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LEOPARD PROJECT CONTROLS
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The Application of Data Science in Construction Project Management
Machine learning, artificial intelligence, and deep learning are some of those terms that you hear bandied about quite often in this present world, as humans’ reliance on technology grows at an astonishing rate. Though familiar, they remain difficult to comprehend by many, especially for those who can’t make head nor tail of the science surrounding computing technology. Scouring the internet for articles on technology or having yourself converse with IT experts, you will notice that these big terms are often brought up in the same breath. Although they are bundled together under the same umbrella of advanced computing, these trending [...]
How to Measure Performance in Construction Business Using KPIs
Listening in on conversations between business executives and those who work in a subordinate role, you will likely hear the word “KPI” being mentioned repeatedly in varying contexts. These days, KPIs are everywhere, and there is no escape from them - you can either embrace their existence or detest them. Things that are both valuable and quantifiable are intermittently measured and observed by means of KPIs, and these KPIs exist in many forms ranging from the grades on your kids’ transcripts to the health metrics in your health records. Despite their prevalence, there has still been a widespread misunderstanding [...]
Cost-Benefit Analysis for Contractors
Making a sound investment decision is daunting enough without having to be concerned about falling into a fraud trap and being under the guidance of an unethical financial advisor. Having the capability of making one creates a rock-hard foundation for any business venture, particularly in the construction industry. The success of a construction contractor not only hinges on his/her ability to acquire jobs and complete them to the required standards and within the expected budget but also to make a sound investment decision that maximizes the generation of dollars for every dollar spent. If you are a contractor yourself [...]
How Can Net Present Value Analysis Help Contractors Make Sound Investment Decisions
A dollar today is worth more than a dollar tomorrow; it is a statement that is often brought up by financial professionals engrossed in conversations on the concept of time value of money. The generality of the statement has thrown many unaccustomed to finance for a loop. In fact, it is as simple as it sounds. It is based on the idea that money received today is more valuable than the same amount of money in the future as it has the potential to be invested and generate interest over time. Suppose that you have borrowed a friend $2000, and [...]
5 Simple Ways to Protect Your Construction Workers from Workplace Injuries
Not only overlooking health and safety can give rise to dire consequences for you and your construction team, but can also drag you through the courts, getting you into tons of legal trouble. You can get slapped with hefty fines for having failed to provide a safe work environment, putting a big dent in your profit. In the worst-case scenario, your reputation will likely be shattered, and taking it to its former glory can take considerable effort and time. Despite these foreseeable repercussions, many construction businesses tend to cut corners on health and safety and instead prioritize cost savings and [...]
Earned Value Analysis in Construction Project Management
Many have associated construction projects with budget overruns and schedule delays. These problems have long been a staple of the building game. Several distinctive features of construction projects have cultivated a hotbed of a plethora of risks that often result in many different forms of project delays and budget overruns. Lengthy and complicated processes, the involvement of many various parties, and exposure to a significantly-dynamic environment are just some of the many culprits behind these time or cost-impacting risks. The word 'inevitability' is often used in the context of budget overruns and schedule delays concerning construction projects because of the [...]
