Are Caring about the Penalty Clause in a Mega Construction Project? 3 Questions Need to be Addressed!
Key Words Construction, penalty, Delay, Contractor, Client, Owner, Construction Project, Project Delivery, Project Controls, Brown Field, Green Field, Cost Estimates, Schedule, Integrated Cost Risk Analysis, Risk Register, Execution, Planning, Remote Area, Skilled Labor, Material Handling, Bulk Material, Construction Equipment Need Services? Contact us! QUANTITATIVE RISK ANALYSIS Summary In construction contracts, usually a limit is put […]
Construction Procurement, Procurement Strategy, Long Lead Item, Gas Process Facility Construction, Sensitivity Analysis, Monte Carlo Analysis, Procurement Risk, Distribution Graph, Cumulative distribution graph, Quantitative Schedule Risk Analysis, Quantitative Cost Risk Analysis
Digital Product Development and Decision Making Under Uncertainty Digitization is dominating in this era of 2nd machine age. A webinar The failure rate is high in case of digital product Development. Technology, competitors, and market dynamics are the key factors, but one can’t ignore cost and schedule.Cost and schedule model development is the starting point […]
Capital project for the petrochemical process plant (downstream) is slightly different from other capital projects. It requires estimating Total Installed Cost (TIC) plus Owner cost in order to find the complete project cost. Cost estimation for petrochemical process plant is comprised of equipment specification and definite plant facility information. In this case study, there are […]
Digital Transformation Aligning resources to remain competitive and meeting strategic goals are cumbersome in this era of “Digital Transformation”. Digital transformation is reshaping the corporate world. Pursuing the digitizing requires a sense of urgency, change management agents, and the ability to choose the optimal decision based on the data. Decision making requires Data as input and presenting data in […]
Earned Value (EV) has always been challenging to understand. EV covers 4 to 5 questions in the exam. I am going to narrate an example to explain this concept: Q – A company ABC is hired to install underground pipes for water supply to metropolitan city. Total length is 9 km. The cost is $ […]