| Summary: | <p>Hong Kong has a large volume of construction works currently taking place; this will increase further and faster in the coming years.</p>
<p>Hong Kong’s projects typically come in 15% under budget. However, ten per cent of local projects over-run their budgets, with a total overspend of eight percent. Some flagship projects have over-run their budgets and completion dates, causing public embarrassment. It is crucial to get these cost and schedule estimates under control in order that the booming infrastructure environment in Hong Kong can flourish to its potential while carefully monitoring costs and performance.</p>
<p>Oxford Global Projects investigated whether Artificial Intelligence (AI) can play a part in accurately predicting these outcomes and identifying ahead of time when a project is going off track, allowing early intervention. The large volume of projects in Hong Kong needs to be monitored collectively, with a system that allows leaders to focus their efforts on the projects most likely to fail. An automated system simplifies this process, and in the studies was found to be as accurate as the best-in-class human cost estimates.</p>
<p>High quality data is available in Hong Kong, and the team studied a total of 2,700 years of combined construction activity and HKD 450bn in construction spent to trial this innovative project management approach. They unexpectedly discovered, however, that the AI needs only a very small amount of data in order to make good predictions.</p>
|
|---|