Construction Audit and Big Data
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Speaker : DENISE CICCHELLA
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When : Wednesday, May 15, 2024
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Time : 01 : 00 PM EST
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Denise Cicchella is a recognized expert in construction audit, protecting owners from the overpayment of construction costs due to error, negligence or fraud.
Dense is a Certified Internal Auditor, Certified Fraud Examiner, Certified Construction Auditor, Project Management Professional and Fellow of the Life Management Institute.
She holds an MBA in International Business from Fairleigh Dickinson University and a BBA in Accounting from Loyola University. She is the Founding President of the New York/New Jersey Chapter of the National Association of Construction Auditors. She has audited and led audit teams for small construction project as well as multi billion dollar projects.
She is an experienced trainer and can often be seen teaching domestically and internationally.
A construction audit is a review of various aspects of a project to ensure that payment are accurate, controls are in place and are performing appropriately and in keeping with the contract. Since construction projects typically involve several entities performing several concurrent tasks, a construction audit is a crucial tool for keeping everything on track and under budget. Using big data to analyze all construction spend can give the executive the signs they need and the information to need to make informed decisions, possible allowing for more construction projects to be done. Using big data to evaluate the overall construction portfolio can possibly highlight suspicious transaction or potential frauds.
With the rapid development of information technology in today’s world, the amount of data information is getting larger and larger, which presents the characteristics of big data. Big data refers to a collection of data that cannot be captured, managed, and processed by conventional software tools within a certain time. Information is needed quickly and using Big Data techniques can allow the users to get accurate and reliable information where it is needed, and fast.
Big Data has been used for many years to do continuous auditing. Auditing your construction projects is no exception. Though the challenge is often getting the data electronically, first. Construction audits have fallen behind using big data as the information on projects is voluminous but also usually paper. Capturing the information electronically so it can be analyzed and interpreted is difficult due to this. But times are changing and more data is available. We will talk about some of the techniques that organization can take to analyze data, even if it not handed over in a data friendly way.
The era of big data has brought great changes to various industries, and the innovative application effect of big data-related technologies also shows obvious advantages. The introduction and application of big data technology in the audit field also become a future development trend. Compared with the traditional mode of audit work, the application of big data technology can help to achieve more ideal results, which needs to promote the adaptive transformation and adjustment of audit work.
Construction projects can benefit from the use of BIM (Building Information Modeling) and this course will look at the benefits of BIM, the power of BIM, and the restrictions around BIM. As a back office package, BIM allows an advantage to organizations but they have to know what is available and how to access it.
We will look at some practical ways to use Big Data and unrelease the power of the information available at your fingertips.
Areas Covered
- To understand how you can use automation to analyze data and better control construction projects
- To discuss the mathematical flows in construction to create data scripts to monitor data and progress
- To analyze how to review red flags that may indicate your projects are soon failing
- To explain strategies behind using data analytics to monitor construction projects for fraud or failure
- Discuss the use of BIM
Course Level- Basic
Who Should Attend
Internal audit, construction auditors, project manager.
Why Should You Attend
- Industry Relevance: With the increasing integration of technology in construction, understanding big data principles becomes crucial. This course provides insights into how big data can be leveraged to improve construction processes and project economics.
- Efficiency Enhancement: Big data analytics can help coptimize resource allocation, identify potential risks, and streamline project management processes. Learning how to utilize big data tools and techniques can lead to increased efficiency and cost savings in construction projects.
- Innovation and Adaptation: Staying updated with technological advancements is essential for professionals in any field. By attending a course on Construction and Big Data, individuals can stay abreast of the latest trends and innovations in project management today.
- Risk Management: Construction projects are inherently complex and involve various risks. Big data analytics can help identify potential risks early on, automate earned value analysis to give more reliable future information and to predict appropriate cash flows, thus allowing project managers to implement mitigation strategies effectively. Understanding how to analyze data can lead to more informed decision-making and better risk management practices.
- Sustainability: Big data can play a crucial role in promoting sustainability in construction by optimizing energy consumption, reducing waste, and enhancing resource efficiency. Professionals who are knowledgeable in both construction and big data can contribute to sustainable building practices and environmental conservation efforts.
- Improved results and control – Using Big Data to report on important issues and to recognize problematic trends early on can lead to increased costs, allowing the organization to invest in more projects and promote further growth.
Topic Background
Construction and Big Data equips individuals with valuable skills and knowledge that are increasingly in demand in today's industry needs. It not only enhances career prospects but also enables professionals to drive innovation, improve efficiency, and contribute to the sustainable development and improved economics of undertaken projects.
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$160.00
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