Question

In: Economics

An investor would like to invest in a residential project that consists of 150 villas and...

An investor would like to invest in a residential project that consists of 150 villas and a 10 floors building having 20 apartments with other public facilities. The project construction duration will be 5 years. The investor was advised that this investment option should be studied carefully before deciding to accept or reject this opportunity. If you are allocated to conduct this study, what processes and steps you will consider while conducting this study. Justify your answer

Solutions

Expert Solution

Construction planning is a crucial and demanding activity in the administration and implementation of construction programs. It includes the choice of equipment, the specification of project work, the calculation of the resources and duration needed for each task, and the detection of any relations with the various work tasks. The foundation for the creation of the expenditure and the working time is a successful building plan.

Step-by-step explanation

Processes and steps for project construction:

Development of the project, Usually, the creation of the idea begins with the investor. This is where the vision starts, as far as the analysis for the best place and the specifications/standards to be met. Based on the scope, the design stage may vary.

The phase of pre-construction, the next step of the building project starts after the procurement process is finished and the builder has been selected to do the job. The project team shall be set up as soon as the contractor is selected. Usually, the job of the project team is to plan the building site until the work starts. In general, it consists of the following specializations:

-Administrator of contracts

-Director of the project

-The Administrator

-The construction engineers

-Safety and Security Coordinator

In effective collaboration with the contractor, the project manager will be responsible for inspecting the location to conclude the site inspection. The site inspection would help the project team to identify or foresee any environmental issues that can occur during the construction phase. Soil sampling is also an integral part of this process.

The level of procurement

It is now time for the project management to order and procure supplies , tools and personnel. This stage of the project will be more or less difficult and demanding based on the scale of the project, the materials provided and the negotiated start date.

Many of the major building firms have their own sourcing teams. In such situations, it is common for the building firm to concurrently order staff, machinery and supplies for a variety of projects.

Justification:

During the complete closing or completion process, the attention is on the release of project product to the investor. the transition of project documents to the organization, the completion of supplier arrangements, the release of project services and the notification of project closing to all participants. The last remaining step is to use lessons-learned experiments and look at what went and what didn't. Through this method of study, the wisdom of practice is passed back to the project company to support potential project teams.


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