Nostradamus for Projects (Part II): Utilizing Predictability Metrics in Benchmarking and Analysis to Improve Performance

November 7th, 2018

In Part I of Nostradamus for Projects, we covered how improving predictability in the construction industry can mitigate cost and schedule overruns, ultimately having a huge impact on returns and margins. Project predictability is simply knowing the outcome variance of a project as early as possible, i.e. how early in the project lifecycle is the […]


Project Selection: A Guide to Project Prioritization and Selection

October 2nd, 2018

There is no lack of project ideas in organizations today. Rather, there seems to be a problem of too many ideas, as a long pipeline of proposals wait in queue, competing for attention. Given the large scale and complexity of projects, as well as constraints in resources such as time and budget, the challenge is […]


Addressing Five Key Questions to Avoid Project Cost Overruns

September 27th, 2018

Professor Bent Flyvbjerg is a renowned expert in the field of project predictability. He recently co-authored an article entitled “Five key questions about cost overrun.” According to the article, good practice entails: (a) Consistent definition and measurement of overrun; in contrast to mixing inconsistent baselines, price levels, etc. (b) Data collection that includes all valid and reliable data; as opposed […]


Nostradamus for Projects (Part I): Building Predictability into your Enterprise

April 25th, 2018

Predictability

Why is it the construction industry lags other sectors when it comes to productivity? Why are cost and schedule overruns the norm for engineering and construction projects? The answer to these questions is complicated, as there are many factors that affect project outcomes. However, there is one critical factor that is often overlooked, but has […]