Tools

What Historical Data is Needed to Train Your Machine to Better Predict Cost Overruns and Schedule Delays on Capital Construction Projects?

The demand of predicting future results based on current performance and actions has been always a requirement when it comes to delivering capital construction projects. Entities are always keen to know whether their projects’ cost at completion will exceed what they have budgeted for as well as whether their projects’ Read more…

By Tony, ago

How to Enforce the Culture of “100% Committed to Achieve” in Managing the Contractor’s Contract Price on Capital Construction Projects

For an EPC contractor, general contractor, subcontractor and other types of vendors who have been awarded lump-sum turnkey (LSTK) contracts, ensuring the actual direct and indirect costs incurred during the project execution do not exceed the final awarded contract price is a must requirement. One of the possible methods to Read more…

By Tony, ago

Is There a Way to Improve the Quality of “Gut Instinct” Decisions Made by Stakeholders on Capital Construction Projects?

Gut instinct is an instinctive feeling, as opposed to an opinion or idea based on facts. Gut instinct is also known as a hunch or sixth sense which is each project stakeholder’s primal wisdom. Humans in general have a strong addiction to their own capabilities, developed over their many years Read more…

By Tony, ago