Risk Management

Unlock the power of ProjectVIEW ERP to eliminate the risk associated with estimating and budgeting of a project.

Accelerate bidding, increase bid wins and enforce realistic cost control in all projects. With ProjectVIEW ERP, you can make smarter decisions, allocate resources more effectively, and maintain real-time updates on Cost Control and Scheduling baselines—ensuring your project stays on Budget and on Schedule.

Experience seamless, risk-free project management like never before.

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Eliminating the Guesswork in Estimation, Budgeting, and Cost Control

Construction projects rely primarily on BoQ quantities for costing. Estimating a project’s cost budget is a BoQ-based exercise that requires engineering knowledge, local experience, and construction ingenuity while incorporating the element of Risk (the unknown).

To minimize risk and establish a realistic budget, allocating direct and indirect resources is essential.

Risk mitigation and control are achieved by recognizing the “known knowns”, the “known unknowns”, and speculating on the “unknown unknowns”.

Category	Scheduling Apps	Construction Estimation Tools	ProjectVIEW ERP
Known Knows
Quantity verification from BoQs, cross-checked with drawings/BIM (QTO)	Not supported	Fully supported	Fully supported
Interpretation of direct resources (materials, labor, machinery, subcontractors) and indirect resources	Fully interpreted From relative BoQs and applied on each WBS (effort-driven)	Fully supported	Fully supported
Known Unknowns
Assembly (synthesis) of resources required for each BoQ (Type Allocation)	Not supported	Partially supported Lacks site apps and optimized Cost Recipes/Productivity Templates (lessons learned)	Fully supported
Quantity of each resource type required to construct each BoQ (Quantity Allocation)	Not supported	Partially supported Lacks site apps and optimized Cost Recipes/Productivity Templates (lessons learned)	Fully supported
Updated/forecasted cost of resources for each BoQ (materials, payroll, etc.)	Not supported	Not supported Lacks integrated site applications. No connection between labor/plant/subcontractor usage and BoQ/WBS for accurate calculations.	Fully supported
Estimated construction duration for each BoQ (based on labor productivity, machinery utilization, material sourcing, and subcontractor availability)	Partially supported Mainly scheduled based on constraints and deadlines from the Critical Path	Not supported Lacks integrated site applications. No connection between labor/plant/subcontractor usage and BoQ/WBS for accurate calculations.	Fully supported
Availability of resources at the time BoQs need to be constructed (resource leveling)	Partially supported WBS-Estimated Resource Leveling	Not supported	Fully supported
Unknown Unknowns
Change Management: Register and control variations and new design requirements	Not supported	Not supported	Fully supported

Cost Management

ProjectVIEW ERP minimizes budget risk by increasing the number of “known” constants while constraining the “unknown” variables alleviating uncertainty and underdeterminacy during Cost Estimation.

It extrapolates complex relationships between Cost, Time, and Risk by reducing assumptions and removing ambiguity to create realistic budgets and maintain updated versioning between Cost Control and Scheduling Progress baselines.

Managing Risk in Construction Budgeting

ProjectVIEW ERP’s Risk Management

Risk management considerations include defining the Risk domains (Operations, Quality, Environment, Safety, Resources, and Plant), setting Probability and Possibility accordingly, and assessing Severity, Impact, and estimated cost. Our analyzer will assist you in calculating the Cost of Mitigation based on suggested Mitigation Actions and comparing the Cost of Risk with the Cost of Mitigation using a Cost-Benefit Analysis. Calculations are based on nonlinear regression analysis.