Optimism is delaying your construction project. Sounds counter-intuitive right? Not according to a study by KPMG. Only 25% of construction projects finish within 10% of their original deadline according to a 3 year study. This originates from the bidding process where in a need to be competitive, general contractors draft optimistic and aggressive schedules while overestimating how much work can be completed in the allotted timeframe. Once the project starts is often where reality hits. The complexity of the project comes to surface, risk and other issues compound and cause delays the project deadline. In their study, KPMG highlighted that less than 30% of projects were completed within 10% of the original budget - which can be an eye watering amount for owners! One way to address this issue is to have an independent reviewer evaluate the project before it even starts, although this is rarely going to be a practical solution. What other systems or methods could be put in place to support this? Or will delays continue to be a known and expected outcome on construction projects? #construction #USA #Buildpartners
thats insane!
Connecting Top Talent with Leading US Construction Companies
1w'Only 25% of construction projects finish within 10% of their original deadline' - 😵