule activities
- Engineering deliverables, progress, and performance
- Purchase orders and expedited shipments
- Contracts and payments
- Construction quantities, hours, progress, and performance
- Overall costs, changes, funding, and cash flows
All of these tasks can further be segregated by secured access, so each partner can only modify or see their own data in an integrated project environment.
“PRISM is an integrated project lifecycle management solution that delivers dependable forecasts, cost control, and performance measurement for joint venture projects.”
From an IT perspective, PRISM can be installed in a Client Server environment or be provided as a Hosted solution. When using a Hosted solution, Joint Venture participants can use a web browser to access the hosted project database, allowing for easy access from any location. For optimal security PRISM only allows specified users to view and alter data. Users with the appropriate security credentials can edit and manage their data, gain access to dashboards, and print their own reports. For project reporting to the client, PRISM Dashboard offers an out-of-the-box web-based dashboard solution that addresses the need for periodic reporting of project status.
Why Joint Ventures Choose PRISM
Joint Ventures are becoming increasingly prominent in today’s risk-averse market. When reviewing bids, Clients are expecting Joint Venture partners to provide a project management solution that is quick to set up, project proven, and meets their reporting needs. PRISM is the solution of choice for Joint Ventures that want to improve collaborative efforts without relying on other partners to host the software solution. PRISM is fast and easy to set up and can be implemented in a matter of weeks. Not only is it set up quickly, but it can also be pre-configured and deployed in a way that specifically meets the Joint Venture’s and Client’s needs
Download Our Joint Venture Data Sheet for even more information about how ARES PRISM is used in Joint Venture Projects.