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Its effect is essential because it is the guarantor in terms of budget, so it must ensure the proper execution of the work while being qualitative and correct in terms of budget. His goal is to make money for his company by doing the right construction and ensuring the proper completion of the work
For one to realize teh completion of a project there must be good management skills in those charged with the respionsibility of project management. Therefore if all aspects of project management are well executed then in the end there will be sound financial aspect hence realization of the objective.
Construction project management requires the skills and expertise of a .... Instead, the construction manager will work toward fulfilling the financial goal through ... Communication plan: This outlines all aspects of communication, from goals and ... that can impact cost, schedule, quality, safety, and the other project variables .
Construction management makes Project execution easy, effective and Economical.
By definition, project management is the application of knowledge, skills, tools and techniques to project activities to meet the project objectives.
Project cost/budget is key element of project triple constraints and an efficient application of project management tools to all project management process in general and to project risk management, timeline, cost/budget, procurement and human resource areas in particular result financially successful project outcomes.
In addition to above, an efficient change control mechanism and timely authorization of project scope changes during all phases of project life cycle are also essentially required to control project budget/cost and avoid scope creep
Project management is the main factor for the completion of the project on time and in the right way and this leads to support the financial aspects of the project
Very careful red construction deign and unedrstand specification of implemation designat schetimatic Drawings and Construction BoQ and qulified Supervisori sattf for monitring projects.
Project Management plays a vital role in deciding the cost and timeline of a project. Time and money both are interlinked in this scenario. If a project timeline is extended due to lack of resources and other factors its going to create a hole in the stakeholder's pocket as time is money. the more you delay a particular activity, the amount of money to be pumped inorder to complete that task is going to be greater.
In my opnion and from my study, I think it's have a high affectbecause in the project management we must forcast how much we need to achive this project.So, from the finanical persepactive, they have to know and provide this budget that the project need it.
Becouse It's Not only must projects be on time and on budget, but they also need to contribute to both shareholder value and the long-term financial success of the business.
Project cost is key element of project triple constraints and an efficient application of project management tools to all project management process in general and to project risk management, timeline, cost/budget, procurement and human resource areas in particular result financially successful project outcomes.
