Construction Management

Introduction

In construction, as in any business, time is money. In the design/build approach, stages may be overlapped, saving time as well as costs by dropping the amount of required supervision, job overhead and inflationary impact on construction costs.

As plans are refined and developed in greater detail, more accurate cost estimates will be prepared. The estimates will include detailed quantity measurements and pricing for the total project. Estimates such as these, permit the client to compare more detailed estimates from earlier conceptual estimates. The only variation will be the degree of detail provided.

The final estimate is prepared at the working drawings stage. These are the drawings from which the client's structure will be built.

Risk Management

Risk Management is one of an area of expertise within the field of construction management. It is the process of carrying out and making decisions that will minimize the adverse effects of unpredictable losses upon an organization. A construction manager must reach a primary goal: survival in the face of potentially crippling unpredictable losses (Hendrickson, 44). Beyond survival, a construction manager of an organization may also wish to prevent any losses from interrupting the company's operations, slowing its growth, or cash its flows or reducing its profits by more than a specified amount.

By meticulously analyzing fundamentals, a project manager can precisely recognize potential risks and make well-versed business decisions about accepting, justifying, or transferring those risks. The case for applying a risk management strategy has forever been persuasive. If difficulty strikes and a construction manger can not recover in an appropriate way, the consequences can consist of loss of revenue, defection of customers, weakening of brand equity, as well as enduring loss of shareholder value.

There is risk in every field but construction manager has to go through more risk, as he or she is responsible for many key works. Risk is involved in their work as it all depends on how they fulfil their responsibility (Clough, Sears and Keoki, 194).

Through instruction and past work experience, this wide group of managers manages, directs, and administers the construction process from the theoretical expansion stage through final construction on a judicious and economical basis. Specified designs for constructions, roads, viaducts, or other projects, constructors supervise the organization, setting up, and completion of the project to carry out those designs. They are accountable for synchronizing and managing people, resources, and utensils; budgets, schedules, and contracts; and protection of ...