However, in the planning of long-term projects the execution of the project isn’t successful. Similarly, complex projects also require intense planning process where intensive research is to be conducted for finding solutions to the research projects. Also, effective planning needs to be developed focusing on saving time, allocating resources and implications of the cash flows. In the present context, planning in construction has been recognized as an effective model for techniques, models, designs etc. making it popular among contractors and stakeholders involved in the construction
Through the application of project management, organisations are able to focus further on project necessities by categorising it into the five phases of the project management life cycle process. Project management is increasing in importance as companies strive to gain competitive advantage in today's tough business environment. "Timing and product development cycles are crucial. Project implementation has become a critical aspect of managing assets and resources effectively," says Russ Novak, director of consulting at Arc Advisory Group, Dedham, Mass. "A small drop-off in effectiveness can put a company at a distinct competitive disadvantage.
`But they still do not achieve success in a project. The main problem for projects that did not work was the lack of understanding in determining the scope of the project and at the beginning of the project. Although there is a clear understanding of the need to achieve project success, surprisingly little is published in the interests of the scope of the project's success. This study discusses the scope of which should be defined and controlled and what could be a major factor behind the mismanagement of the scope and how it can be overcome. The scope of the systematic and successful in bringing to deliver quality products is the cost of an agreed and specified in the schedule to stake-holders.
So much of this course are to models from which a manager can argue and focus decisions. Going back to the definition of project management, must be brought into a defined product in a fixed period, with a given amount of resources. The assessment of the projects, especially complex projects is difficult, so it's easy to change the circumstances have changed. Racial Abilities vary as well, and the people is planned for a project may not be for the whole duration of the project available. And get the definition of the project to be built is not a trivial task, nor one that is achieved without some errors.
The decision on the acquisition of materials may also be required in the early stages of planning and scheduling. For example, activities may be included in the project schedule to represent the purchase of major items such as a lift to the building. Availability of materials can greatly affect the schedule in projects with a fast track or very tight time schedule: sufficient time to obtain the necessary materials must be allowed. In some cases, more expensive supplier or the sender can use to save time. Materials management is also an issue at the organizational level if central purchasing and inventory control are used for standard items.
2. 2 PROJECT COST MANAGEMENT Cost performance on a construction project remains one of the main measures of the success of a construction project (Atkinson, 1999; Chan and Chan, 2004). Several reasons are vital for consistent cost estimating for example – budgeting purposes, loan applications if necessary, for estimating commercial feasibility or viability of the project. Cost management could be defined (include, consist of) as process of planning, interpretation, detailing, directing, agreement, cost control and evaluation of the construction during its preparation and constructing phases. This process is going on from throughout the building planning, projection and design, construction phases of a project until the final account is
Project management, planning and implementation cycle: Planning and implementation of the project is essential for the success of the project. There are much kind of resources like man power, skills, equipments and budget. Planning should be done to meet the goals and objectives of the project. There must be a complete coordination among process. The risks and its management are important for the successful implementation and completion of the project.
The construction industry has been heavily criticized for its failure due to cost over runs, delay and unfulfilled project objectives. Therefore, it is important to study about factors that resulted in success or failure of a project and apply project management techniques to
(Duncan and Gorsha) recognized three problem areas which indicate the success of a project. These are under-costing, overspending and late delivery. It is suggested that project planning is needed to overcome these problems. The different tools available to a project manager to achieve success had discussed by (Lackman). These include work breakdown structures, client information sheets and project plans, among others.
The author argues that without a good understanding of all of these principles, such projects would’ve never succeeded. The book also refutes four misperceptions about historical projects: Historical projects had unlimited budgets without an economic return; Historical projects had a predominant slave workforce; Historical projects had unlimited timelines; and Historical projects had used concepts not associated with modern project (Kozak-Holland, 2011). Reading the book one will understand that current project management is the result of a natural evolution and has been practiced throughout the history of humanity. Incrementally, with the completion of each successful significant project knowledge, skills, tools and techniques advanced paving the way for the next historic project. FOUR PERIODS OF PROJECT MANAGEMENT Modern project management started in 1958 with the development of CPM/PERT (KWAK).