Executive Summary:
Evans Project Controls Ltd utilised advanced AI-driven methodologies to conduct a comprehensive analysis of both completed and ongoing project data. The primary goal was to identify critical factors affecting project costs and durations, providing actionable insights for improving project management practices.
Key Findings:
The analysis revealed several significant insights. First, it was found that a 1% increase in cost fluctuation from the initial value leads to a 2.18% rise in the total project cost. Additionally, a 1% increase in cost fluctuation results in a 1.1% increase in total project duration. Another important finding was the impact of client Early Warning Notices (EWNs); each additional client EWN increases the total project duration by 0.87%.
Recommendations:
Based on these findings, several recommendations were made. For cost management, it is essential to implement tighter cost control measures to minimise fluctuations and their significant impact on total project cost and duration. In terms of risk mitigation, strategies should be developed to manage and reduce the issuance of client EWNs, as they are directly correlated with increased project durations. Furthermore, setting specific key performance indicators (KPIs) focused on tracking cost fluctuations and EWNs can enable proactive management and timely interventions.
Conclusion:
The AI-driven analysis conducted by Evans Project Controls Ltd highlighted the critical impact of cost fluctuations and client EWNs on project performance. By addressing these factors through targeted strategies, clients can achieve significant improvements in both cost management and project timelines, ultimately leading to more successful project outcomes.
Next Steps:
Immediate actions include implementing the recommended cost control measures and EWN management strategies. For long-term success, clients should engage in ongoing performance monitoring and regular consultations to ensure sustained improvements and successful project completion.
Executive Summary:
Evans Project Controls Ltd conducted a comprehensive analysis of both completed and ongoing project data using advanced AI-driven methodologies. The primary objective was to identify key factors that impact project costs and durations for the contractor adjusting for compensation events, offering actionable insights to improve project management practices.
Key Findings:
The analysis reveals that an increase of one rejected programme correlates with a 0.008% rise in the total project cost. Similarly, an increase of one compensation event with an Extension of Time (EoT) results in a 0.019% rise in the total project cost, indicating a financial loss associated with these events. Furthermore, an increase of one contractor proposal is associated with a 0.008% rise in the total project cost, also indicating a financial loss. Additionally, a 1% increase in cost fluctuation from the initial value leads to a 0.32% increase in the total project duration.
Recommendations:
To improve project management efficiency, implement robust programme management practices to reduce the number of rejected programmes by improving initial submissions to meet approval criteria and ensuring thorough reviews before submission. Develop strategies to minimise the occurrence of compensation events with Extensions of Time (EoT), involving better initial project planning, clearer contract terms, and proactive risk management. Enhance the evaluation process for contractor proposals to ensure that only cost-effective and value-adding proposals are approved, mitigating the financial impact associated with these proposals. Focus on maintaining stable project costs to prevent increases in project duration by implementing tighter cost control measures and closely monitoring any fluctuations. Establish key performance indicators (KPIs) to monitor programme submissions, compensation events, contractor proposals, and cost fluctuations, enabling timely corrective actions.
Conclusion:
The analysis conducted by Evans Project Controls Ltd highlights the significant impact of rejected programmes, compensation events with EoT, contractor proposals, and cost fluctuations on project costs and durations. By addressing these factors through targeted strategies, clients can achieve substantial improvements in both cost management and project timelines.
Next Steps:
Immediate actions include implementing the recommended management practices to reduce rejected programmes, compensation events with EoT, unnecessary contractor proposals, and cost fluctuations. For long-term success, clients should engage in ongoing performance monitoring and regular consultations to ensure sustained improvements and successful project completion.
" George is expert in MS Project, very easy to work with and very professional. Would highly recommend working with George and will be using him again. "
Steve Jebson - Guideline Lifts
Copyright © 2024 Evans Project Controls Ltd - All Rights Reserved.
Powered by GoDaddy