Abstract: The growing cost and complexity of capital investment projects, when improperly managed, can jeopardize their success. Time and cost overruns on major public construction projects are the results of decisions made during planning and design, coupled with untimely management response to problems arising during construction. Better management control of project planning, scheduling and organization are essential. Examples are given of new transit projects and of other municipal and state projects. The dealing with potential problem areas, critical in managing a successful project, is sometimes called risk management. Risk programs should be implemented during the design review process. Another technique is value engineering, a function-oriented process that focuses on the function of the product, its methods and process, in order to produce the same item at lower cost. Good project and construction management includes (1) setting of goals and objectives; (2) clarifying delegated decision-making; (3) instituting effective internal communication; (4) adopting realistic policies and procedures; (5) timely securing of funding; (6) instituting management information systems; (7) carrying out risk management; (8) developing cost estimating and scheduling systems; (9) ensuring effective designs; (10) anticipating land and right-of-way needs for early acquisition; (11) designing and implementing wrap up insurance; (12) instituting value engineering and risk mitigation.
Publication Year: 1984
Publication Date: 1984-07-01
Language: en
Type: article
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Cited By Count: 2
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