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Gain Confidence in your Construction Project Outcome

With his crystal ball, an executive has hopes for seeing in the future of his project.

With his crystal ball, an executive has hopes for seeing in the future of his project.

They say you cannot predict the future? Yes, we can. But not with the traditional tools available, such as the Primavera CPM schedule or the engineering cost estimate. Those produce highly unrealistic projections.

Ekton offers project intelligence and an honest look at project completion—a realistic completion date or cost to base your plans on. A risk-adjusted schedule built by Ekton-Project Controls forecasts a completion that includes scope uncertainty and risks to the project.

We offer schedule ranges and cost ranges. Ranges are a very attractive risk metric because in many ways, having a risk forecast that shows a pessimistic picture but a very tight range, is preferable to having a risk forecast that shows a highly optimistic forecast but with a wide range.

You can decide what level of confidence you are comfortable with. Many companies look at a P80 (a completion date or a cost with an 80% probability based on Ekton’s Monte-Carlo analysis) as a reliable forecast, leading to increased confidence in the Project Manager.

Probabilistic project costs in ranges

Ekton - Probabilistic project costs presented in ranges.

Be Prepared

Tom Cruise Last Samurai

Ekton - Similar to what happens with wars, one needs to be prepared to run projects.

Companies are so busy trying to make sense of their data and producing prompt reports that they have little time for the real job of managing risk - that is, identifying, mitigating and analyzing. They just about manage to record risk; so, taking advantage of the opportunities that come their way is pretty much an aspiration. Sound familiar?

From unstable, unreliable data to unidentified risks and unrecognized opportunities, the outcome is just the same:

disturbingly poor reporting leading to unwise decision-making. Then it is the project that suffers bringing far-reaching consequences.

The risk register put together by Ekton Project Controls helps you prepare for what could go wrong before it trips you up during execution.

Gain Insight

You need more than a list. Simply keeping a list of identified risks does not give you any insight into the true impact of risk on your project. A list of risk events for your project is an excellent starting point but Ekton Project Controls helps you evaluate the true severity of these risks.

Pinpoint which activities, risk events and driving paths are the leading cause of your project’s cost and schedule risk exposure. Pinpoint where you should focus mitigation efforts. Project stakeholders can understand the cost and benefit of mitigation strategies and easily decide where dollars should be spent. This risk analysis also offers insight into how much management reserve will be needed so everyone from the Executive to the Project Manager has a clear understanding of expected profit.

The 100:10:1 Rule Revisited.

-           Something you figure out as a problem in the field costs $100.

-           Something you figure out as a problem in design costs $10.

-           Something you figure out as a problem in planning costs $1.

Ekton’s 4D schedules risk management give the ability to make those $1 discoveries.

Get Faster and Improved Return on Investment

What happens when construction projects come in late, over budget or fail entirely? Well, the simple answer is this: A project's financial return can be slashed when it delivers late, over budget, or a combination of both; while a project that is abandoned before completion costs the company, not just the money invested in the project, but also the benefits now lost to the organization. These may include lost sales, higher than planned running costs, missed market opportunities, competitive advantage, or a leading position.

In this case, Ekton Project Controls offers how companies can ensure a return on investment.

  1. Avoiding late delivery means that projects start repaying their investment earlier.

  2. Avoiding cost overruns means that profits margins are preserved.

  3. Avoiding de-scoping means the full business benefits are achieved as expected.

  4. Even better, you can return your unused contingency funds so that they can be used elsewhere. This may make the difference to the survival of other projects, which in turn means additional returns begin to flow.

Reduced delays. Lower costs. Improved return on investment. Three great reasons for using Ekton’s approach and its risk management. But there is one more.

Seize opportunities by taking calculated risks

Ekton - Either you get the cheese, or you get killed if not prepared.

Ekton - Either you get the cheese, or you get killed if not prepared.

A calculated risk is one where the rewards for success far outweigh the consequences of failure. By raising your ability to manage risks, you put yourself in a good position to take advantage of these opportunities.

The improved return on investment you get from delivering on time, plus the savings you make by not having to use your contingency budget, means you generate wealth that can be re-invested. Once you become better at managing risk, you will find yourself seeing investment opportunities where previously you saw only problems.