Construction Economics Essay example
Finance & Accounting
Pages 8 (2008 words)
Download 0
The economic implications and constraints of construction management are among the most important concerns that any building design, engineering, or construction project must face. Not only do simple economic theories of supply and demand come to play on construction management but, due to ultimate contingencies such as extended liability horizons, the global trade environment, and inevitable regulatory and resource uncertainties that impact both small and large scale projects, the process of estimating and controlling for economic variables through construction management can mean the difference between successful and unsuccessful project ventures, as well as profitable and unprofitable comp…


Throughout the report, an attempt will be made to define the economic concerns of construction and engineering management in such a way that proactive steps can be outlined for UK construction management stakeholders to successfully navigate the difficult economic environment of modern construction management. Economic Theory and Implications Economic theory, despite its crucial impact upon the ultimate success of construction projects and corporations, is often insufficiently understood by construction management professionals. Warren (2001) argues that this is due, at least in part, to an insufficient linkage between economic theory and the contexts of construction applications that such professionals hold as their primary disciplinary concern. After all, most construction professionals enter the engineering and building field because they want to design and construct physical structures, not in order to apply economic theory. ...
Download paper
Not exactly what you need?

Related papers

Economics & Public Policies
There are 3 basic assumptions underlying the production possibilities curve: 1. Quantity and quality of all resources as inputs fixed 2. Unchanged technology 3. Fully employed resources If the federal state and local governments in the U.S. engage in increased health-related expenditure, they would require increasing taxes to meet the increased costs. Assuming the fixed quantity of resources, i.e.…
8 pages (2008 words)
Principles of Economics
Practically, it is very hard to model actions there are so many distinct variables. The problem of alcohol abuse is not easily overcome because alcohol is highly addictive. In this case, if the alcohol abuser is an economist, he will consider many things that he or she would use to help him or her overcome the situation. They will look at the opportunity cost whereby they will consider buying…
3 pages (753 words)
Principles of Economics
In this case, to solve the alcohol abuse problem, one has to consider marginal benefits and marginal costs derived from consuming an extra unit of alcohol and since excessive drinking has more costs than benefits, one would refrain from alcohol. The opportunity cost foregone by choosing to abuse alcohol is too high compared to satisfaction derived; money spent on alcohol can do many other things…
3 pages (753 words)
Housing finance and economics (2)
This segment is monitored such that rents are kept at low levels. This sector is different from that of private landlords where the choice of the later dominates. Here, houses are allocated according to needs and the social landlords state in advance the criterion on the basis of which the allocation is done on a rational ground. They might have a policy of alteration at any time as per the…
10 pages (2510 words)
‘Much of the competition between these oligopolistic firms is usually in terms of marketing of their particular brand’ (Sloman, pp. 197-198 2008), although the marketing techniques may differ considerably from one industry to another. There is a huge deal of interdependence between firms in an oligopoly. The abstract tells us that they have power in many ways in terms of regulating prices and…
4 pages (1004 words)
Finance/Economics research paper
One of the many contributing factors used to determine the status of the economy as well as the logical near future outcomes for the economy are economic indicators. Economic indicators, a set of statistics used to help gauge the economy, are important and extremely depended upon. Two of these important indicators are the Gross Domestic Product (GDP) and the Unemployment Rate. Background The most…
7 pages (1757 words)
El-Con Construction Inc
Rob Lister, the CEO of Oakville Hydo though that El-Con was qualified for the loan based on its recent performance though he did not know if granting the loan was in the best interest of Oakville Hydro company. Based on the company previous performance, there are several ways in which it could maximize and optimize its shareholders wealth. It is therefore recommendable for El-Con to seek different…
4 pages (1004 words)