Risk-Integrated Project Monitoring and Forecasting Framework for a PM Organization

With increasing complexity, industrial demands, and risk, construction projects are becoming hard to plan and even harder to keep on track. Various management solutions have been developed to ensure successful project delivery. However, these management practices and corresponding Information and Communication Technology (ICT) tools have the tendency to operate in isolation. In order to improve successful completion of projects, it is opportune that various management methodologies are integrated into a holistic management philosophy and subsequent tools are developed. This research investigates the benefits of integrating risk analysis and Cost Contingency (CC) management into project monitoring and forecasting framework for Project Management (PM) organizations. It is shown that time and cost monitoring and forecasting metrics are improved when risk analysis and cost contingency management are appropriately integrated into the framework. This improves accuracy and boosts the owner’s confidence in delivering projects.