Construction firms typically operate with small margins and robust competition. Any improvement in operations, such as in project forecasting, could help firms to edge past other firms, yet many construction organisations are hampered by disconnected processes and tools that lead to forecasting problems.

With the advent of specialised software, forecasting has become an incredibly powerful tool, said Andrew Tucker, product manager at software firm Viewpoint. Five elements are necessary for accurate project forecasting:      Setting up an accurate and trackable project budget      Managing subcontract/material commitments & buy-outs      Accurate collection of field labor and productivity…