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Construction Economics - Essay Example
Finance & Accounting
Pages 8 (2008 words)
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. ...
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