FEATURE
Construction Project Management
Construction Project Management C
onstruction project management is an organized professional service which makes use of specialized, creative project management practices to oversee the entire planning, conceptualization, design, and construction of an organization's project, from the initial planning to the finished operation. It involves the use of technical skills, best practices, financial management, quality control, resource allocation and communication. It is generally a collective discipline of people who work together for a common purpose, such as constructing a building, bridge, airport, or other structures. In the planning stage of the construction project management process, various aspects are considered. These include budget analysis, scheduling, cost analysis, cost control, cost allocation, cost recovery, and technical solutions. The budget is the most important aspect of the entire plan, as it represents the maximum amount of money that can be spent. It must be analyzed in terms of both revenue potential and expenditure. If revenues are considered more than expenditure, then expenses are adjusted to meet the potential. Finance decisions are made at this stage using methods such as budgeting, financing, debt consolidation, and the sale of assets.
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September-October issue l 2021
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