Construction schedule forecasting is an important component of the risk management process that enables the project team to plan capital and resource allocations with greater efficiency. Key performance indicators (KPIs) of a schedule need to be monitored continuously to understand the changing nature of a schedule and perform accurate forecasts. As projects can be in a state of fluctuation, being prepared for future schedule change will benefit the project team’s ability to make provisions for smooth material deliveries, sub-contractor management, stakeholder engagement, and mitigating the impacts of ripple effects. Spire’s consultants have extensive expertise in various scheduling techniques that can be coupled with predictive risk assessment tools to provide the client with an as accurate as possible schedule forecast.
The accuracy of a schedule forecast is dependent on the quality of the information available. Spire adopts a systematic approach to schedule forecasting that involves the following steps:
- Contract analysis
- Analyzing project scope of work
- Developing project Work Breakdown Structure
- Developing project Organizational Breakdown Structure
- Developing project Cost Breakdown Structure
- Developing project schedule
- Integrating project schedule with cost and resource data
- Identifying KPIs that will enable accurate schedule forecasts
- Performing a schedule forecast that considers optimistic, pessimistic, and most likely scenarios
- Formulation of risk mitigation plan
- Periodic reviews of project risk register
For more information on our construction schedule forecasting services, call or click here.