How Can Capital Project Owners Monitor, Evaluate and Report on Accrual Expenses and Revenues on Their Projects?

Accruals are a form of accounting practice that can help to provide a more accurate representation of the economic condition of a project at the end of an accounting period. The purpose of monthly accrual is to record incurred expenses within the proper accounting period and to match expenses with Read more…

Why Having Access to Trustworthy Data is a Must Requirement to Enable Artificial Intelligence on Capital Construction Projects?

Intelligence, whether artificial or not, depends on the extent of relevant wisdom available to propose actions or predict future outcomes. Wisdom depends on the extent of available knowledge which depends on the amount of valid information available that depends on the trustworthiness of historical and current data that can be Read more…

Why Having Standardized Work, Organization and Cost Breakdown Structures are a Must for Enabling Artificial Intelligence on Capital Construction Projects?

Cost breakdown structure (CBS) or control accounts (CA) are critical for establishing the lowest level of detail for which a capital construction project work, scope, schedule, and cost will be planned and managed. A comprehensive CBS requires having a detailed work breakdown structure (WBS) and an organization breakdown structure (OBS). Read more…