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

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.

1 . A method of evaluating financial risk associated with a project, the method comprising:
 establishing data access levels for a plurality of participants each associated with at least one project of a plurality of projects managed by a project management system,
 wherein, according to the established data access levels, each participant is able to enter, view, and edit project source data for projects that they are associated with and is not able to enter, view, and edit project source data for projects that they are not associated with; 
   evaluating financial risk associated with at least one of
 a project of the plurality of projects and 
 a participant of the plurality of participants, 
 wherein the financial risk is evaluated based, at least in part, on project source data stored in the computer readable memory for at least one project of the plurality of projects managed by the project management system; and 
   displaying financial risk assessment data on a screen accessible by a user while preventing the user from viewing project source data relating to projects not associated with the user.   
     
     
         2 . The method of  claim 1 , wherein the act of evaluating financial risk includes evaluating financial risk associated with a first participant of the plurality of participants, further comprising:
 aggregating project source data stored in the computer readable memory for all projects associated with the first participant; and   determining financial risk assessment data based at least in part on the aggregated project source data, and   wherein displaying financial risk assessment data on a screen further includes displaying financial risk assessment data on a screen accessible by a user, wherein the user is not the first participant, and preventing the user from viewing project source data for the projects associated with the first participant.   
     
     
         3 . The method of  claim 1 , wherein the act of evaluating financial risk includes evaluating financial risk associated with a first project of the plurality of projects, further comprising:
 aggregating project source data stored in the computer readable memory for the first project with project source data stored in the computer readable memory for at least one other project that is associated with a first participant that is also associated with the first project; and   determining financial risk assessment data based at least in part on the aggregated project source data,   wherein displaying financial risk assessment data on a screen further includes displaying financial risk assessment data on a screen accessible by a user and preventing the user from viewing project source data for the at least one other project, and   wherein the user is a participant associated with the first project, the user is not the first participant, and the user is not associated with the at least one other project that is associated with the first participant.   
     
     
         4 . The method of  claim 1 , further comprising:
 electronically receiving, by the project management system, project source data from the second participant, the project source data including financial information relating to the second project and information indicative of project performance relating to the second project;   storing the project source data to a computer readable memory in the project management system;   processing the project source 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; and   initiating, by the project management system, a payment to the second participant based on the project source data;   
     
     
         5 . The method of  claim 1 , wherein the financial risk includes the risk of a participant of the plurality of participants defaulting on a loan associated with a project of the plurality of projects managed by the project management system. 
     
     
         6 . The method of  claim 1 , wherein the financial risk includes the risk that an insurable event will occur in connection with at least one project of the plurality of projects managed by the project management system. 
     
     
         7 . The method of  claim 1 , wherein the financial risk includes whether or not a first participant associated with a first project of the plurality of projects managed by the project management system is capable of finishing tasks associated with the first project. 
     
     
         8 . The method of  claim 1 , wherein the financial risk includes an evaluation of whether a participant of the plurality of participants is over-subscribed with other projects and is therefore unable to finish its tasks associated with a first project of the plurality of projects managed by the project management system. 
     
     
         9 . The method of  claim 1 , further comprising receiving project source data from a first participant associated with a first project of the plurality of projects managed by the project management system, wherein the project source data received from the first participant includes project budget data, project change order data, current draw data, past draw data, or invoice data. 
     
     
         10 . The method of  claim 1 , further comprising calculating financial metrics based on project source data, wherein the financial metrics include a metric comparing a project status and a project budget. 
     
     
         11 . The method of  claim 1 , wherein the project source data includes general contractor data and further comprising the act of receiving the general contractor data from a general contractor. 
     
     
         12 . The method of  claim 1 , further comprising the act of generating a report associated with the financial risk. 
     
     
         13 . The method of  claim 1 , wherein evaluating financial risk includes comparing a project status and a project schedule. 
     
     
         14 . The method of  claim 1 , wherein evaluating financial risk includes at least one of calculating a percentage of project completion and calculating a percentage of task completion. 
     
     
         15 . The method of  claim 1 , wherein evaluating financial risk includes evaluating financial risk associated with hiring a first participant to complete work on a first project of the plurality of projects managed by the project management system based at least in part on project source data for other project managed by the project management system and associated with the first participant, wherein the financial risk is evaluated before hiring the first participant. 
     
     
         16 . The method of  claim 1 , wherein the user 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 system including a memory device storing data related to the first project, wherein the project management system establishes data access levels for a plurality of participants each associated with at least one project of a plurality of projects managed by a project management system,
 wherein, according to the established data access levels, each participant is able to enter, view, and edit project source data for projects that they are associated with and is not able to enter, view, and edit project source data for projects that they are not associated with; and 
   a risk evaluation system that
 evaluates financial risk associated with at least one of
 a project of the plurality of projects and 
 a participant of the plurality of participants, 
 wherein the financial risk is evaluated based, at least in part, on project source data stored in the memory device for at least one project of the plurality of projects managed by the project management system, and 
 
 displays financial risk assessment data on a screen accessible by a user while preventing the user from viewing project source data relating to projects not associated with the user. 
   
     
     
         18 . The system of  claim 17 , wherein the risk evaluation system evaluates financial risk associated with a first participant of the plurality of participants by:
 aggregating project source data stored in the memory device for all projects associated with the first participant; and   determining financial risk assessment data based at least in part on the aggregated project source data, and   wherein the risk evaluation system displays financial risk assessment data on a screen accessible by a user, wherein the user is not the first participant, and prevents the user from viewing project source data for the projects associated with the first participant.   
     
     
         19 . The system of  claim 17 , wherein the risk evaluation system evaluates financial risk associated with a first project of the plurality of projects by:
 aggregating project source data stored in the memory device for the first project with project source data stored in the memory device for at least one other project that is associated with a first participant that is also associated with the first project, and   determining financial risk assessment data based at least in part on the aggregated project source data, and   wherein the risk evaluation system displays financial risk assessment data on a screen accessible by a user and prevents the user from viewing project source data for the at least one other project, wherein the user is a participant associated with the first project, the user is not the first participant, and the user is not associated with the at least one other project that is associated with the first participant.   
     
     
         20 . The system of  claim 17 , wherein the project management system
 electronically receives project source data from the second participant, the project source data including financial information relating to the second project and information indicative of project performance relating to the second project,   stores the project source data to a memory device in the project management system;   processes the project source 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, and   initiates a payment to the second participant based on the project source data;   
     
     
         21 . The system of  claim 17 , wherein the financial risk evaluated by the risk evaluation system includes the risk of a participant of the plurality of participants defaulting on a loan associated with a project of the plurality of projects managed by the project management system. 
     
     
         22 . The system of  claim 17 , wherein the risk evaluated by the risk evaluation system includes a risk that an insurance event will occur in connection with at least one project of the plurality of projects managed by the project management system. 
     
     
         23 . The system of  claim 17 , wherein the risk evaluated by the risk evaluation system includes a determination of whether a first participant associated with a first project of the plurality of projects managed by the project management system is capable of finishing tasks associated with the first project. 
     
     
         24 . The system of  claim 17 , wherein the project management system receives project source data from a first participant associated with a first project of the plurality of projects managed by the project management system, and wherein the project source data received from the first participant includes project budget data, project change order data, current draw data, past draw data, or invoice data. 
     
     
         25 . The system of  claim 17 , wherein the risk evaluation system further calculates financial metrics based on project source data, and wherein the financial metrics include a metric comparing project status and project budget. 
     
     
         26 . The system of  claim 17 , wherein the risk evaluation system further calculates financial metrics based on project source data, and wherein the financial metrics include a metric comparing project status and project schedule. 
     
     
         27 . The system of  claim 17 , wherein the risk evaluation system further calculates financial metrics based on project source data, and wherein the financial metrics include at least one of a calculation of a percentage of project completion and a calculation of a percentage of task completion. 
     
     
         28 . The system of  claim 17 , wherein the risk evaluation system evaluates financial risk associated with hiring a first participant to complete work on a first project of the plurality of projects managed by the project management system based at least in part on project source data for other project managed by the project management system and associated with the first participant, wherein the financial risk is evaluated before hiring the first participant. 
     
     
         29 . The system of  claim 17  wherein the user includes at least one of a lender and an insurer.