Project Manager and the Project Management Essay

Project Manager and the Project Management - Essay Example All these were made possible by having a well planned and construction project. Introduction: The perennial contradiction created by aspirations of designers, owners and constructors have gone â€Å"mission critical’ in the recent economic times. Pressure is mounting on the owners to save time and cost in all aspects of construction, where as the designers are struggling to conserve utilization rate at satisfactory levels and contractors are trying hard to maintain cash flow and a healthy order book. The owners have always expected to have an expeditious, quality with a maximum functionality at a least capital cost. From the designer’s point of view, the owner invariably wants a good and sound design at minimum cost and often in an overly optimistic timeframe. Therefore this paper will analyze all the factors which contributed to the success or failure of this construction project based on the following three managerial primary elements which are the major determinate for the success of the construction project. Managing costs of the project, accomplished through accumulating, organising and analysing data and reporting cost time and performance information through formalised methods and structures. Managing time planning, scheduling and controlling the project to achieve the time objectives through recognised control methodologies Managing the human resource, directing and co-ordinating the administration of people involved in the project such as dispute resolution. Managing costs of the project: Contract cash flow The contractor’s business model relies heavily on cash flow, despite this key factor, subcontractor normally sign up to ‘pay only when paid’ contract provisions which severely hamper their cash flow. For contractors and designers who are so anxious in maintaining cash flow are always tempted to make low-ball bids so as to win many tenders. Before making such decision, it is advisable for these designers and contrac tors to make sure that they are properly informed on the following about; risk profile of the project, any provisions cascaded from other contracts, their liability, security required, notice period claim, warrantee provided, ramification on the mindset of staffs and the payment terms. To avoid contractors being preoccupied with money worries, owners must offer better payment terms as well as prompt payments. To the contrary, the practice where owners decide to give service providers and contractors a run around when it comes to the bona fides invoices is becoming so prevalent. In doing these, owners are unnecessarily prejudicing the survival of contractors and service providers alike. Inevitably some companies will be struggling to meet the payment schedules, and therefore in such situations, the company should seek to renegotiate the terms of payment at an earliest possible opportunity. Managing time planning, scheduling and controlling the project: Construction scheduling and upd ating The need for a well developed critical path method scheduling has become more and more pertinent in undertaking projects. The CPM schedule can greatly increase the chance of completion on time while minimizing the incidence of any claims. Once an appropriate CPM is in place, the following will be achieved: Improved planning ahead of

Individual term paper Essay Example | Topics and Well Written Essays - 3250 words

Individual term paper - Essay Example tinies of these huge corporations which in some cases have replaced national ruling classes as the determinants of what goes on nationally and internationally. Businesses that are able to control these factors are advantaged in expansion of market share and size, profit maximization and cost minimization, not to mention the increased efficiency among other competitive and comparative advantages. The main factors are the: objectives of the MNC, means of achieving those objectives, societal and physical influences on that society, and market or competitive influences. These main factors vary from one country to the other, and hence the MNCs have to tailor their strategies and operations to meet the specifics of each individual country. Such multinationals include giants in the service industries like McDonalds, banking institutions like Standard Chartered Bank, and manufacturers like Toyota. The consumer electronics company, Samsung will be used as a case study to illustrate how these factors determine the failure or success of MNC operations in countries other than their home countries. A multinational corporation is a business entity that operates across multiple countries and markets. Also known as transnational companies, they are conglomerates of business with branches in different regions of the world, most of them straddle different industries. It can either operate one core business throughout the world such as manufacturing, or it has diversified in different sectors such as operating in both manufacturing and service industry (Gooderham & Nordhaug 2003). Globalization has promoted the emergence of large companies that are able to take advantage of the opportunities by undertaking huge operations across national boundaries. Globalization is due to convergence of consumers’ tastes, thus creating a global market. Worldwide production of goods is sourced and manufactured globally, and with the technological advances connecting the world, employees are