Project Management as the Application of Knowledge Essay - 2

Project Management as the Application of Knowledge - Essay Example The construction industry in the Gulf has witnessed a colossal leap in the past decade. This is rather paradoxical in the context of the global economic slowdown, which negatively influenced the real estate sector in most parts of the world. In particular, the construction industry in the United Arab Emirates has bounced back on to the fast – track, rapidly taking on massive projects towards development of tourism, housing, industrial and commercial facilities, education and healthcare amenities, transportation as well as expansion of ports and airports. The construction sector has been a key source in driving growth for the nation’s economy and is expected to grow at a compound annual growth rate of around 9.5 per cent during 2012 - 2016. What you write here is the good context for the study – place this in your part 1,m this area is for the lit review itself This trend has been possible largely due to the affluence of the local Arab community, wealthy expatriat es as well as favorable Government policies. The United Arab Emirates is witnessing huge investments from both, public and private enterprises in the construction sector, focussing on the development of infrastructure for hospitality, retail, real estate and the healthcare industry.   Interestingly, Dubai is recognized to hold the ‘highest per square kilometre’ of construction activity in the world (Faridi& El-Sayegh, 2006)! Yet, it is observed that there are recurring problems of time and cost overruns in the UAE’s construction industry. This is a major cause for concern, prompting a thorough understanding of the current scenario and the proposal of solutions to mitigate these issues in the construction industry. ‘Project Management’ is defined as the application of knowledge, skills, tools and techniques to the project activities, in order to meet project requirements in an effective and timely manner. Project management typically includes identi fication of requirements, establishment of clear and achievable objectives, balancing the demands of quality, scope, time, cost and importantly, adapting specifications to meet the expectations of the various stakeholders. The application of ‘Project Management’ to the construction industry as a ‘scientific approach’ to mitigate time and cost overruns has been detailed by various researchers. There is a popular belief that â€Å"time is money† and any delay is sure to have a significant impact on the costs incurred. The interplay of contractors, consultants, supervisors and owners must be managed diligently by an effective manager, utilising project management techniques. The following will serve as a research proposal for a project that is concentric upon the role of ‘project management’ in mitigating the cost and time overruns and construction projects in the United Arab Emirates.