With More Megaprojects on the Horizon, Owners Must Double Down on Proactive Planning

News provided by

Sep 24, 2024, 12:01 ET

Increased risks with big-dollar, broad scale projects can be mitigated with early focus on procurement, virtual design & construction, according to DPR Construction

REDWOOD CITY, Calif., Sept. 24, 2024 /PRNewswire/ -- Fueled by legislation and technology trends, DPR Construction is tracking more upcoming megaprojects – projects over $1 billion – in the advanced manufacturing, life sciences and advanced technology sectors. In DPR's latest Market Conditions Report, the company recommends project owners sharpen their focus in the planning phases to account for the increased risks these projects present.

"The complexity, pace, risk and demand of megaprojects require a higher level of attention to planning best practices," said Philip Bartkowski, DPR's preconstruction corporate service leader. "What might seem like a small issue on a smaller job can quickly scale to business-impacting cost and schedule ramifications on a megaproject. Disciplined planning that recognizes the greater risks to all project partners can lower risks and set large projects on track for success."

Owners planning large projects in the months ahead should focus on:

Design and procurement – Procurement of materials and key equipment must help shape designs and, at the same time, designs should meet the needs of procurement. Without the right integration between these two aspects, projects may increase their outsized risks from delays and budget impacts.
Robust Virtual Design & Construction – Proper applications of VDC allow issues to surface on a screen first so they can be built safely and at top quality once in the field. Re-work on a large project can be extremely costly for budget and schedule.
Accounting for financial risks – Money fuels every project. Scaled to megaproject level, having aligned cash flow expectations is crucial to ensure every project partner can move at the right pace.
Building the right team – Megaprojects demand a dedicated team that is often large. Identifying the right group of leaders that can look out for the owner, align with the design team and keep the work moving forward is paramount.

DPR's latest report also provides updates on emerging supply chain pressures and considerations for owners to take in light of them. Previous quarterly reports and related interactive market conditions dashboard can be found here.

About DPR Construction
DPR Construction is a forward-thinking, self-performing general contractor and construction manager specializing in technically complex and sustainable projects for the advanced technology, life sciences, healthcare, higher education and commercial markets. DPR's portfolio of work ranges from large-scale new construction to small tenant improvements and special projects. Founded in 1990, DPR is a great story of entrepreneurial success as a private, employee-owned company that has grown to a multi-billion-dollar organization with offices around the world. The company is strategically focused on delivering more predictable outcomes through applications of virtual design & construction, prefabrication, its team of self-perform craft, and leveraging data to learn and improve from. DPR consistently ranks among the top building contractors and employs approximately 11,000 professionals across its family of companies. For more information, visit http://www.dpr.com.

For more information, please contact:

DPR Construction

Email: [email protected]

SOURCE DPR Construction