High Tech

Artificial Intelligence That Matches Reality to Plan: A Disruptive Method to Manage Risk and Performance of a Capital Project

We are fighting a cost and schedule overrun epidemic. It is the job of Project Managers to deliver projects successfully; however, in a world where the construction industry wastes $1.6 trillion every year, there is a clear discrepancy between plan and reality. Large scale capital projects have huge budgets and schedules that follow a critical path. These projects also pose a significant amount of risk. Based on a McKinsey & Company study, the world needs $94 trillion invested in infrastructure for the next 20 years. Introducing technology to the lagging construction industry is transforming how projects are planned and delivered. The role of a Project Manager is to turn a plan into reality. Traditionally, Project Managers rely on manual reporting in different formats from many people to make decisions. People report what they think is true; however, this is not always the case. Technology can identify these discrepancies in near-real time and provide Project Managers actionable, truth-based data to support decisions. Using a wide range of sensor technologies, project teams can access a virtual representation of their project called a Digital Twin. This centralized single source of truth shares an up-to-date representation of site conditions and progress reporting. This is accessible on an internet browser or in virtual reality, enabling virtual site visits. By matching the Digital Twin to the project plan, issues that would cause rework are identified before they impact reality. Building and teaching AI as part of the Digital Twin could help automate the decision-making process for Project Managers in the future.. Using these tools, projects are expected to experience cost savings, improved risk management and delivery on schedule.

Scott Benesh is an industry veteran with 28 years of experience managing EPC infrastructure projects. After completing a mechanical engineering degree at the University of Saskatchewan, Scott moved on to manage and deliver many projects around the world. Scott has experienced the challenges of the industry first-hand and wants to make a change using technology. He is excited about the opportunity to solve client problems by integrating their delivery service with new and innovative ways of thinking. The result: building a better world with the power of technology.
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