USING PROJECT MANAGEMENT TOOLS TO IMPROVE THE EFFICIENCY OF INVESTMENT PROJECTS IN CONSTRUCTION

2021 ◽  
Vol 14 (1) ◽  
pp. 83-88
Author(s):  
Svetlana Mikhailovna SYCHEVA ◽  
◽  
Elena Yury’evna KUZMINA ◽  
Keyword(s):  
Project Management ◽  
Construction Industry ◽  
Integrated Approach ◽  
Construction Sector ◽  
Management Tools ◽  
Investment Projects ◽  
Key Characteristics ◽  
Project Costs ◽  
Team Project ◽  
Key Indicators

The article discusses the features of the implementation of investment projects in the construction industry, the main trends in project management in this area. The importance of the construction industry for the country’s economy is substantiated, the key indicators of the construction sector and its contribution to GDP are highlighted. The analysis of the development of the construction industry for the period from 2009 to 2020 is carried out. The reasons for the decrease in investment in construction are identified, among them the most important ones are highlighted. In the article discusses the key characteristics of the construction industry in our country. The conclusion is made about the need for a systematic and integrated approach to the management of investment projects. The authors propose to use the tools of project management to improve the efficiency of the implementation of investment projects. The main tools of project management (tools for defragmentation of work, tools for managing the time in the project, tools for managing resources for project implementation, tools for managing project costs) are named and examples of their use are given. The concepts of «team», «project management team», «matrix of responsibility» are considered.

scholarly journals Business Risk and Project Management in Civil Construction Branch

2019 ◽  
Vol 1 (1) ◽  
pp. 324-331
Author(s):  
Marek Winiarski ◽  
Mariusz Urbański ◽  
Riffat Faizan
Keyword(s):  
Project Management ◽  
Construction Industry ◽  
Construction Sector ◽  
Business Risk ◽  
Final Phase ◽  
Economic Space ◽  
Initial Stage ◽  
Time Frames ◽  
Final Effect

AbstractProject management is general planning, coordination and inspection of the project, from the initial stage all the way to final phase, its purpose is an accomplishment of the accepted task and creation of the functional final effect, without exceeding established costs, time-frames and fulfillment of required standards of the quality. The present article was devoted to the issue of the project management in the construction sector in order to reduce the business risk. The study is based on literature examinations with an own methodological solution for project management in the construction industry. After introducing a set of definitions of the project and describing the concept of project management, a characterization of the project management in the construction industry and its effects in the economic space were described

Total Project Management: An Integrated Approach to the Management of Capital Investment Projects

1982 ◽  
Vol 196 (1) ◽  
pp. 337-346
Author(s):  
H Darnell ◽  
M W Dale
Keyword(s):  
Project Management ◽  
Learning Process ◽  
Capital Investment ◽  
Integrated Approach ◽  
Investment Analysis ◽  
Investment Projects ◽  
Knowledge Based ◽  
The Uk ◽  
Substandard Performance ◽  
Total Project

Substandard performance and failure to meet objectives in capital investment has been a major contribution to the catastrophic decline in the profitability of industry in the UK. The structure of a project is described and the differences between a project and ongoing operations are discussed. An approach to capital investment analysis is described which is based on rate of cashflow and which relates closely to the actual events that occur. The nature and character of the risks involved are examined and a variety of problems discussed. The inevitability of the learning process is pointed out together with the benefits of structuring this learning. Some of the human and organizational imperatives required for success are defined and the need for a knowledge-based approach to the main project disciplines is advocated. These disciplines are outlined together with some discussion of their inter-relations. The operational techniques which ensure a total, and avoid a fragmented, approach to managing a project are briefly described and the importance of top management involvement is emphasized. By taking the steps advocated in the paper the risks inherent in capital investment projects can be reduced to an acceptable level.

Critical Success Factors Affecting Project Performance: An Analysis of Tools, Practices, and Managerial Support

2019 ◽  
Vol 50 (3) ◽  
pp. 271-287 ◽  
Author(s):  
Thawatchai Jitpaiboon ◽  
Sheila M. Smith ◽  
Qiannong Gu
Keyword(s):  
Project Management ◽  
Best Practices ◽  
Extrinsic Motivation ◽  
Success Factors ◽  
Business Students ◽  
Project Performance ◽  
Management Tools ◽  
Team Members ◽  
Managerial Support ◽  
Team Project

This study examines success factors for a team project. The influence of three success factors—(1) project management tools, (2) project management best practices, and (3) managerial support on the performance of individuals, teams, and projects was measured. We surveyed 121 business students with team project experience. Exploratory factor analysis confirms that success factors (project management tools, project management best practices, and managerial support) in a project tend to respond more to individual team members’ performance compared to team performance and project performance. Our findings indicate that project management tools, project management best practices, and support are equally important to success during project implementation. We also find that harmonious relationships among team members lead to extrinsic motivation within project teams and enhance team and project performance. However, most of the time, the system—not the individual—causes a project to fail. Therefore, this study suggests that project managers make a clear plan and agenda by utilizing project management tools.

scholarly journals The Application and Challenges of Earned Value Management (EVM) As Cost Monitoring Tool in the Construction Industry

2018 ◽  
Vol 7 (3.36) ◽  
pp. 96
Author(s):  
Noorhidayah Sunarti ◽  
Zetty Pakir Mastan ◽  
Lum Seon Cin
Keyword(s):  
Project Management ◽  
Construction Industry ◽  
Time Management ◽  
Construction Projects ◽  
Value Management ◽  
Monitoring Tool ◽  
Earned Value ◽  
Management Tools ◽  
Earned Value Management ◽  
Implementation Level

Earned Value Management (EVM) is one of the fundamental approaches acting as a comprehensive project management and controlling technique for tracking the costs and examining project expenditures relative to the physical progress of work. Majority of the previous literature reviews and findings indicates the positive contributions of EVM in monitoring the project time-cost performance progressively and forecasting its future trends. However, EVM was not widely used as practically, the traditional cost and schedule monitoring tool is still very common in the construction industry. Thus, this research was conducted using quantitative method to the identified quantity surveying, project management and construction firms in Klang Valley area to achieve the objectives of; (1) to identify the implementation level of EVM in construction projects, (2) to recognize the EVM contribution as cost monitoring tool compared to the other mehods, and (3) to ascertain the challenges in using EVM. Based on the result, majority has reaffirmed that EVM is positively contribute to project cost monitoring and provide an overall effective cost management tools in their projects. Despite the major challenges identified in using EVM are due to the lack of EVM knowledge, expertise and experience by the user in the industry, the results also indicating that more construction players have come to realize that integration of cost and time management in EVM is beneficial to the construction industry.  

scholarly journals PROBLEMS AND PROSPECTS OF CONSTRUCTION INDUSTRY DEVELOPMENT IN RUSSIA IN THE CONDITIONS OF ECONOMIC CRISIS

Vestnik MGSU ◽  
2016 ◽  
pp. 119-129 ◽  
Author(s):  
Elena Nikolaevna Nidziy
Keyword(s):  
Construction Industry ◽  
Construction Sector ◽  
Residential Real Estate ◽  
Economic Sectors ◽  
The Past ◽  
Russian Economy ◽  
Economic State ◽  
Near Term ◽  
Key Indicators ◽  
Development Prospects

The construction industry is one of the key fund-creating industries, the formation of the Russian economy greatly depends on it. The construction sector is cyclic, that’s why it has always been sensitive to the tendencies of the national economy. In the contemporary conditions of weak economical climate the construction industry is in a state of sluggish recession. The key indicators exercising restraining influence on the construction complex are analyzed. The author carried out calculations of the prices for residential real estate in the past years. The author’s view on the near-term prospects on the exit from recession state is formulated. From the view of the today’s state and the nearest development prospects, it can be stated that the construction industry is one of the most problematic among the basic economic sectors. Retrieval of the expansion rate of the construction industry is possible in case of the positive changes of general economic state.

scholarly journals SELECTION OF INVESTMENT PROJECTS IMPLEMENTATION OPTIONS

2020 ◽  
pp. 160-165
Author(s):  
A. V. Kozlovsky ◽  
N. A. Moiseenko ◽  
O. E. Astafieva
Keyword(s):  
Construction Industry ◽  
Implementation Process ◽  
Investment Project ◽  
Investment Efficiency ◽  
Construction Sector ◽  
Investment Activity ◽  
Investment Projects ◽  
Economic Justification ◽  
Reduced Costs ◽  
Selection Of

The main unresolved issues of choosing the most effective investment projects aimed at introducing innovative technologies have been considered. The traditional indicators of investment efficiency have been analysed. The expediency of using the indicator of the total reduced costs necessary for the implementation of the project has been substantiated. Attention has been paid to the possibilities of public-private partnership in innovation projects. The issues of shares distribution between participants in innovation and investment projects and the use of such objects have been reviewed. The current situation in the investment and construction sector of the economy has been assessed and ways to solve the main problems of investment activity in the construction industry have been outlined. The expediency of creating a mechanism for economic justification of the investment project implementation process, including the creation of reserve funds, has been substantiated. Recommendations for using the indicator of the of the investor’s total stated costs have been given.

scholarly journals Status and Barriers Impeding Utilization of Project Management Tools: Epidemic for Tripartite Construction Parties in Malaysia

2019 ◽  
Author(s):  
Chia Kuang Lee ◽  
Tak Wing Yiu ◽  
Wei Xin Lim ◽  
Adekunle Qudus Adeleke ◽  
Tien Choon Toh
Keyword(s):  
Project Management ◽  
Construction Industry ◽  
Time Budget ◽  
Life Cycles ◽  
Project Managers ◽  
Theoretical Development ◽  
Management Tools ◽  
Construction Companies ◽  
Implementation Level ◽  
Construction Organization

Project management tools have been widely used in construction project life cycles to monitor progress, evaluate payments/claims, and manage construction works worldwide. Despite their capability in helping project managers to achieve specific objectives within time, budget, and standards, not every construction organization in Malaysia would fully utilize these tools due to several challenges. As numerous studies substantiate the importance and of project management tools, lackluster adoption rates have led to productivity problems, project delays, and maturity problems at both project and enterprise levels in the construction industry. This study investigates the level of implementation and addresses the significant barriers that impede the utilization of project management tools. A survey was administered to well-known construction companies in Malaysia. This study revealed that the implementation level was discouragingly low, and the top 5 barriers were: (1) financial considerations, (2) restrictions on human capital, (3) high annual turnover, (4) lack of technology awareness, and (5) organizational culture. These findings suggest that the Malaysian construction industry should: overhaul financial and human resource limitations, increase assistance for users, and boost the partial implementation of basic techniques of project management to the maximum extent possible. The practitioners can understand the dynamics and causes of predicaments to the full implementation of project management tools in their respective companies. As for academicians, these findings help theoretical development and literature arguments on our current construction industry as a whole and optimistically help finds ways to make the Malaysian construction industry more efficient.

Six Sigma Project Procurement application in public procurement

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Jemima Antwiwaa Ottou ◽  
Bernard Kofi Baiden ◽  
Gabriel Nani
Keyword(s):  
Project Management ◽  
Public Sector ◽  
Construction Industry ◽  
Six Sigma ◽  
Public Procurement ◽  
Management Tools ◽  
Content Type ◽  
Competitive Tendering ◽  
Potential Applications ◽  
Project Procurement

PurposeProject management tools and techniques have been widely adopted in the construction industry; however, its combination with Six Sigma and application in construction procurement has not been widely researched. This paper explores the use of Six Sigma Project Procurement (SSPP) and its potential applications in public sector construction procurement.Design/methodology/approachThe role of Six Sigma and project management in construction is critically evaluated using three case studies to demonstrate their application in public procurement.FindingsThe use of SSPP by public sector organisations creates efficient and effective construction procurement processes by addressing delays. The proposed timelines for competitive tendering in the Ghanaian Public Procurement Manual are not realistic.Research limitations/implicationsThis paper contributes to and broadens the limited body of evidence and knowledge of applying SSPP to public procurement processes and identifies areas for further research.Practical implicationsProject management will continue to expand in the global construction industry. However, what will eventually determine if SSPP is embraced by public sector construction depends on the leadership and success of its execution. The application of SSPP to public construction procurement will address delays and lead to significant time reduction of the process. This will eliminate the major issue (delay) accounting for deficiencies in the process.Originality/valueThe paper yields immense value to construction project management researchers and practitioners, especially in the public sector. It recommends the inclusion of Six Sigma to promote focus on actual instead of perceived problems and advocates for decisions-making based on facts which will ensure continuous improvement.

PROJECT MANAGEMENT IN AGRICULTURAL ENTERPRISES OF UKRAINE

2015 ◽  
Vol 1 (1) ◽  
pp. 103-109
Author(s):  
Olena Slavkova ◽  
Olha Novikova
Keyword(s):  
Project Management ◽  
Management Tools ◽  
Project Approach ◽  
Investment Projects ◽  
Agricultural Enterprises ◽  
State Programs

Paper contains the analysis of project approach for managing business in agriculture in Ukraine, key advantages of the use of Project management tools when implementing investment projects in agriculture are presented. Perspectives of usage of Project management for state programs in agriculture are outlined.

scholarly journals AGILE APPLICATION IN CONSTRUCTION INDUSTRY

2021 ◽  
Vol 10 (3) ◽  
pp. 91-99
Keyword(s):  
Project Management ◽  
Software Development ◽  
Construction Industry ◽  
Construction Projects ◽  
Agile Software Development ◽  
Management Tools ◽  
Development Tools ◽  
Agile Project Management ◽  
Software Development Tools ◽  
Agile Software

The construction industry is dynamic in nature because it involves a wide number of stakeholders, such as consumers, manufacturers, consultants, regulators and others. Construction projects suffer from many challenges and complex performance issues, such as low coordination, job delays, changes in goals. Study on the contrast of conventional and modern methodologies for project management in construction projects. Introduction of Agile project management approach as modern project management methodology and its framework effects on construction project performance. With the use of Agile software development tools comparison of individuals experts and team solutions will be analyzed and evaluate optimum solutions and their comparison with traditional project management tools. In traditional project management, validation of the results has been done through survey of the experienced experts. However, as agile software development tools Jira and Trello software would be used for managing project. Analysis of the research will compare traditional and agile project management tools and suggest the project management team an optimum solution of any problem occur at construction project.

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