Costs

Avoiding the Misuse of Budget Contingency Reserve on Capital Construction Projects by Enforcing the Best Practices of Transparency and Accountability While Unlocking Trapped Budget Reserve

Every capital construction project has risks that may affect the cost, schedule, or quality of the completed work. The likelihood of these risks must be assessed so their typical cost can be calculated. The result is the contingency reserve also called known-unknown risks. Typically, a 5-10% calculation of the construction Read more…

By Tony, ago

Can Machine Learning Help Project Executives to Focus and Prioritize Actions on the Most Urgent Communications, Tasks, and Events on Capital Construction Projects?

There are many definitions for Machine Learning, nevertheless, the one from the Western Governors University (WGU) is direct and to the point. It states that “Machine Learning (ML) is the process of a computer program or system being able to learn and get smarter over time. At the very basic Read more…

By Tony, ago

How Can Project Owners have a Real-Time Monitoring, Evaluation, and Reporting of Scope Creep Alert on their Capital Construction Projects?

For many capital project owners, change orders can be viewed as either constructive or destructive change orders. Constructive change orders are those changes to the scope of a construction project that adds value to the project by increasing its benefits. The additional revenue from those benefits will justify the additional Read more…

By Tony, ago