Standard Projects per Industry

🏗 Construction

This is a standard project format for construction industry clients, designed to provide probabilistic budgeting and risk management using advanced analytics tools.

1️⃣ Probabilistic Budget (FainApp)

Title: Probabilistic Construction Budget

Objective:
Provide a detailed probabilistic budget for construction projects, allowing stakeholders to understand the range of possible costs and the probability of exceeding targets.

Estimated Time: 1–2 weeks

Work Agenda:

1. Data collection and validation (project scope, historical costs)
2. Build cost estimation model in FainApp
3. Monte Carlo simulation for probabilistic budgeting
4. Review and validate results with project team

Deliverables:

• Probabilistic budget report (PDF + interactive FainApp dashboard)
• Cost distribution charts and risk exposure analysis
• Recommendations for contingency planning

2️⃣ Probabilistic Budget + Risk Register (Excel + @RISK)

Title: Probabilistic Budget with Risk Register

Objective:
Integrate a probabilistic construction budget with a full risk register, including likelihood, impact, and mitigation strategies, using Excel and @RISK.

Estimated Time: 3–4 weeks

Work Agenda:

Phase 1 – Probabilistic Costs:

1. Collect project data (scope, historical costs)
2. Build Excel model with @RISK for probabilistic cost simulation
3. Run Monte Carlo simulations to generate cost distributions
4. Validate results with project stakeholders

Phase 2 – Risk Events Integration:

1. Collect historical risk events and potential project risks
2. Populate risk register (impact, likelihood, mitigation, owner)
3. Integrate risks into the cost model
4. Run Monte Carlo simulations considering risk-adjusted scenarios
5. Generate reports and risk-adjusted budget charts

Deliverables:

• Excel workbook with probabilistic budget and embedded risk register
• Summary report of key risk drivers
• Risk-adjusted budget charts and probability distributions
• Recommendations for risk mitigation and contingency planning

📞 Contact

For more information about this Construction Standard Project: