How to Mitigate Risk with AI

About this session:

The CIB W117 and Performance Based Studies Research Group (PBSRG) is using the Best Value Approach (BVA) to mitigate project risk. The BVA identifies two problem areas that continue to stifle clients delivering projects. The first is the procurement approach, which is usually a client centric approach. It assumes the client is the expert and can manage, direct, and mitigate project risk. The second area is the project management approach utilized by the clients. It assumes that the client can utilize project management inspection of vendors to mitigate the risk of higher cost and lower performance. The BVA technology identifies that vendor expertise is the key in both areas. The vendor expert using the ability to identify the uniqueness of every project, the ability to preplan from the beginning to the end of a project and the ability to simplify the reporting of project performance on a weekly basis to all client stakeholders. PBSRG have used the approach on over 2,000 projects delivering over $6.7B of projects worldwide resulting on 98% customer satisfaction, minimizing vendor caused project deviations to 1% and reducing cost by 30%. This research group is the only project management group to document the increase of project performance using longitudinal tests in the Netherlands, the US Army and construction projects in the state of Minnesota.