Not to keep harping on the ongoing depression in oil prices – which let’s face it, is probably a good thing for folks outside of the energy industry – but it affects many of the discussions we have with our clients these days. In this case, it points out yet another deficit in the traditional project management mindset, i.e. that I need to baseline scope, schedule and cost – and then measure how well my project delivers on all of those.
Well, if my project was chartered when oil was above $85 a barrel, I might have made certain assumptions about the benefits and potential profit of the project. In the days of $60 oil, those assumptions may no longer be valid. Hence, this is a useful reminder that we should be baselining and tracking benefits as well as simply tracking scope, schedule and cost.