Most Construction Risk analysis tools available today stress a stochastic approach to modeling risk and offer an alternate deterministic approach that is discretized to Best-case, Worst-case, and Likely. The scant deterministic approach can hardly model real projects risks. The vague stochastic approach, by itself, does not begin to model real projects either. The lack of
Scheduling Forensics Series Pick a medium to large size completed construction project at random. Assemble the project schedule and all of its updates. Compile the out-of-sequence (OoS) and relationship type metrics. If you analyze the metrics, you’ll almost always find two things: a) activities that were performed out of sequence, and b) a strong
The Systems Engineering discipline teaches the concept of a feedback loop to monitor any process with the intent of taking corrective actions, as necessary. There are many expressed variants of the concept that are being applied to design, construction, manufacturing, software, banking, and just about any discipline or industry that requires processes. The concept when
Monitor and Remedy Dangling Activities While it is generally considered a best practice to insure that a project CPM schedule has only one start activity (an activity with no predecessors) and one end activity (an activity with no successors) with no other open activities, project schedules are often not evaluated for dangling activities. Dangling activities
The entire set of activities in a project schedule is presumed to capture the entire contract work scope. The duration sum is an aggregated metric of the total number of work-days required to complete the entire contract scope of work. I cannot emphasize enough that each of the numbers from a single schedule by itself
Most projects fail. If the definition of a project’s success is completing a reasonable product within the planned time and within the contemplated budget, then most projects fail. Even though this observation is meant for construction projects, it is equally as applicable to defense, oil and gas, and other sectors. To be sure, there are
The Case For Edge Activities For a variety of reasons, it is often the case that only a subset of the schedule activities is analyzed. Sometimes a specific operation is under scrutiny, other times a specific subcontractor’s tasks are examined, or a fragnet of a specific collection of activities is analyzed. Additionally, schedules with several
New, Proprietary Calculation Intelligent Algorithm Provides Groundbreaking Accuracy LOS ANGELES--(BUSINESS WIRE)--Software company Built On Vision is proud to announce the inclusion of a new, proprietary advanced calculation intelligent algorithm in its self-titled software. Built On Vision’s software is the first and only cloud-based project management and controls software for construction and other industries. This new
Industry: Energy/Construction Method: Labor Data Analysis The Challenge: A multi-billion dollar energy sector construction project was experiencing severe cost overruns. To clearly understand the various reasons productivity was lost, a significant amount of labor data was needed- but it was not directly available. The only tangible, uniform source of information available was from external
Construction and Other High Profile Industries are Leveraging the Advantages of Real Time Management of Costs and Operations LOS ANGELES--(BUSINESS WIRE)--Today, cloud-based project portfolio management software Built On Vision announces that it has been deployed for project managements and forensics on projects with a combined value of over $10B. In just three years of deployment, Built
