Question

In: Civil Engineering

Why should project manager even if only involved in the financial aspects of a project be...

Why should project manager even if only involved in the financial aspects of a project be aware of codes, standards, acts regulations and building legislation

Solutions

Expert Solution

A project manager even if only involved in the financial aspects of a project be aware of codes, standards, acts regulations and building legislation.Because he is the person who has the responsibility for the eminent planning, design, execution, monitoring, controlling and closure of a project.He should have a proper knowledge about the building codes, standards , acts ,regulations and building legislation since all these are necessary for the successfull completion of a project. Otherwise the project will not be succefull.

If the project manager is unaware about the building legislations and buiding codes any failure in that area will cause a huge loss of money. We follow many standards and codes while constructing a building,and it is the duty of a project manager to cross check that there is no violation of the guidelines provided by the codes and laws.

For example we know that we have to provide a front clearance of a building as per the buiding codes and standards. But when the workers provide a wrong clearance then there comes many legal issues and it causes wasteage of huge heap of money, their by decreasing the profit of the project. Therefore it is the duty of a project manager to be efficient in all the areas not only handiling financial matters but also be an allrounder knowing about each and every aspects of the project.


Related Solutions

A financial manager in the United States should only be interested in domestic financial markets. Defend...
A financial manager in the United States should only be interested in domestic financial markets. Defend your argument with evidence. Analyze the ideas expressed in the video based on the film, Global Capital Market: Risks and Rewards
Why should a project manager in charge of a medium rise building project make a comparison...
Why should a project manager in charge of a medium rise building project make a comparison of the costs associated with the risk, both to mitigate the risk and the cost if the risk presents itself
A project manager and the project team should not focus on ‘project firefighting ‘but should allocate...
A project manager and the project team should not focus on ‘project firefighting ‘but should allocate sufficient time and resources to preventing problems throughout the life of the project. Project Risk management is one way of preventing problems that can negatively affect the project objectives of cost, schedule, scope, and quality. Effective risk management is directed at eliminating threats and increasing opportunities to ensure project success. (1) Examine a project that you have worked on or know about and discuss...
1. What should be the goal of the financial manager of a corporation? Why? 2. If...
1. What should be the goal of the financial manager of a corporation? Why? 2. If the corporate form of business organization has so many advantages over the corporate form, why is it so common for small businesses to initially be formed as sole proprietorships? 3. One thing lender sometimes require when lending money to a small corporation is an assignment of the common stock as collateral on the loan. Then, if the business fails to repay its loan, the...
Calculate the accounting break-even, the cash break-even and the financial break-even       points for this project....
Calculate the accounting break-even, the cash break-even and the financial break-even       points for this project. The company’s required return is 9% and the project will run       for 5 years. Round your answer up to the next highest integer. Ignore any tax effects       in calculating the cash break-even.                                     Unit Variable              Annual Fixed              Equipment Unit Price                           Cost                            Costs                          Cost $ 3,020                             $ 2,275                   $ 9,000,000                 $ 3,100.000
Discuss financial aspects involved in Aviation Industry in detail word count (500-600 words)
Discuss financial aspects involved in Aviation Industry in detail word count (500-600 words)
Which of the following should be the goal of the financial manager?
Which of the following should be the goal of the financial manager? to maximize market share to maximize current stock value to maximize profit to maximize earnings
What should be the goal of the financial manager of a corporation?
7. What should be the goal of the financial manager of a corporation? Does it mean that financial managers have to do anything and everything to achieve that goal? Explain your answer. 8. Briefly explain the assumptions associated with the constant dividend growth formula. What are the components of the required rate of return on a share of stock? Briefly explain each
Why should financial manager plan for uncertainty? For a business firm, what type of activities does...
Why should financial manager plan for uncertainty? For a business firm, what type of activities does financial management involve? How can effective financial management be helpful in uncertain economic times?
subject...project management 4. As a project manager, you should know the characteristics of a project. The...
subject...project management 4. As a project manager, you should know the characteristics of a project. The project, for example, utilizes processes to move the project work forward. All of the following are typical of a project, except for which one? a,It is a temporary endeavor. b, It creates a unique product or service. c, It occurs monthly. d,It has an end date. 5. An organization is considering investing in a new project, but they want to make certain the investment...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT