Analytics Solution to Predict the Success of Construction Projects Minimizes Losses for a US-based Construction Company

Case Study

Analytics Solution to Predict the Success of Construction Projects Minimizes Losses for a US-based Construction Company

Business Objective

Our client is a USD 3 Bn US-based construction company specializing in highly complex and sustainable construction projects.

The client wanted to develop an analytics solution to predict and manage the success of new and ongoing projects along two dimensions: budget and schedule, across different stages, starting from bidding, planning, pre-construction, and construction.

Challenges

  • Need to predict project success accurately and early to allow time for corrective action
  • 200+ attributes in the database to consider
  • Missing values, errors, and inconsistencies in data entered manually by project managers

Solution Methodology 

  • Leveraged analytical models to create a portfolio risk matrix based on high/low risks across budget success and schedule success.
  • Predicted risks at the project level for current and previous months for budget and schedule.
  • Developed executive dashboards to explore different risk attributes, their distribution, and their impact on the project.
  • Combined several attributes and provided drill-down options to identify types of projects at the highest risk.
  • Captured key metrics – such as Percent Budget Overrun – and how they correlate with risk attributes.

Business Impact

  • Developed an Early Warning System identifying risky projects in the portfolio for the business to take action
  • The model sent alerts from as early as Month #1 of mobilization/inception of the project
  • The model updated predictions every month on a rolling basis
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