Project Costing challenges in ECI industries

If you compare most of the project management applications available, they are limited to ICT/CRM and small work management cases. Many of them are not even project management applications but merely a collaboration tool between teams and tasks. And because of that, many industries do not find them useful at all such as ECI (Engineering, Construction & infrastructure industries).
Below is a comparison of ECI vs ICT/CRM on project management complexity.

Let's understand more about the challenges faced by critical and complex projects such as ECI projects.

Challenge 1: Dynamic Labor Management

Challenge 2: Material Consumption and Management Challenges

Challenge 3: Complexities in Contract and Subcontract Management

Challenge 4: Overhead Costs in long term projects

Challenge 5: Project Quality Assurance and Rework Costs

Challenge 6: Additional Cost factors

The above factors are very challenging for calculation of project costing in ECI industries in a real-time scenario. Therefore management reviews are always at a picture which is not true by the time you are looking at the project status updates.

However, the ability to mitigate the above challenges is a great opportunity to maximize the project profits & ROIs while resource consumption is optimized, and used efficiently. It also offers great control on the project and mitigates many other operational challenges.