Pertmaster, a provider of project risk analytics software for Project and Portfolio Management (PPM) environments, announced today that it has increased its customer base in the oil & gas industry over the past year by 200 percent. New customers include Anadarko, Shell, BP and ExxonMobil. The challenges that today's oil and gas companies face due to basic economic forces of supply and demand create an overwhelming need for more efficient project management. This happens both from the oil discovery and the oil
With risk factors growing every day, traditional methods of utilising industry standard Monte Carlo risk analysis are simply not sufficient.
Instead, powerful financial forecasting and mitigation scenario modelling is required in order to manage the growing number of major capital investment projects. And project managers at oil and gas companies want this modelling and analysis to cover cost, time and all possible risks; particularly how they impact each other based on the slightest of variables.
"Risk Management is one of nine process areas defining Project & Portfolio Management (PPM)," explains Daniel B. Stang, Principal Research Analyst for Gartner. "As such, risk management processes, in conjunction with risk management-based PPM tools, allow project organisations to view multiple projects, identify and quantify risk and cost values for these projects, and select a suitable mix of projects based on risk and cost factors. Viewing levels of risk of projects within a portfolio or project inventory is a method of choice for optimising project portfolios."
-PertMaster Provides Project Intelligence Insight- With Pertmaster's risk management solutions, oil and gas companies are able to make better decisions before initiating new projects. With over 20 years of experience delivering project intelligence, Pertmaster is the only fully integrated risk solution that provides a combination of risk exposure and risk reduction scenario modelling in an integrated solution.
-Pertmaster Enables Solid Decision-Making- "We've used Pertmaster on two major upstream international projects," said Jim Christie, manager of project controls at Marathon Oil Company. "We're able to look at the projects from a cost estimate perspective, schedule analysis as well as event-driven risks and then merge the three variables together to give an overall assessment."
Waylon Whitehead, Project Risk Analyst for Conoco/Phillips holds a similar
sentiment: "Pertmaster gives me the ability to reshuffle the deck. If I completely mitigate a risk, what happens next? I can quickly examine many what-if scenarios. I like being able to identify all the key risks, put a comprehensive plan in place and then establish budgets and prioritise what we're going to manage. In this business, it's key to spend your time managing the things you have influence on."
"Pertmaster's ability to track a project's costs, schedule and any event risk gives our customers an incredible advantage in managing large projects," said Sarim Khan, CEO, Pertmaster. "Every single customer comes to us seeking the ability to control costs and to come in on budget and on time for every project. We do that very well."