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Within any given country, the construction industry is of great significance. It makes certain that people have access to homes, roads, and other important structures that are important for the survival of humanity. As such, construction management as a whole ought to be considered an important factor within any given country, requiring a certain degree of seriousness and approach.

With that perspective, one also ought to consider factors that may hinder the effective operation within construction management. Take for instance a construction site that was supposed to be completed within a given period but because of one factor or another, it exceeds or even worse, it is halted. These aspects can all be classified under cost overruns, delays, and risks. By understanding these factors, one can make certain that they get a better and much effective construction management site.

Cost Overruns

To begin with, it is important to understand what cost overruns are and what they entail. This will help in better understanding the elements that fall under it and, in providing the causes of the cost overruns within a construction management scenario. Just by the name, cost overruns have to entail or cover miscellaneous spending of cash that is meant for construction. In simple words, one may argue that it is the overspending of cash within a given scenario and in this case, requiring the construction to either halt or the contractors having to input more money in the project.

An important aspect to note is that in construction overruns, what may have caused an overrun two years ago may be different within the current trends mainly because of the changes in technology among other factors. In this case, this implies that what may have caused cost overruns in the 1950s may be currently inapplicable due to technology and inflation of prices. As such, the argument behind the presentation of this cause is mainly to become aware and look for ways that one can prioritize certain features or aspects in a construction setting to ensure that the probability of finishing a construction project with the provided cash is increased.

The first cause of cost overruns is slow decision making. Without much explanation into what it is, this may be considered as a self-explanatory aspect that focuses on when stakeholders within construction management “take their time” to enact or perform a certain aspect. In this case, in the event that the public or those that are involved in the construction process are not well prepared, it can lead to cost overruns that hinder the progress of any given construction.

Additionally, the other top-ranked cause of cost overrun or element is poor design and delay in the provision of designs. In any given construction, if the design that is developed is poor, it may lead to the exceeding usage of materials, which can be a hindrance on the provision of a timely delivery of a construction project. Therefore, looking at the elements of cost overruns, the ones that cause them to happen are these two and they ought to be addressed if an organization seeks to provide cost-effective constructions.

Elements of Delay

Delay, just like the name suggests entails spending more time that one is needed to in the delivery of a project. Delays within construction management may lead to a number of negative aspects that include losing productivity as well as revenue and rendering the contractors to be susceptible to lawsuits from the owners. Therefore, in this case, the factors that stand out as far as delays are concerned to include poor planning, under-budgeting and lack of risk management plans.

With poor planning, the construction may begin without the contractors having a clear-cut budget on how they will handle the presented factors neither how long the project may take. It may be considered as going into a river while your eyes are tied, opening self to many probabilities. When it comes to the under-budgeting, this is an important factor in the preparation of a construction. They ought to be funded for building material, paying of workers and food among other factors. Therefore, starting a construction with less money may cause the construction to stop before completion.

The final aspect, in this case, is the lack of a risk management plan. Like any other work-related disasters, constructions as well may undergo problems or even injuries. The manner in which they are handled may determine whether the construction will be closed or continues. Therefore, the need for an elaborate risk management plan is paramount.

Risks

Risks may come in many forms such as injuries, costs, materials, and labor among others. Just like indicated above, the manner in which they are handled says a lot about the contractors and the company handling the construction. For instance, in the case of an injury, the manner in which the organization approaches the situation may tell whether there was a plan in place or not. Therefore, the elements of a risk management plan generally entail the preparedness of an organization to a certain scenario. It is often advisable for an organization to have a risk management plan in place that will ensure that the organization is readily prepared to handle a given scenario. In addition, the availability of risk management well ensures effective construction management, which will increase customer satisfaction.

Cost overruns, risks, and delays ought to be looked at keenly when addressing the realization of effective construction management. It ought to ensure that the timeline, cost, and how the risks are handled prior to the construction beginning. This will also make certain that the project will not stop mid-way. The perception of the public, who in this case are the customers that an individual or an organization that has been given the construction contract is of great importance. It will determine the frequency of the business and as such, it is important to address these factors prior to commencement. 

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