Project Management and its usage in cost and time mitigation - Dissertation Example

This research will begin with the statement that the construction industry is generally recognized as a vast, complex and diverse sector. It’s further complicated by the huge number of employees working for this sector. The sector suffers from noticeable differences in the areas of internal organizational structure, training and development techniques and various government policies running this industry across the globe. An estimated number of 35000 employers exist in the present construction sector and the number of employees stands near 330120.

The industry showcases some unique traits that are different from other sectors, which includes • Large size of the networks used within the industry- It is an important sector of the economy which produces buildings, roads, bridges, airports etc. which in turn are used for further business purposes by the economy. Again, the end product of various other firms like cement, stone, steel, wood etc. are used by the construction sector for delivering its ultimate product. Therefore, this sector has a link with each and every sector of the economy and the networks it maintains are wide and complicated.

• Government as a customer- In most of the countries, the government acts as the direct client of the construction sector and assigns them with projects for various urban and rural development programs. In countries like Singapore 87% of the citizens live at public residence where the government plays a vital role in developing housing projects. Expensive products- The construction sector is characterized by the production of expensive goods which are not possible to purchase without preplanning.

Generally people spend almost all their saving in purchasing their dream house or setting up their own business. For this purpose, this sector has close relationship with the financial industry. Nowadays, the Real Estate firms are tying up with banks and other financial institutions to provide easy access to loans and other benefits to their customers. Immobility of the products- It is the unique feature of this sector that it produces goods which are fixed to the land. This feature limits its chances for export and showing the customer a pre-fabrication sample.

When the project is started, it’s impossible for the firm to change or modify the work process in the midterm. Labor Intensive- This industry