Increasing efficiency in Residential Projects Through Project Management
At an execution level, application of robust Project Management optimizes the project cost as well in a number of ways like identifying risks, regular audits, procurement management, design management, checking health and safety standards
31 May 2019
The residential sector has come a long way riding on the wave of policy reforms and initiatives. The demand for residential real estate has increased due to the increasing population and urban sprawl. To meet the increasing demand large scale residential developments are coming up in prime locations.
Due to the rising demand developers are grappling with the paucity of time in delivering timely completion of the project. They need to balance time, quality and cost involved in the project completion along with managing the needs of the buyers. All this affects the reputation of the developer as well. In such a scenario developer are highly depending on project management as an avenue to get a competitive edge and deliver projects within the timeline and projected cost.
Project Managers oversee every aspect, including the planning, execution, monitoring, control and closure. Even before the construction of the project begins, they undertake the required site selection and due diligence, securing zoning and entitlement, selecting team members, which will lay down the foundation of the rest of the project. Once the project is underway, they also ensure the project is built according to the owners’ specifications. Due to all these aspects the projects are up to mark and meets the expectations of the buyers.
Project management is evolving as the projects are becoming more complex and are increasing in size and scale. Changing dynamics require innovative methodologies and sustainable approach. Management teams run the risk of depending solely on project teams for information on large capital expenditure. This has given rise to project independent governance structures that have evolved from base levels such as site audits, to risk-based internal audits and capital expenditure reviews, and of late, to full-fledged project reviews at particular points in time and / or continuous reviews. At an execution level, application of robust Project Management optimizes the project cost as well in a number of ways like identifying risks, regular audits, procurement management, design management, checking health and safety standards etc.
Project management was often used to refer merely to the execution component of a construction project, and the emphasis was mainly on the project manager’s ability to deliver in line with budgets, timelines and specifications. Modern project management, however, concerns itself with the planning and strategic components as well; it engages with the “front end”, for instance, as the source of particular benefits and value, and assigns great importance to the interdisciplinary, interpersonal and integrative aspects of the project manager’s role. They are the soul base on which a project succeeds or fails.
Due to the rising demand developers are grappling with the paucity of time in delivering timely completion of the project. They need to balance time, quality and cost involved in the project completion along with managing the needs of the buyers. All this affects the reputation of the developer as well. In such a scenario developer are highly depending on project management as an avenue to get a competitive edge and deliver projects within the timeline and projected cost.
Project Managers oversee every aspect, including the planning, execution, monitoring, control and closure. Even before the construction of the project begins, they undertake the required site selection and due diligence, securing zoning and entitlement, selecting team members, which will lay down the foundation of the rest of the project. Once the project is underway, they also ensure the project is built according to the owners’ specifications. Due to all these aspects the projects are up to mark and meets the expectations of the buyers.
Project management is evolving as the projects are becoming more complex and are increasing in size and scale. Changing dynamics require innovative methodologies and sustainable approach. Management teams run the risk of depending solely on project teams for information on large capital expenditure. This has given rise to project independent governance structures that have evolved from base levels such as site audits, to risk-based internal audits and capital expenditure reviews, and of late, to full-fledged project reviews at particular points in time and / or continuous reviews. At an execution level, application of robust Project Management optimizes the project cost as well in a number of ways like identifying risks, regular audits, procurement management, design management, checking health and safety standards etc.
Project management was often used to refer merely to the execution component of a construction project, and the emphasis was mainly on the project manager’s ability to deliver in line with budgets, timelines and specifications. Modern project management, however, concerns itself with the planning and strategic components as well; it engages with the “front end”, for instance, as the source of particular benefits and value, and assigns great importance to the interdisciplinary, interpersonal and integrative aspects of the project manager’s role. They are the soul base on which a project succeeds or fails.