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Construction and Engineering

Improving Project Outcomes through Cost and Reliability Analytics

Construction and other infrastructure projects are at an all-time high, and with that comes the need for better cost estimates, contingency planning, and overall engineering reliability.
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From Airports and Skyscrapers to Railways and Levees, Lumivero Helps Keep Any Size Project On-Track

Lumivero provides software solutions that leading construction and engineering firms use for robust analytics such as Monte Carlo simulation, optimization, decision trees, sensitivity analysis, predictive data analysis—without requiring a statistical analytics degree.

Contingency Planning

Construction firms who handle multiple projects simultaneously need to allocate resources carefully. If one project is held up for lack of resources while another has excess contingencies, the larger operation isn’t working as efficiently as it should. Lumivero’s software solutions help forecast and project the best contingency balance.
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Cost Estimates

The cost of labor and materials can be fluid and hard to pin down as contractors are preparing to quote and handle projects. With Lumivero’s software solutions, contractors can get an accurate, probabilistic estimate of materials and labor costs throughout the entire project and understand the likelihood of going over budget under a variety of scenarios.
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Market Preferences

How do real estate brokers, engineering firms and other key players see your firm in the broader context of the market? Lumivero solutions provide a wide array of tools to analyze qualitative data so you can hear from interview subjects and focus groups. Easily analyze your data to detect patterns and identify areas for action.
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Additional Benefits for Construction and Engineering

Engineering Reliability

Gain insight into confidence levels around the risk of equipment failure or safety violations. Identify areas of weakness to ensure quality results and prevent failures.

Price Hedging

Mitigate exposure to commodity and currency volatility through an optimized options and futures strategy that accounts for uncertainty.

FAQS

Everything You Need to Know 
to Elevate your Research

How is data analysis used in construction?

Data analysis aids in contingency planning, cost estimations and reliability. Risk analysis tools help forecast and project the best contingency balance, give contractors an accurate estimate of materials and labor costs, and provide insight into the risk of equipment failure and safety violations. These tools help decision-makers improve project outcomes through actionable insights.

How does Lumivero help those in the construction industry with cost analysis?

By utilizing Lumivero’s risk and statistical analysis tools you can get an accurate estimate of materials and labor costs throughout your project, while also receiving insight into the likelihood of going over budget under a variety of scenarios.

How does Lumivero help analyze the major risks in construction projects?

There are a myriad of risks on the table in construction projects, from supply chain shortages to the volatility of tariff and trade policy and reliability is incredibly important. Using monte carlo simulations users can determine the probability of performance and a known level of confidence, while additional risk tools offer powerful simulation capabilities that model complex risk problems allowing you to make impactful decisions based on data.

Featured Case Studies

Wyllie & Norrish Engineers

Duncan Wyllie, a Principal of Wyllie & Norrish Rock Engineers, uses @RISK and PrecisionTree for probabilistic modeling of rock fall hazards. The analyses incorporate uncertainty in values of the mass and velocity that are expressed as probability distributions, and Monte Carlo simulation in @RISK is used to calculate the probability distribution of the impact energy.

Murray and Roberts

In a sector that faces many risks, engineering and construction services company Murray & Roberts takes a cash flow based approach to enterprise risk management (ERM). Using @RISK from Palisade enables it to simulate the risk scenarios identified in order to advise on the most effective mitigation strategies and controls.

Zachary Group

Analyses of equipment failures in industrial settings have traditionally been done to support investigation into recognized problems. The Maintenance and Reliability Services Group at Zachry Industrial, Inc. uses @RISK software to support automated processes that proactively use client maintenance data to trigger statistical alarms for the first recognition of potential reliability problems.

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“Modeling is extremely simple in the new version [of @RISK].”
Raj Nataraja
Chase Cooper
“[@RISK] lets me simulate long range events.”
Tony Broskowski
Pareto Solutions
"Monte Carlo simulation allowed us to determine the probability of performance with a known level of confidence. @RISK provided all the tools to accomplish the Monte Carlo simulation and communicate the results in a manner that could be easily understood."
Perry Cole
Project Manager and Lead Structural Engineer, A&D Engineering / US Army Corps of Engineers

Improve Project Cost, Outcomes, 
and Reliability

Join construction and engineering companies in commercial, residential, and governmental sectors that have discovered the power of the insights Lumivero provides for their projects.
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