4castplus Blog

4castplus Blog

08 8, 2021

The Ideal Software for IPD Projects

By Michael Wilson | October 8, 2021 | Categories: project cost controls software | 0 Comments

The Integrated Product Delivery (IPD) model is fast becoming a popular and powerful agreement for contracts that involve multiple organizations responsible for the successful delivery of major projects. The goal of IPD is to remove much of the friction and adversarial nature of joint ventures and P3 style agreements by aligning the financial goals of all parties involved. Commonly, major projects are jointly managed and delivered by a combination of the owner plus a general contractor, architect, engineering company and other contractors.

While a healthy bit of competition can result in positively motivating entities to work more productively, traditional agreements can foster a caustic, ineffective environment where organizations that should be working together, end up working against each other, competing for the same resources and, inadvertently, sabotaging the health of the project. IPD encourages a more collaborative approach, bringing down barriers and silos to achieve a more beneficial result. The intent is to tie individual success to project success, thereby achieving a more holistic approach from each entity, rather than a segregated approach. The American Institute of Architects (AIA) defines IPD as “a project delivery approach that integrates people, systems, business structures and practices into a process that collaboratively harnesses the talents and insights of all participants to optimize project results, increase value to the owner, reduce waste, and maximize efficiency through all phases of design, fabrication, and construction.” I’ve provided more resources on IPD at the bottom of this article for your reference.

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20 20, 2021

Engineering the Future: All You Need to Know About Truth-Based Industrial Engineering

We're excited to share this guest blog by Vista Projects, a leading integrated industrial engineering firm. This feature explores how Vista Project's truth-based program can help organizations navigate the digital transformation of their projects and operations, something that's very near and dear to our hearts here at 4castplus. Keep reading to learn more.

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07 7, 2021

A Centralized System Means Team Collaboration

Construction projects rely on strong communication across the entire team to ensure everyone is working from the same information and there are no misunderstandings getting in the way of quality and productivity. Miscommunications among the project team can lead to costly and potentially disastrous results, not to mention a frustrated and angry client.

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01 1, 2021

Growth in New Market Segments is Critical During Economic Uncertainty

It’s been fascinating to watch the stock market soar over the past 6 months while the world has continued to be stuck in one of the worst economic declines in a century. Why is it that the stock market can be so out of step with reality when there is so much uncertainty out there? I can’t say I have a clear answer for that, but my theory is that investors are confident that the pandemic is short-lived and a rebound is imminent once vaccines are rolled-out over the upcoming months. It’s also likely a case of investors shopping for bargains as price dips are somewhat routine currently. The economics of construction projects (and the project management software to run them), is not unlike other market segments in that some industries have been hit hard by the pandemic, while others have flourished.

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23 23, 2020
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05 5, 2020

The As-Of Date is Crucial For Reporting Project Finances

It’s one of those boring details that is frequently overlooked – but ignoring it can cause havoc in project reporting.  I’m talking about the importance of aligning project financial reporting to a specific point in time in order to have any chance at meaningful metrics on the state of the project.  Major projects are steeped in complexity, with a high pace of activity going on every day.  It’s tricky to measure and report on frenetic, in-flight projects like that because putting a halt to things simply isn’t an option, “Hey everyone, just stop what you’re doing so we can get a reading on what’s going on.” That’s just not going to happen.  So, you have to set regular, theoretical, lines-in-the-sand at incremental points, and measure the project at those increments so that you can produce reports, even though things will keep moving on.  It’s a bit like trying to measure the flow of a fast mountain river tumbling over rocks and cliffs – you have to just jump in and go for it while the river keeps pounding on past you.

 

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04 4, 2019

Oil and Gas Contractors Look to 4castplus for Efficiency and Competitiveness

Statistics show that more and more Oil and Gas contractors are moving forward and embracing better technology to streamline their businesses.  Contractors in many industries have been a bit late to adopt software as a means to improve their profitability - but that is changing fast.  This is partly due to the near-collapse in oil prices that haunted the industry over the past five years; which has recently been creeping up into the $60/bbl range to make things profitable again. During that period, companies had been searching for ways to remain profitable, and many turned to technology such as project cost management solutions to secure that profitability.  This momentum is continuing, as companies aren’t prepared to take a risk on another fall in prices.

 

 

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27 27, 2019
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08 8, 2019

How to Link a Change Order to a Purchase Order Revision

In this article I’m going to go through the basics of how, after creating a change order in 4castplus, you can go on to make any revisions to purchase orders based on the details of that change order. First, however, I’ll clarify a bit of terminology in terms of the difference between a change order and PO revision:

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12 12, 2018

Your Corporate Data is a Gold Mine - Take it Seriously

 

For any organization, their corporate data is one of the most important assets they possess. The information they gather on a daily basis forms the core of who they are, where they’ve been and where they’re going. The monumental technology changes going on in the world today have made ‘Data’ the central element that determines success or failure for most any company.

 

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