can help make a project successful in the construction industry?
STUDENT PAPER
By Reda Elidrissi
SKEMA Business School
Paris, France
ABSTRACT
Construction Industry represents a huge part on the worldwide economy; as years passed projects are increasing, both contractors and owners fail to reach their objectives. However, the management of projects require to respect many criteria to be successful. This paper will identify and explain how a project fails; then bring and show some alternatives on how to solve this issue. Different analysis will be shown such as qualitative and quantitative methods. The results obtained from this paper will show and explain why contractors and owners should select the CM Agency Method In the construction industry.
Key words: Construction, Failure, Contract Management, Project Management, Project Success Factors, Incentive Contracting, Risks
INTRODUCTION
The industry of construction is huge industry and one of the main industries in all over the world. “The global construction industry is expected to reach an estimated $10.5 trillion by 2023, and it is forecast to grow at a CAGR of 4.2% from 2018 to 2023.”[1] This huge growth can lead to different can of failure during time.
What’s a project? Project is defined to be “an investment that requires a set of logically linked and coordinated activities performed over a finite period of time in order to accomplish a unique result in support of a desired outcome”[2]. On another hand, according to the Guild of project controls compendium projects are means to an end to “acquire, create, update, maintain, expand and eventually dispose” of organizational assets”[3] .
The table below will explain project, program, portfolio of assets and portfolio of projects; and with a real-life example for each one in the construction industry.
More…
To read entire paper, click here
Editor’s note: Student papers are authored by graduate or undergraduate students based on coursework at accredited universities or training programs. This paper was prepared as a deliverable for the course “International Contract Management” facilitated by Dr Paul D. Giammalvo of PT Mitratata Citragraha, Jakarta, Indonesia as an Adjunct Professor under contract to SKEMA Business School for the program Master of Science in Project and Programme Management and Business Development. http://www.skema.edu/programmes/masters-of-science. For more information on this global program (Lille and Paris in France; Belo Horizonte in Brazil), contact Dr Paul Gardiner, Global Programme Director paul.gardiner@skema.edu.
How to cite this paper: Elidrissi, R. (2019). Which Contract Management technique is able to make a project successful in the construction industry? PM World Journal, Vol. VIII, Issue IX, October. Available online at https://pmworldlibrary.net/wp-content/uploads/2019/10/pmwj86-Oct2019-Elidrissi-which-contract-management-technique.pdf
About the Author
Reda Elidrissi
Paris, France
Reda Elidrissi is currently a master student in Skema Business School, pursuing a Master of Science in Project and Programme Management & Business Development (P.P.M.B.D). He graduated from Al Akhawayn University in Morocco and holds a Bachelor’s degree in Business Administration with a double major in Finance and Logistic. He has attended two internships in different company’s industry in Morocco. He performed humanitarian work during his university years. He lives in Paris now and can be contacted at reda.elidrissi@skema.edu
[1] Markets, R. (2018). Growth Opportunities for the Global Construction Industry 2018-2023 – A Potential $10.5 Trillion Market. [online] Prnewswire. Available at: https://www.prnewswire.com/news-releases/growth-opportunities-for-the-global-construction-industry-2018-2023—a-potential-105-trillion-market-300578103.html [Accessed 23 Nov. 2018].
[2] Harris, P., Kriel, J., LeServe, M., Riaz, Y., Giammalvo, D. P. D., Illingworth, S., … Weaver, P. (n.d.). 01.1.2. In Guild of project controls compendium and reference (car). Retrieved from http://www.planningplanet.com/guild/gpccar/introduction-to-managing-project-controls?fbclid=IwAR28qfz7FcD6qA60EI1dtZs03w9m7QRPXKd5q1b1dTVNm98qRvAE-0tf0HA
[3] Guild of Project Controls Compendium (http://www.planningplanet.com/guild/gpccar/introduction-to-managing-project-controls)
