IMPROVE YOUR ESTIMATES WITH PAST PROJECT DATA
CONTINUALLY FEEDING ACTUALS BACK
Teams create more and more project data every day, but far too often, that data never makes it back into the estimating process. Continually feeding actuals back into the system helps fine-tune the estimating experience so that the gathered insights are more reliable and impactful moving forward. The cycle of feeding actual data into the estimating engine creates an ever-ready baseline for future estimates and keeps data current and accurate from one project to the next. The resulting feedback loop leads to an ongoing cycle of refinement and adaptation. As projects finish, teams can immediately identify what did and didn’t work and adapt their process accordingly. Instead of drawing from a stagnant pool of data, new actuals keep insights fresh based on recent developments and compliment historical data to detect shifts in trends and the discovery of new opportunities.
Constant feedback is essential for projects with high numbers of variables and higher stakes. Take, for instance, a complex infrastructure project spanning several years. During the project, the team encounters fluctuating material costs, labor productivity shifts, and unforeseen site challenges. Feeding future estimates from an ever-growing data well provides a rich, evolving dataset — a live repository with insights beyond surface trends. It allows estimators to spot patterns, anticipate potential issues in similar future projects, and adjust estimating parameters accordingly.
“The benefit of having data from multiple systems in one data library is huge.”
-Nathan Kitzman, Supervisor Project Controls, ComEd
IMPROVING ESTIMATION ACCURACY: KIEWIT POWER CONSTRUCTORS' DIGITAL LEAP
Estimators at Kiewit Power Constructors (KPC) wanted to improve productivity and efficiency. The Kansas-based team couldn't access historical cost data quickly, which meant hunting for past cost information and manually entering it into spreadsheets. Complex close-out and bid forms were labor intensive, too. The team adopted InEight Estimate, ushering in a new standard for accuracy. Now, estimators query actual past costs for similar projects across the company. KPC can easily collaborate and share real-time data across multiple teams. Team members spend less time chasing outliers and figuring out which numbers to trust from disparate spreadsheets. Overall, InEight Estimate boosted the team's bid confidence and gave KPC more time to focus on innovative cost-control measures for their clients.