CONSTRUCTION PROJECT

Construction Project of Indoor Stadium

Construction Project of Indoor Stadium

INTRODUCTION

Economic appraisal plays a major role in public sector decision making. Nowhere is this more apparent, and necessary, than in the commissioning of large infrastructure projects — roads, shopping centres, power stations, industrial centres, railways and airports. Generally there is an economic imperative behind these projects. Their potential contribution to jobs and economic productivity tends to be quantified and highlighted. Increasingly, standard cost-be New Economic Foundation it analyses are taking account of other impacts: on the environment, on communities and on wider society. Yet these impacts are often treated as secondary to the economic case. Every business organization, whether public or private, works on different sorts of projects. They apply their innovative and modern techniques on the development of various projects to administer and manage. The public sector organization works on public projects which are aimed to provide services to the customers following a non-profit motive. While, private institutions work for administering certain projects for the sake of earning profits. (Hamilton, 2004, pp. 72-97)

Reason for Projects

The term 'Project' is of common use in all the profit and non-profit organizations these days. It is referred to as a field of planning, organizing, securing and administrating resources to ensure a flourishing completion of particular project along with their goals and objectives. This term is commonly used interchangeable with program management, however technically that is actually a higher level construction: a group of related and somehow interdependent engineering projects.

A project is a temporary a specific new action, new structure that systematically and progressively delivers a future reality, which is not yet an equivalent. It pertains to a certain set of actions which is taken in order to meet the targets set in the context of specific mission and for the accomplishments of goals which is identified as not only a beginning but an end. It usually brings about beneficial change in the organization or added value.

The primary challenge of project management is to achieve all of the different project goals and objectives while honoring the preconceived project constraints. Typical constraints are scope, time, and budget. The secondary—and more ambitious—challenge is to optimize the allocation and integration of inputs necessary to meet pre-defined objectives. (Kerzner, 2003, pp. 15-37)

Risk Management

The project manager and his team will have to undertake an analysis of the risks attached to the management of project. This step identifies all such potential risks and all the events which are likely to generate risks for the project. This identification of risk is achieved by the project team during the early stages of the project. This will also be in alignment with the objectives, requirements and context of the project time constraints and budget, environment, organization. The project team is based on monitoring of risks in the combined experience of previous projects similar in nature.

For each risk, the team and manager has to must determine the triggers and nature of risks which h can include climate, forecasts and other human or natural ...