By Melissa Centurio Lopes on Jul 14, 2014
By Krista Lambert, Engineering and Construction Strategy Director, Oracle
As the saying goes: change happens. But the recent report from the Economist Intelligence Unit (EIU), Building in Change: Project Construction in Asset-Intensive Industries revealed that for engineering and construction projects, change is not only inevitable, it creates its own set of challenges. According to the report:
- More than 60% of survey respondents blame unexpected change for at least one-half of all project overruns.
- 55% of the executives surveyed consider their companies as average or below at anticipating change.
Clearly, both owners and EPC firms feel that they could vastly improve their ability to manage change. An enterprise-wide project management system not only provides greater visibility and insight into changes, but also improves communication across organizational boundaries, so you can quickly adapt to cost overruns, scope and schedule and quality impacts. To find out more, read the article Critical Components to Effective Project Execution in the latest issue of Construction Connection.