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Impact Of The Construction Industry On The Uk Economy

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The construction industry provides over 3 million jobs in the UK, this being more than 10% of the total UK employment with it contributing to over £90 billion to the UK economy. (Rhodes, 2014) The construction industry is made up of several dynamic and multiple-skilled sectors that come together to deliver a product, service or result, with the outcome of the project being to create a change. With the industry having such a huge impact on the UK economy we have to understand the need to deliver, and how we can deliver successful projects whilst dealing with obstacles correctly; such as the uncertainty of our climax in order to achieve successful results.

Today stakeholder engagement/management is one of the most common challenges in the…show more content…
These factors relate to the role of a project manager (PM). Project management involves managing resources such as workers, money, materials and methods. (Frimpong & Oluwoye, 2013) So the needs of multiple stakeholders and their expectations must be taken into consideration by the PM. This is done by engaging with them from the initial concept stage, right through to the final outcome of a project. It provides them with a platform to get directly involved; giving them an opportunity to get their voices heard, exchange views and to identify mutual goals (Leung, 2013). However, depending on the nature of the stakeholder’s engagement, they can positively assist or hinder attempts in innovation. (Doloi, 2013) It can be a very complex and unpredictable process; because of this it is vital to a projects success and innovation that a strategic plan or systematic thinking is invested at the beginning of the process.
The research obtained in this report will be focused mainly on Peer reviewed journals.

Larry Miles believed in the theory of Value Engineering, a method that has been around since 1950’s. This is a systematic approach used to analyse and improve a product, system or service. Miles believed that ‘his work fulfilled all the functions that the stakeholder required of the product. That if such definition was not achieved the real function of the item was not understood.’ This statement can be interpreted to relate to the engagement of the
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