Study on the cost management of construction project during Essay

Study on the cost management of construction project during construction phrase - Essay Example ty of managing costs in construction projects is undeniable since all projects are limited by resources which includes the money to be spent for the project. As such, construction cost management is very significant in the construction industry. In this regard, construction costs is understood as the expense incurred by a contractor for labor, material, equipment, financing, inflation, contingency, plus overheads and contractors profit. Being such, the role of construction costs in the project in particular and in the construction industry in general is of primary significance. Thus, studies and development of theories that will enable the contractors, experts and scholars further understand the concept are continuously undertaken. In this regard, they have come up with the different types of costs namely, earned value cost, actual cost and cost budget all of which intends to guide the user as to what is the standing of the costs of the project from the beginning until the end. These different types of costs involve the following elements: labour, material, equipments, financing, contingency, overheads and others like VAT. Moreover, cost is affected by the following: project duration, project schedule change, resources consumption, price fluctuation, project quality, inflation, project scope, rework, worker injuries, delivery approach, and management practise. The numerous factors that affect construction costs make the nature of construction costs unique, dynamic and undeniably complex. As such, several theories are proffered in order to elucidate and direct the management regarding the control of costs. These are: earned value analysis, life cycle costing analysis, and value engineering. However, it should b e noted that as the concern regarding costs pervades the entire project, there is a necessity to focus only on certain aspects of costs in the project so as not to conflate the discussion. And as mentioned , the entire project zeroes in on construction

Graduate reflection paper 4(b) Essay Example | Topics and Well Written Essays - 2250 words

Graduate reflection paper 4(b) - Essay Example This means they must understand the specific needs of the organization and understand what needs to be evaluated and why. They will need to be able to lead training for a diverse group of employees and understand how these evaluations tie into the training. I believe that knowledge is synonymous with education and a strong leader must understand how to deal with a diverse group of people under a variety of circumstances. I believe in the God centered approach and that all knowledge and wisdom becomes known through inspiration and revelation, through nature and the written word of the Bible. The Bible is consequently a valuable sourcebook for those in quest of genuine wisdom and the Christ is still the great teacher to those who read his words. This worldview creates a foundation for my leadership and helps me understand how I want to lead at any given moment. I rely on my faith to help me when I am not sure what to do in a situation. The many experiences that I have had both in work and in growing up have shaped my view of leadership. As an example, when I worked with my family on our farm, I learned individuality. I also learned about consistency and hard work which are two attributes that still are very important to me. I also learned about multigenerational pride and this was expressed in our home and in how we served our neighbors. In serving the neighbors, I understood that I would be serving others as part of my life work because it appealed to me and it was important to my family. When I think of evaluation and assessment, I go back to education as the primary focus of assessment. As a professor, I am faced with assessing my students continuously. As stated in other papers, I begin all my classes with a personality test that gives me an understanding of each student and their potential. Angelo and Cross (1993) suggested that the process of assessing students in their