“Successfully completing projects in the Construction Industry is a complex and challenging process. Among other things, it requires interpretation of and compliance with many laws, codes, and regulations; a gathering of considerable resources, including labor, equipment, and material; and communications with and coordination among multiple parties, such as the client, the design professional, main contractor; subcontractors, and suppliers, all of whom may have different purposes and goals.”
In addition, many factors are unknown or unknowable at the start of any project. Not surprisingly then, risks are an expected part of this process.”
Discuss the main aims of risk management and what it should achieve for a construction project. Include aspects of an appropriate procedure, technique or method for risk identification in order to enable the project team, at the design or construction stage, to understand and determine the risk exposure of the project.
The process of Value Management should be applied through the concept, planning and implementation phases of a project life cycle.
Whether you agree or disagree with this statement explain your position and discuss this statement.
Discuss the issue of cash flow in construction projects and how the cash profile of a project can affect its management.
Comment on the issue of cost control in construction project, explain and illustrate one cost control technique to support your answer.
The life cycle cost of an asset is defined as the total cost of that asset over its operating life, including initial acquisition costs and subsequent running costs. A life cycle cost approach, that is, an approach that takes explicit account of the life cycle cost of assets, is essential to effective decision-making.
Discuss the 4 main ways in which this is relevant and discuss the different clients motivations there may be for using life cycle costing on projects.