What Are The Roles Of Key Stakeholders In Construction Projects?

The following essay has been written by analyzing the risks associated from the construction managers/ project managers’ point of view. Citing the possible risks associated while working on international or varied geographical location. Risks are associated with almost all levels of the project life cycle and is mutually shared and mitigated by all parties employed within the construction industry. There are many evidences to state that poor risk mitigation leads to poor performance and hence establish risk management processes and practices are required to be adhered to in order to turn any project’s outcome into a success.

Centre for Research in the Management of Projects, University of Manchester, P.O. Box 88, Manchester M60 1QD, UK Centre for Research in the Management of Projects, School of Construction and Project Management, The Bartlett University College London, UK Received 8 July 2003; received in revised form 30 January 2004; accepted 15 June 2004

A project is determined by a start and an end. Before the project started the work does not exist. During a project the work does exist. When the project ends work no longer exist. To determine if something can be identified as a project it must have certain characteristics. They include a defined scope, finite budget, deliverables (specific end results) and assigned resources. During a project there are interacting processes. The initiation process starts the project and identifies the organization’s commitment to the project. The planning process defines the objectives and the scope of the project. The processes must be executed which coordinates the resources that are needed to carry out the project plan. These processes must be controlled or monitored in order to take corrective action if needed. Finally, there are processes to close out the project which include acceptance of the deliverables that were identified.

* Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.

As the world is chaotic (Djavanshir and Khorramshahgol, 2006) it is impossible to always predict the future accurately. Teller at al (2012) describes project management as balancing the “iron triangle”, where changes to any one of the planned costs, quality or scope will change the other elements. Risk management allows contingency to be put into project plans, (APM, 2012) minimising negative effects and maximising the benefits of uncertainty.

Sub-distributors: These are the middlemen between large distributors and retailers national, regional or international: while the major distributors operate on a national basis, area distributors are smaller and focus on a specific region or even a single metropolitan area. Online, Internet or digital distributors -- These distributors supply iTunes, YouTube.com, Rhapsody, Napster and other Web music stores with the tunes that they offer.

The budget is an indispensable process for the project management, and it describes the estimated costs of different categories of almost all of the activities in project. An inappropriate budget for the corresponding costs will affect the overall success of the project(Dvir et al., 2003).

Without accurate time and cost estimates project control is ineffective. Inaccurate estimates can make the difference between profit or loss.

Since the project I am assigned to is an ongoing project which is approaching the Date of Substantial Completion (on December 1, 2015), the estimation tasks that I have performed is related to change orders that are due to unforeseen site conditions, design errors and omissions, and the City directed changes. For example, I worked with the Project Engineer in charge of the concreting works, to estimate the cost of a change order involving the quantity takeoff for additional #4 steel bars that were required for reinforcement along the utility conduits that were cast in the slab on grade. This exercise familiarized me with cost estimation by creating custom Excel spreadsheets with formulas designed to reflect the various takeoff methods for different

Construction projects can be extremely complex and fraught with uncertainty. Risk and uncertainty can potentially have damaging consequences for the construction projects. Therefore nowadays, the risk analysis and management continue to be a major feature of the project management of construction projects in an attempt to deal effectively with uncertainty and unexpected events and to achieve project success. Risk is inherent on construction projects and disputes frequently arise. One in four construction projects results in a dispute that leads to arbitration or litigation. With large scale, complex projects the likelihood of serious, time-consuming and expensive claims increases.

A1) Project Governance provides the project manager and team with structure, process and decision making models and tools for managing the project and ensuring its success. It includes a framework for making project decisions, designing roles responsibilities and accountabilities for the success of the project and determines the effectiveness of the project manager. Good governance can be demonstrated through the adoption of a disciplined life cycle governance that includes approval gates at which viability is reviewed and approved; recording and communicating decisions made at approval gates.

Within a project, the project’s success and budget belong to and are the responsibility of the customer. The Customer should have the final say in regards to what is acceptable and unacceptable in regards to risk and the quantification of risk. It is however, the contractor’s responsibility to be the primary source of expertise on a project or what they are being contracted to do. The contractor should offer their opinion and recommendations, and the customer should take their contractors opinions and recommendations seriously due to their expertise in the area. Overall, collaboration between the customer and the contractor should be the ultimate way to resolve a matter of dispute. Members from both the customer and contractor side should meet discuss historical events, modeling and simulation to arrive at the appropriate answer. Also, with quantifying risk, the customer and the contractor should be able to go back and look at the data. With risk quantification, there should be very little room for opinion and judgment which should make it easy to base a decision or a resolution based on hard core data. If a solution or an answer is not able to be decided upon, a third party consultation

Project management is an essential part of businesses and industries in order to advance ahead and add value to products. Project management enables companies to innovate, plan strategically, and for the economy to progress. The important parts of projects are often values such as team working, planning, innovation, time and budget management, and leadership. In the modern society, some projects can be pharmaceuticals (inventing new drugs), IT solutions (new technologies), energy and environment (other sources of energy such as solar), and military (new weapons and machines). The similarities are such that these projects are undertaken to improve the lives of

This assignment will address three areas of project management that stood out while taking this program. Project integrated management, project communication, and project stakeholder management. A discussion on how they are executed will be presented. As more courses were taken during this project management graduate program, many of the project management concepts became clear and revealed more of the interdependencies and intricate dynamics that are required for successful project management.

The completion of any project depends on the execution of various parameters mostly set at the beginning of the project. In order to complete the project to satisfactory levels, the project must be completed within the stipulated timelines, fall within the approximate budget and be of the required quality standards. However, most of the projects are affected by adverse changes and unforeseen events that occur during the execution period. Research shows that the magnitude of change is dependent on the size of the project, with large projects experiencing more uncertainties due to several factors including; planning and design complexity, interest groups having deferring opinions, resource availability, Economic and political climate and statutory regulations, which may necessitate change of plan. Most of the uncertainties are known to occur in the concept phase and if not intervened, they may affect the entire project. The burden falls on the management of such risk as some managers choose to ignore the uncertainties since they call for additional costs. Other inherent risks may go unnoticed and therefore remain unsolved,