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AI used to provide ‘true’ risk intelligence for infrastructure projects

InEight’s new module brings together historical project data and human expertise, enabling city planners and project teams to produce more accurate and risk-adjusted schedules.

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Basis offers the ability to better predict and control risk, timelines and costs for projects
Basis offers the ability to better predict and control risk, timelines and costs for projects

City planners and project managers can take advantage of a new artificial intelligence- (AI-) powered risk management module in their construction projects. Construction project management software company, InEight, has incorporated the module into its planning and scheduling solution.

 

According to InEight, Basis offers the ability to better predict and control risk, timelines and costs for capital projects of all kinds and aims to provide greater certainty to sectors where budget and project overruns are common.

 

True risk intelligence

 

Basis combines AI and human intellect to create ‘true’ risk intelligence, said InEight. By bringing together historical project data and human expertise, planners and project teams can produce more accurate and fully risk-adjusted schedules for capital projects.

 

For sectors such as construction, infrastructure and energy, where the scale of projects makes them difficult to predict, such insights can be invaluable.

 

The solution’s AI engine offers the planner suggestions as to which risks and opportunities a project is likely to encounter based on past project information.

 

Using Basis, InEight claims planners can reduce the time they spend building schedules by up to 40 per cent and cut the time to gather member feedback by up to 75 per cent.

 

“Planners can generate a fully risk-adjusted project plan at the onset – one that is a much more realistic model”

 

With risk management integrated into a comprehensive scheduling platform, planners can make real-time adjustments between risks and opportunities, and plan elements to reflect acceptable risk tolerances and achieve desired confidence levels for the project.

 

This alleviates the burdens planners face when reconciling risk issues between disparate tools for scheduling and risk management.

 

“With the advent of unstructured data storage, we can now store and, more importantly, use AI to mine much richer and more varied types of historical data that give us more confidence in our forward-looking predictions,” said Dr Dan Patterson, chief design officer, InEight.

 

“Planners can generate a fully risk-adjusted project plan at the onset – one that is a much more realistic model for, and predictive outcome of, the project’s future.”

 

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AI-driven guidance aims to lower the risk of capital projects
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