Method of and system for evaluating financial risk associated with a construction project

• US 8,489,501 B2
• Filed: 01/24/2011
• Issued: 07/16/2013
• Est. Priority Date: 06/29/2004
• Status: Active Grant

• Current Assignee: Textura LLC (Oracle Corporation)
• Original Assignee: Textura LLC (Oracle Corporation)
• Inventors: Allin, Patrick J., Eichhorn, William H., Cherry, Charles C.
• Primary Examiner(s): Kazimi, Hani M
• Application Number:
  US13/012,460
• Publication Number:
  US 20110119177A1
• Time in Patent Office: 904 Days
• Field of Search: None
• US Class Current: 705/38
• CPC Class Codes: G06Q 30/00 Commerce
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 50/08 Construction
• CPC Class Codes: G06Q 50/16 Real estate

Abstract

A system and method for evaluating risks associated with a project based on project data from several projects. A project management server manages multiple, unrelated projects for a plurality of participants. The system manages each project by receiving and processing data associated with each project. Risks for a project are evaluated by aggregating project data from multiple projects. Risk assessment data for a particular project, based on the aggregated project data, is displayed to a participant of the project while access to the project data is limited to only projects with which the participant is associated.

Claims

1. A method of evaluating financial risk associated with a project, the method comprising:

establishing data access levels for participants associated with one or more projects managed by a project management computer system, wherein

the project management computer system manages multiple, unrelated projects for a plurality of participants,

a first participant among the plurality of participants is associated with a first project, is allowed to view and edit project data relating to the first project stored on the project management computer system, is not associated with a second project, and is not able to view project data relating to the second project stored on the computer readable memory, and

a second participant among the plurality of participants is associated with the first project and a second project and is allowed to view and edit project data relating to the first project and the second project stored on the project management computer system;

electronically receiving, by the project management computer system, project data from the second participant, the project data including financial information relating to the second project and information indicative of project performance relating to the second project;

storing the project data to a computer readable memory in the project management computer system;

processing the project data stored in the computer readable memory to generate updated project status information and budget information for the second project;

storing the updated project status information and budget information to the computer readable memory;

initiating, by the project management computer system, a payment to the second participant based on the project data;

electronically aggregating, by the project management computer system, the project data relating to the second project with additional project data relating to the first project, the additional project data submitted to the project management computer system by one or more participants associated with the first project;

evaluating financial risk associated with the first project based, at least in part, on the aggregated project data stored in the computer readable memory; and

displaying financial risk assessment data for the first project on a screen accessible by the first participant while preventing the first participant from viewing the project data relating to the second project, and wherein the financial risk assessment data is based at least in part on the evaluated financial risk.

2. A method as set forth in claim 1 wherein the financial risk includes the risk of the second participant defaulting on a loan associated with at least one of the first project and the second project.

3. A method as set forth in claim 1 wherein the financial risk includes the risk that an insurable event will occur in connection with at least one of the first project and the second project.

4. A method as set forth in claim 1 wherein the financial risk includes whether or not the second participant is capable of finishing its tasks associated with the first project.

5. A method as set forth in claim 1 wherein the financial risk includes an evaluation of whether a second participant is over-subscribed with other projects and is therefore unable to finish its tasks associated with the first project.

6. A method as set forth in claim 1 wherein the project data received from the second participant includes project budget data, project change order data, current draw data, past draw data, or invoice data.

7. A method as set forth in claim 1 wherein the financial metrics include a metric comparing project status and project budget.

8. A method as set forth in claim 1 wherein the project data includes general contractor data and the general contractor data is entered by a general contractor.

9. A method as set forth in claim 1 wherein the project data includes sub-contractor data and further comprising the act of receiving the sub-contractor data from a sub-contractor.

10. A method as set forth in claim 1 wherein the project data includes supplier data and further comprising the act of receiving the supplier data from a supplier.

11. A method as set forth in claim 1 and further comprising generating a report associated with the financial risk.

12. A method as set forth in claim 1 wherein evaluating financial risk includes comparing project status and project schedule.

13. A method as set forth in claim 1 wherein evaluating financial risk includes calculating a percentage of project completion.

14. A method as set forth in claim 1 wherein evaluating financial risk includes calculating a percentage of task completion.

15. A method as set forth in claim 1 wherein evaluating financial risk includes evaluating financial risk associated with hiring the second participant to complete work on the first project before hiring the second participant.

16. A method as set forth in claim 1 wherein the first participant includes at least one of a lender and an insurer.

17. A system for evaluating financial risk associated with a project, the system comprising:

a project management computer system including a memory device storing data related to the first project, wherein the project management computer system

establishes data access levels for participants associated with one or more projects managed by the project management computer system, wherein

the project management computer system manages multiple, unrelated projects for a plurality of participants,

a first participant among the plurality of participants is associated with a first project, is allowed to view and edit project data relating to the first project stored on the project management computer system, is not associated with a second project, and is not able to view project data relating to the second project stored on the computer readable memory, and

a second participant among the plurality of participants is associated with the first project and a second project and is allowed to view and edit project data relating to the first project and the second project stored on the project management computer system;

receives project data from the second participant, the project data including financial information relating to the second project and information indicative of project performance relating to the second 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 for the second project,

stores the updated project status information and budget information to the memory device,

initiates a payment from to the second participant based on the project data, and

electronically aggregates the project data relating to the second project with additional project data relating to the first project, the additional project data submitted to the project management computer system by one or more participants associated with the first project; and

a risk evaluation system including a processor that evaluates financial risk associated with the first project based, at least in part, on the aggregated data, and displays financial risk assessment data for the first on a screen accessible by the first participant while preventing the first participant from accessing the project data relating to the second project, and wherein the financial risk assessment data is based at least in part on the evaluated financial risk.

18. A system as set forth in claim 17 wherein the risk evaluation system generates metrics to allow the first participant to evaluate the risk of the second participant defaulting on a loan associated with the first project.

19. A system as set forth in claim 17 wherein the risk evaluation system generates metrics to allow the first participant to evaluate the insurance risk associated with the first project.

20. A system as set forth in claim 17 wherein risk evaluation system determines whether the second participant is capable of finishing its tasks associated with the first project.

21. A system as set forth in claim 17 wherein the project data includes project budget data, project change order data, current draw data, past draw data, or invoice data.

22. A system as set forth in claim 17 wherein the risk evaluation system calculates financial metrics including a metric comparing project status and project budget.

23. A system as set forth in claim 17 wherein the risk evaluation system calculates financial metrics including a metric comparing project status and project schedule.

24. A system as set forth in claim 17 wherein the risk evaluation system calculates financial metrics including a calculation of a percentage of project completion.

25. A system as set forth in claim 17 wherein the risk evaluation system calculates financial metrics including a calculation of a percentage of task completion.

26. A system as set forth in claim 17 wherein the risk evaluation system evaluates financial risk associated with the first project by evaluating financial risk associated with hiring the second participant to perform work on the first project before hiring second participant.

27. A system as set forth in claim 17 wherein the first participant includes at least one of a lender and an insurer.