When a construction project faces imminent delay, it’s important to have options. Contractors and project owners use optioneering technology to identify construction options and alternatives, with algorithms determining the best way to protect the project from being impacted.
Optioneering tools can suggest the right number of workers and equipment needed to get the project back on track. Technology can also help with developing alternative designs for increased cost-effectiveness and quicker build time.
How does optioneering technology work?
Optioneering technology identifies approaches that can reduce risk, identifying solutions based on the problem at hand. Construction optioneering platforms like ALICE create construction scenarios, recommending the best approach to use to reduce the cost of labor and materials.
How to take advantage of optioneering platforms
The primary use of optioneering platforms is reducing cost by optimizing available resources. This comes in handy especially when dealing with large construction projects that are difficult to supervise.
In larger projects, the platform will break down workloads into measurable units. For example, if 10,000 work hours are required to complete a project, the platform will break down tasks based on hourly milestones. Resources can then be allocated according to time and task.
Other ways contractors can take advantage of optioneering platforms include the following.
Developing a realistic schedule
A construction schedule is a blueprint that guides project managers on how and when a construction project will be completed. A good construction schedule should include essential elements like the project’s deliverables, tasks to be completed, dependencies, and the budget. It should also have a realistic start and end date.
Optioneering technology automatically factors in these variables, making it easier for contractors to develop a good schedule.
Optioneering can also be used to determine profitability. Contractors can use life cost optioneering technology to predict the operating costs of maintaining a building. These costs might include electricity bills, cleaning services, water bills, and depreciation. As a result, it becomes easier for developers to know how much they will price a unit.
Lowering energy costs
Optioneering helps lower energy costs by simulating how different designs will save on energy bills. Some designs, for example, are known to cool a structure when it’s hot, warming it when it’s cold. This reduces the use of air conditioning, lowering energy bills.
Creating an accurate maintenance budget
Maintenance budgets are essential because they help property developers know how much it will cost to maintain a commercial or residential property. Properties that don’t have a maintenance budget suffer from neglect, which can become a security or safety hazard.
Optioneering technology can factor in the cost of maintaining crucial equipment like elevators and backup generators. Project owners can then adopt designs with optimized maintenance costs.
Preventing under or over-allocation of resources
One common problem that every project manager has to deal with is allocating resources. Overallocation of resources can cause delay and result in waste. Overworking your laborers, too, will not increase productivity—on the contrary, it reduces productivity and increases the chances of mistakes.
Optioneering reduces risk by identifying them before they affect the project. Once a threat has been identified, the platform will create simulations to determine the best solution to mitigate risk. Simulations make it easy for project managers to test different strategies before implementing them.
Giving a competitive advantage
Optioneering gives construction companies a competitive advantage. This is because they can create more efficient designs that are cheaper to implement. Optioneering platforms can also be used with other technologies, such as BIM, to develop accurate estimates.
Other technologies, such as virtual reality, can be used to make more realistic presentations. These presentations give you a competitive advantage over competitors.
Reducing labor and material costs
The two main factors that affect the cost of construction are labor and material costs. Optioneering optimizes how managers can utilize these resources. For example, optioneering can be used alongside time-tracking software to weed out unproductive workers.
Optioneering can also reduce the cost of materials by preventing waste. Project managers can use it to identify alternative construction materials that are more efficient and cheaper.
Recovering a stalled project
When a construction project stalls, managers can use optioneering technology to recover it. The technology will first have to identify the reason the project has stalled. Once the cause has been identified, it will create multiple scenarios to determine the best recovery approach.
For example, it can recommend additional equipment, such as cranes, and resources, such as labor, for recovery. It can also recommend design changes to make the project more affordable to implement.
Pioneering technology has a lot to offer in terms of optimizing projects. Project managers can use it to reduce construction costs, recover a stalled project, and lower the maintenance costs of a structure.