How A Construction Industry Has A Direct Role Of Socio Economic Development

Over the past few years, the construction industry has been changing dramatically. One of the most important stages in the construction management and business management is the planning phase. They share similar two main levels of planning which are the strategic and operational planning. However, business management planning to decide in advance what should be done, and how to do it, when you do and you are done. On the other hand, Construction management strategic planning is to deal with selection on a high level of overall objective of the project, including the scope, procurement methods, schedules and financing options but the planning of operations, including the

Many people around the entire world do not possess the knowledge of the different types of constructions and if there is a specific reason this construction are made in certain way or area of the world. Construction is more complex than just building an infrastructure or a facility. It takes planning, land property inspection, design, in numerous occasion financing and the process ends once the project is built and ready for use.

My first recommendation would be to increase the use of construction management software. Many companies still rely heavily on using paper for all of their plans. However, the sector could save thousands of dollars a year by using no paper and switching to construction management software. This enables construction personnel to work together on projects simply by using a device that connects to the internet. They will be able to see plans, drawings, contracts, and more while on the go. By switching to this software and cutting out using paper, the overall company costs will be down. If another financial crisis occurs, there will be less worry of company costs being too high. My second recommendation would be increasing the wages for construction workers. Ever since the financial crisis first occurred, we have been suffering a labor shortage in the industry. It has been increasingly harder to attract workers into the industry again for the fear of being laid off again. In addition to the fear, many of the foreign labor that was once employed left the country while the crisis was going on. Many have not returned due to the tightened policies. The wages for this industry are already too low to attract the qualified workers that might be interested in getting back into the industry. Increasing wages a substantial amount will attract the right people back into the industry. My third recommendation would be for companies to be wary of project size. When choosing the number and size of projects that a company takes on at a given time, they should be mindful. Although the industry is starting to make a comeback, there is still a shortage with labor and the industry could change at any given time. Companies need to be aware of what they are taking on and what their financial situation would be like if another financial crisis were to occur. My fourth recommendation is to focus on a more “green” way of building. A

The construction industry is a major contributor to the world wide. The long term objectives of any

In this industry, there is a compilation of jobs that are necessary in project completion. There are those that fund, construct, analyze, budget, and schedule the project. The construction manager is the person who organizes and manages tasks between the owner, engineers, architects, and contractors. It is their duty to be as knowledgeable as many fields as possible as well as having good time management, money management, and organizational skills to ensure efficiency in

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‘Construction accounts for 40% of the total flow of raw materials into the global economy every year – some 3 billion cubic tons. The industry accounts for approximately 9% of Global Gross Domestic Product and in England alone provides employment for around 1.5 million people '

In the year 2009, more than 150 incidents were reported where fatalities occurred due to workers colliding with construction equipment or other objects on site in The United States. (Marks and Teizer 2012). The number of these accidents causing deaths in this year accounted for approximately 18% of the total construction deaths and 3% of the total workplace deaths experienced that year (Marks and Teizer 2012). Construction Industry is considered as one of the biggest industries in the world. It plays a vital role in the economic growth of any country worldwide, as it contributes to a major portion of the gross domestic product of a country (Lee et al. 2009). In the U.S., it adds to almost 4.5% of the total GDP. Apart from this it also offers very high employment opportunities (Lee et al. 2009). Construction Industry while being one of the leading employing industries in the world also suffers from worker 's site safety issues. Managing the construction resources, such as equipment, labor and material is very important for any project to be successful.

Exclusive to the construction industry for other lines of jobs the presence of one of the highest injury and fatality rates of workers. Although the field of construction

incorporated into the questionnaire. According to Gould and Joyce (2002) there are a number of risks which can be identified within the construction industry itself and those risks are evident in every construction project regardless of the project size or its scope. Tummala et al. (1999) has argued that oftentimes changes in design and scope in addition to time frames or schedules are considered the most common risks for the construction sector based on the study conducted. As the construction project progresses there 's bound to be changes in scope or design which are implemented causing the need for more resources, time and cost. Baker, et al. (1999) notes that if a project is completed ahead of its scheduled time, it may be as troublesome as one scheduled late. Karim et al. (2015) has argued that extremely quick completion maybe a resultant of planning which is insufficient or problems within the construction design which caused shortening of completion time. This may also lead to overall low quality of the final construction product and there may be an increase in the overall cost of the project (Karim et al. 2015). Gould and Joyce (2002) argues that setting a delay in a schedule garners a great cost that becomes the burden of both the contractors and the investors in differing ways. Zhang and Xing (2010) urges that there is great importance in keeping balance between the concepts of time-cost-quality trade-off which manifested over the past decade. This concept of

The Department for Business Innovation & Skills defining construction section as three sectors, they are contracting, services and products. Construction of building (e.g. commercial, residential), civil engineering (e.g. roads, tunnels, bridges and utilities) and special construction activities (e.g. electrical and plumbing installation, demolition and site preparation, plastering, painting, roofing etc.) are classified as contracting part. For the construction service sector, firms usually take part in wholesale, renting and leasing of construction equipment and providing architectural and quantity survey services. Lastly, manufacture of construction products and materials such as bricks, tiles metal structures, doors and windows of metal, electric lighting equipment etc. are representing the product part of construction industry.

There however are challenges in the industry occasioned by uncertainty on future spending on construction projects by the government. Moreover, the cost of doing business and the ability to increasingly make revenue have created a challenging environment for the construction firms. Therefore stakeholders in the construction industry are concerned with whether the government would increase its spending and whether the public construction projects will be available in the future since less than 10 percent are currently financing their clients.

In addition, the amount of knowledge has substantially increased, projects are more often handled internally than it the past, managing them has become multi-disciplinary responsibility requiring a wide range skills, especially as the projects become more complex and high value/resource intense, and a source of competitive advantage if firms develop competence in their management (Meredith and Mantel. 2012, pp.1-3). The types of project to be managed are classified into four groups by Locke (2013, p.6) with construction projects specified as type 1 owing to their unique characteristics, which include physical work tasks conducted outside, subject to weather and other external forces, for instance public perception/comment and being located at a distance from the Head Office of the contracted firm. Other major features are the high health and safety risks owing mining operations, for instance, and the huge financial investment so that very rigorous management of cost, quality and progress are necessary for achievement of objectives.

Due to the advancing technology and global competition, businesses have been forced to put mechanisms in place to support innovation and research to enable them survive the dynamic business environment. Such factors hold for the global construction business, which is characterized by joint ownership approaches between the industry players and the governments and a strong emphasis on the use of results and speedy dissemination of good practice and information. Moreover, the industry is experiencing a recognition of the product innovation and the importance of process as well as collaborative approaches with other foreign construction companies.

Total capital expenditure of state and central government was approximately Rs.8,021 billion in 2011-12 which rose from Rs.1,436 billion in 1999-2000. The share of the Indian construction sector in total gross capital formation (GCF) came down from 60 per cent in 1970-71 to 34 per cent in 1990-91. Thereafter, it increased to 48 per cent in 1993-94 and stood at 44 per cent in 1999-2000. In the 21st century, there has been an increase in the share of the construction sector in GDP and capital formation. The main reason for this is the increasing emphasis on involving the private sector infrastructure development through public private partnerships (PPPs) and mechanisms like build-operate-transfer (BOT).