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Data in Action: Project Readiness Level and Lessons in the Real World
- The authors of this article discuss the principles of data concepts within a Project Readiness Level framework and present three lessons learned from actual FOAK (First-of-a-Kind) development programs that went from concept to commercialization, highlighting the importance of aligning design, execution, and finance through thoughtful planning and data insights.
- The proposed “Project Readiness Level” score incorporates TRL, ARL, and important project development milestones to assess the risk centers of a project holistically. This PTI readiness framework provides useful risk management data for TRL 7-8 projects where scale-up risks are uncertain.
- By focusing on modularity, Standard Microgrid brought electricity to places that had previously gone dark at night. The company successfully crossed the FOAK threshold by making modularity a central design principle for their microgrids.
- To prevent cost overruns, separating the E (Engineering) contracting scope from the P & C (Procurement and Construction) contracting scope is recommended.
- H2GS has developed an innovative approach to producing green steel by combining proven elements, hydrogen electrolysis, and electric arc furnace steelmaking, into a single, cohesive system, which allowed the company to avoid technology risks and take on integration risks instead.
- Standard Microgrid’s modular approach, strategic EPC contracting, and H2 Green Steel’s focus on integration over invention all highlight the importance of aligning design, execution, and finance through thoughtful planning and data insights.
- Leveraging Project Readiness Level and integrating various data into a single set of heuristics or “risk scoring” can significantly reduce risk, ultimately driving scalable, sustainable solutions in the FOAK market.
- A separate contractor providing just the engineering scope is more likely to be incentivized to give an independent and realistic project scope, as outlined by IPA, an infrastructure engineering and advisory firm.
- Isolating the risk of cost/schedule overruns to the EPC for mature tech scope from novel tech in EPC contracting can allow the EPC to price the accurate level of risk in a project.
- Strategic use of data can bridge gaps and unlock new pathways for growth, scalability and sustainability, driving the FOAK market towards better outcomes.
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