Project Execution-Why Projects Go Wrong

Project Execution-Why Projects Go Wrong?

Introduction

Construction Projects involve great amount of resources that are required to be well managed in order to get succeed. Project management starts with planning to establish operations and actions needed to technologically transform the resources involved in construction. Effective planning results in the proper execution of the project. Time and cost are the two main indicators for the performance of construction projects. Poor and inadequate management practices are generally considered as the reason of time overruns and escalation of cost. However, delays in the execution of the projects and cost overruns have significant effect on construction projects in terms of the costs involved in a project, the overall standing of the authorities involved and the fulfillment of the ultimate product. Therefore, it is very important to find out the causes of the failure in project execution or the failure of the projects and understand the reasons of time and cost overruns through which measures can be taken to improve the functions. This assignment will be focusing on finding such reasons which become the factors for the failure of projects, along with the strategies that can be adopted to mitigate the risks.

Why Projects Go Wrong?

In a globalized world, the challenges for large projects, with increasingly advanced technology at the lowest cost and in the shortest possible time, are becoming increasingly large and complex. Every project involves some kinds of potential risk. Consequently, it can be said that all projects, regardless of their type and size, have a high probability of failure (Flyvbjerg & Rothengatter, 2003). At international level, almost all instigators believe that projects usually fail because of considerable facts. For instance; a survey was carried out in South Australia in which a group of industry professional were involved, the aim of the survey was to understand the perception of the aspects that contribute towards the time and cost overruns in construction projects. According to the survey, the main factor that contribute to the delay in projects is identified as the decision making within which the design is considered as one of the most prominent in the cost overruns. Furthermore, it was also identified through the questionnaire that several parties for instance; consultants and contractors have dissimilar perceptions regarding the impact of the factors. Moreover, the factor which was identified as most critical factor for controlling the cost and time performance during the project is at the structural frame stage. The execution of a construction project involves a large number of operations to transform resources through the joint work of several organizations, taking into consideration that construction projects are complex to administer (Zuo &Newell, 2011).

Management starts with planning, stage in which it is determined that what operations are required, how they should be run and what actions should be taken, then this information is defined who is responsible for implementing each task. This makes it possible to foresee potential problems and anticipate the risks that will be present during the ...