Project Budgeting Tool

In order to mitigate potential losses in regards to project budgeting and unanticipated expenses, we investigated the use of advanced analytics as a tool to help Project Managers with budget control.

The problem

MOE A/S focused on optimizing operational excellence, in particular, reducing the risk of project budget overruns due to unanticipated expenses. Scenario planning and accurate predictions are best performed by objective standards and mathematical rigor.

Maintaining control of your budget is crucial. In order to stay ahead of events, possible budget behavior and likely outcomes must be accurately predicted.

Our solution

We were hired by MOE A/S to help investigate the potential of AI in budget management. We supported MOE A/S in the early steps of the AI development phase by providing detailed data quality assessment and AI model prototyping. We prototyped a data-driven support tool for their project managers by training an AI model using data gathered from several thousand historical projects. The model was trained to identify and recognize data patterns in the historical data indicating potential risks in the project composition. This enabled the model to identify similar risks in ongoing projects thus potentially allowing high risk projects to be reviewed & amended before financial disasters occur. Results were presented in Microsoft PowerBI providing a strong foundation for a succesful proof of concept solution.

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