Predictive Analytics
Use your historical data and machine learning to forecast future outcomes easily missed by the human eye.
What are Predictive Analytics?
Predictive analytics in construction uses past data (project reports, financials, contracts, change orders, etc.) and AI to forecast future trends, make smarter decisions, and improve operations.
I mostly build Predictive Analytics for these purposes:
1. Project Financial Performance Analyzer
Why?
- Examine past project financials to predict and prevent issues in current or future projects
- Analyze historical budget data to reduce variances through data-driven cost estimation
- Identify patterns in cost overruns
- Predict financial risks for ongoing and upcoming projects
2. AI-Driven Change Order Predictor
Why?
- Anticipate potential change orders based on historical project data
- Examine past projects for frequency and types of change orders
- Identify common triggers or planning gaps leading to change orders
- Predict likely change orders for new projects
3. Resource Allocation Optimizer
Why?
- Optimize resource allocation based on historical data and current needs
- Predict resource requirements for upcoming phases
- Identify potential resource conflicts or shortages
- Enhance project timeline accuracy by predicting and mitigating potential resource bottlenecks