Over 90 percent of all global infrastructure projects, according to The Economist, are either over budget or late, perhaps due to today’s worldwide capital projects getting evermore complex and larger in scope.
Labor costs comprise 20 to 50 percent of total project costs. Labor productivity has declined, hours have been increased, and overall output has decreased. Labor estimates can often be inaccurate, suggesting increased project complexity and underperforming workers. In reality, about 50 percent of current positions in the construction sector can be automated.
FMI research shows 38 percent of owner organizations have a high…