Method of and system for evaluating financial risk associated with a construction project
First Claim
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1. A method of evaluating financial risk associated with a construction project, the method comprising:
- establishing data access levels for participants associated with one or more projects managed by a construction project management computer system, whereinthe construction project management computer system manages multiple, unrelated projects for a plurality of participants,a first participant among the plurality of participants is a payor associated with a first construction project and is allowed to view and edit project data relating to the first construction project stored on the construction project management computer system,a second participant among the plurality of participants is a payee associated with the first construction project and is allowed to view and edit project data relating to the first construction project stored on the construction project management computer system, anda third participant among the plurality of participants is not associated with the first construction project and is not able to view project data relating to the first construction project stored on the construction project management computer system;
electronically receiving, by the construction project management computer system, project data from the first participant and from the second participant a, the project data including financial information relating to the first construction project and information indicative of project performance relating to the first construction project;
storing the project data to a computer readable memory in the construction project management computer system;
processing, by the construction project management computer system, the project data stored in the computer readable memory to generate updated project status information and budget information in real-time;
storing the updated project status information and budget information to the computer readable memory;
initiating a payment, by the construction project management computer system, from the first participant to the second participant based on the project data;
electronically aggregating, by the construction project management computer system, the project data from the first participant and the second participant with additional project data relating to a second construction project managed on the construction project management computer system, the additional project data submitted to the construction project management computer system by one or more participants associated with the second construction project;
calculating financial metrics based on the aggregated project data, the updated project status information, and the updated budget information stored in the computer readable memory;
evaluating financial risk associated with at least one of the first construction project and the second construction project based, at least in part, on the financial metrics, the project data, the updated project status information, and the updated budget information stored in the computer readable memory; and
displaying financial risk assessment data for at least one of the first construction project and the second construction project on a screen accessible by the third participant while preventing the third participant from viewing and editing the project data received from the first participant and the second participant, and wherein the financial risk assessment data is based at least in part on the evaluated financial risk.
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Abstract
A system and method for managing a construction payment process. One method embodying the invention can include evaluating financial risk associated with a construction project by electronically aggregating construction project data associated with participants in a construction project, the data aggregated from a software application that manages payment workflows for the construction project; establishing financial metrics based on the project data; and evaluating at least one of either the metrics or the project data to determine financial risk associated with the project.
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Citations
41 Claims
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1. A method of evaluating financial risk associated with a construction project, the method comprising:
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establishing data access levels for participants associated with one or more projects managed by a construction project management computer system, wherein the construction project management computer system manages multiple, unrelated projects for a plurality of participants, a first participant among the plurality of participants is a payor associated with a first construction project and is allowed to view and edit project data relating to the first construction project stored on the construction project management computer system, a second participant among the plurality of participants is a payee associated with the first construction project and is allowed to view and edit project data relating to the first construction project stored on the construction project management computer system, and a third participant among the plurality of participants is not associated with the first construction project and is not able to view project data relating to the first construction project stored on the construction project management computer system; electronically receiving, by the construction project management computer system, project data from the first participant and from the second participant a, the project data including financial information relating to the first construction project and information indicative of project performance relating to the first construction project; storing the project data to a computer readable memory in the construction project management computer system; processing, by the construction project management computer system, the project data stored in the computer readable memory to generate updated project status information and budget information in real-time; storing the updated project status information and budget information to the computer readable memory; initiating a payment, by the construction project management computer system, from the first participant to the second participant based on the project data; electronically aggregating, by the construction project management computer system, the project data from the first participant and the second participant with additional project data relating to a second construction project managed on the construction project management computer system, the additional project data submitted to the construction project management computer system by one or more participants associated with the second construction project; calculating financial metrics based on the aggregated project data, the updated project status information, and the updated budget information stored in the computer readable memory; evaluating financial risk associated with at least one of the first construction project and the second construction project based, at least in part, on the financial metrics, the project data, the updated project status information, and the updated budget information stored in the computer readable memory; and displaying financial risk assessment data for at least one of the first construction project and the second construction project on a screen accessible by the third participant while preventing the third participant from viewing and editing the project data received from the first participant and the second participant, and wherein the financial risk assessment data is based at least in part on the evaluated financial risk. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 22, 23, 24, 25, 26, 27, 28, 36)
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12. A system for evaluating financial risk associated with a construction project, the system comprising:
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a construction project management computer system including a memory device storing data related to the first construction project, wherein the construction project management computer system establishes data access levels for participants associated with one or more projects managed by the construction project management computer system, wherein the construction project management computer system manages multiple, unrelated projects for a plurality of participants, a first participant among the plurality of participants is a payor associated with a first construction project and is allowed to view and edit project data relating to the first construction project stored on the construction project management computer system and is prevented from viewing and editing project data relating to other construction projects that the first participant is not associated with, a second participant among the plurality of participants is a payee associated with the first construction project and is allowed to view and edit project data relating to the first construction project stored on the construction project management computer system and is prevented from viewing and editing project data relating to other construction projects that the second participant is not associated with, and a third participant among the plurality of participants is not associated with the first construction project and is not able to view project data relating to the first construction project stored on the construction project management computer system or project data relating to other construction projects that the third participant is not associated with; receives project data from the first participant and from the second participant associated with the first construction project, the project data including financial information relating to the first construction project and information indicative of project performance relating to the first construction project, stores the project data to the memory device, processes the project data stored in the memory device to generate updated project status information and budget information, stores the updated project status information and budget information to the memory device, initiates a payment from the first participant to the second participant based on the project data, and electronically aggregates the project data from the first participant and the second participant with additional project data relating to a second construction project managed on the construction project management computer system, the additional project data submitted to the construction project management computer system by one or more participants associated with the second construction project; and a risk evaluation system including a processor that calculates financial metrics based on the aggregated data, evaluates financial risk associated with at least one of the first construction project and the second construction project based, at least in part, on the aggregated data, and displays financial risk assessment data for at least one of the first construction project and the second construction project on a screen accessible by a third participant while preventing the third participant from accessing the project data submitted by the first participant and the second participant relating to the first construction project, and wherein the financial risk assessment data is based at least in part on the evaluated financial risk. - View Dependent Claims (13, 14, 15, 16, 17, 18, 19, 20, 21, 29, 30, 31, 32, 33, 34, 35, 37)
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38. A method of evaluating financial risk associated with a construction project, the method comprising:
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establishing data access levels for participants associated with one or more projects manages by a construction project management computer system, wherein the construction project management computer system manages multiple, unrelated projects for a plurality of participants, a first participant among the plurality of participants is a payor associated with a first construction project and is allowed to view and edit project data relating to the first construction project stored on the construction project management computer system, a second participant among the plurality of participants is a payee associated with the first construction project and is allowed to view and edit project data relating to the first construction project stored on the construction project management computer system, and a third participant among the plurality of participants is not associated with the first construction project and is not able to view project data relating to the first construction project stored on the construction project management computer system; electronically receiving, by the construction project management computer system, project data from the first participant and from the second participant, the project data including financial information relating to the first construction project and information indicative of project performance relating to the first construction project; storing the project data to a computer readable memory in the construction project management computer system; processing, by the construction project management computer system, the project data stored in the computer readable memory to generate updated project status information and budget information in real-time; storing the updated project status information and budget information to the computer readable memory; initiating a payment, by the construction project management computer system, from the first participant to the second participant based on the project data; evaluating financial risk associated with adding the second participant as a payee for a second construction project managed by the construction project management computer, wherein evaluating financial risk includes electronically aggregating, by the construction project management computer system, the project data relating to the first construction project with additional project data relating to other projects managed on the construction project management system with which the second participant is associated, and calculating financial metrics based on the aggregated project data; and displaying financial risk assessment data to the third participant while preventing the third participant from viewing and editing the project data received from the first participant and the second participant relating to the first construction project, wherein the displayed financial risk assessment data is indicative of risks associated with adding the second participant as a payee for the second construction project. - View Dependent Claims (39, 40, 41)
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Specification