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LCPM (life Cycle Project Management)

life Cycle Project Management

LCPM stands for life cycle project management. The average investment in mining projects worldwide is more expensive than any other business. Because mining is not an easy business, it requires a lot of research and investment which is not possible for anyone. That’s why we can say that only government level investment and international level business firms can invest in this industry.  Every year the price scheme of the equipment used in mining increased.

life Cycle Project Management

The effective implementation of the project management plays a core roll in avoiding bad project use effect and waste of funds, caused by asset management planning and design errors or equipment selection errors; meanwhile, it can effectively improve the operational efficiency of enterprise assets, lower operating costs and save resources. In June 1974, A. Gordon published a paper “3L Economics Concept” as the starting point, on the “Building and Quantity Surveying”, which is organized by the Royal Institution of Chartered Surveyors. In this paper, a review of domestic and foreign research, from 1974 to 2015, on the total life cycle management progress will be given, and then comment on it will be established.

After a detailed investigation and analysis of related materials, we can draw a conclusion: the study of the oil and gas life Cycle Project Management is just beginning now. Hence, building the whole life cycle planning index system in line with the characteristics of oil and gas development project is very necessary.

The whole LCPM of oil and gas development is essential to the oil and gas development project as the management object. The ultimate goal of it is to realize the overall optimal economic benefit; the basis of it is the modern project management theory and total life cycle management thoughts, and according to a certain organization form, it makes the whole process, the whole functional areas, and the whole levels integration management of oil and gas development project. The whole LCPM is the system engineering to realize the sustainable development of oil and gas development project.

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Waqar Akram

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