InEight launches new risk intelligence software
Published by Tom Mostyn,
Editorial Assistant
Hydrocarbon Engineering,
InEight’s next-generation planning and scheduling solution, InEight Basis, now includes a risk management module, which introduces unprecedented risk and confidence management capabilities to the construction and engineering industries. The new module helps identify and quantify project risk considerations that affect cost and schedule selections, ultimately offering greater certainty to sectors where budget and project overruns are common.
Basis combines artificial intelligence (AI) and human intelligence to create true risk intelligence. By bringing together historical project data and human expertise, planners and project teams can produce more accurate and fully risk-adjusted schedules for construction and other capital projects. Using Basis, planners can spend up to 40% less time building schedules and reduce the amount of time spent gathering team member feedback by up to 75%.
The Basis AI engine now offers the planner suggestions as to which risks and opportunities a project is likely to encounter based on past project information: a leap forward in the practice of risk and confidence management in capital project planning. For sectors such as construction, infrastructure and energy, where the scale of projects makes them difficult to predict, such insights are invaluable.
“With the advent of unstructured data storage, we can now store and, more importantly, use AI to mine much richer and more varied types of historical data that give us more confidence in our forward-looking predictions,” says Dr Dan Patterson, InEight Chief Design Officer. “The more data you have, the more accurately you can predict the future.”
With risk management now seamlessly integrated into a comprehensive scheduling platform, planners can make real-time adjustments between risks, opportunities and plan elements to reflect acceptable risk tolerances and achieve desired confidence levels for the project. This alleviates the burdens planners face when reconciling risk issues between disparate tools for scheduling and risk management.
“Within Basis alone, planners can generate a fully risk-adjusted project plan at the onset – one that is a much more realistic model for, and predictive outcome of, the project’s future,” says Dr Patterson.
By quickly incorporating learnings from historical data and human insight from personal experience, the project team can create a realistic plan that can be executed on time and within budget.
“We are excited to share our latest innovation with planners, so they have an opportunity to see the level of value it can bring to their process,” adds Dr Patterson.
Read the article online at: https://www.hydrocarbonengineering.com/product-news/18102019/ineight-launches-new-risk-intelligence-software/
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