Construction Planning, Monitoring Controlling Techniques Review

Abstract

Project Management modules once considered a necessary commodity in the Realty & Infrastructure construction sector is now viewed as a strategic asset for organizations that wants to remain competitive by quickly adapting to change and accelerating business performance. This paper focuses on the knowledge areas such as scope management, planning strategies, time, and cost control techniques considering Real Estate projects. Keywords-project Management, Scope Statement, time control, cost control I. INTRODUCTION Many organizations today have a new or renewed interest in project management. Computer hardware, software, networks, and the use of interdisciplinary and global work teams have radically changed the work environment. The U.S. spends $2.3 trillion on projects every year, or one-quarter its gross domestic product, and the world as a whole spends nearly $10 trillion of its $40.7 gross product on projects of all kinds. Worldwide IT spending continues to grow, and Forrester Research predicts that U.S. IT spending will grow by another 5.7 percent in 2005, to reach $795 billion, In 2003, the average senior project manager in the U.S. earned almost $90,000 per year, and the average Project Management Office (PMO) Director earned more than the average Chief Information Officer ($118,633 vs. $103,925). Only a handful number of construction projects comply on the basis of Quality, Delivery and Cost in a balanced manner. A large number of projects have failed in one or two of the above mentioned aspects including several projects of international repute. It is observed, the major reasons of failure of a project is the improper management & control of changes, project schedule and project cost. By curbing these 3 vital aspects any project is bound to succeed in a holistic manner.