Risk abounds in our everyday life. We make decisions on how we travel, work, socialize, and even eat and sleep based on the perception of risk. Dozens, if not hundreds, of tiny decisions are made when making seemingly mundane decisions, like when...
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Behind the Build
Browse our collection of construction blogs written by industry experts that offer insights on the latest trends in capital project management.
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Risk abounds in our everyday life. We make decisions on how we travel, work, socialize, and even eat and sleep based on the perception of risk. Dozens, if not hundreds, of tiny decisions are made when making seemingly mundane decisions, like when to change lanes while driving to what to order at a restaurant. However, […]
Industry professionals have accepted the importance of Enterprise Resource Planning (ERP) and accounting programs to run the financial side of their businesses. However, when managing capital construction projects in the field, the timeliness of information is paramount to making good decisions. Unfortunately, due to their almost mechanical, transaction-oriented nature, ERP and accounting systems suffer in […]
You can’t possibly know where you are going if you don’t know where you are or where you’ve been. We’ve all heard this countless times about life in general. And guess what? It’s no different for the world of project controls. Because how can we possibly know how much money we will spend in the […]
As evidenced by the latest InEight Global Capital Projects Outlook report, contractors who use benchmarking simply perform better. Where we see the use of historical data and industry benchmarks it has a markedly positive impact on project certainty. However, over half of the industry still has not yet integrated this information into project planning and/or […]
Accurate, real-time cost tracking of capital projects may be understood and valued in theory. But, as we’ve seen with the slow technology adoption in the industry, that doesn’t necessarily translate into putting it into practice. When project costs aren’t closely managed, they’re more likely to spiral out of control and put projects squarely among scores […]
Predicting cost to deliver a project is a challenge for owners and contractors alike. As an owner, the responsibility to pay for changes in estimated costs depends largely on the terms of the individual contract that was awarded. How many in our industry have prepared estimates with costs that shot up far beyond predictions without […]