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(RISK-2926) Project Controls & Data Analytics in the Era of Industry 4.0

Economists predict that the Fourth Industrial Revolution (i.e. Industry 4.0) will cause fundamental disruption. Within the Engineering and Construction sector, a proliferation of data streams will provide new levels of diagnostic and predictive insight, increasing efficiency, decreasing uncertainty and improving the likelihood of successful project delivery. New technologies promise to make the theory of risk intelligent strategies a possibility for both companies large and small.

However, studies frequently highlight that the E&C sector is a technological laggard. Additionally, for this sector, the most significant barrier to digital progress is the lack of an overall strategy.

To prepare for disruptive change in the profession, this paper will explore:
a) goals for data science capability improvement,
b) how project controls professionals can develop and lead an effective digital strategy,
c) process steps for effective data science,
d) opportunities for employing machine intelligence throughout the investment funnel,
e) minimally viable metrics to support decision and risk management between entities.

Ultimately, the paper will advocate that the association consolidates related white papers and develops a Recommended Practice, guiding members on the skills and knowledge required to perform Total Cost Management Analytics (TCMA) and deliver effective, actionable insight that reduces capital project risk and uncertainty.