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- Managing a portfolio of Projects: Most of the companies engage in
construction projects. Hence it becomes imperative for the
top management to formulate a proper mix of projects that
will minimize risk and maximize returns.
- Managing and retaining an effective workforce: The importance of human resource in construction industry is paramount. Hence managing the workforce is a challenge. The workforce needs to be properly trained, motivated and inspired to reach the
expected levels of competency.
- Ensuring Safety: Ensuring both
equipment and personnel safety is very critical for the
smooth functioning of project management activities.
- Change Management: With the advent
of technology, scope of the projects has become more and
more complex. The process of incorporating changes
(reworking and redesigning) in the design during the
construction phase is definitely a challenge.
- Latest Practices: Project Management is one field which is experiencing a plethora of best and latest practices. The amount of research done in this field is enormous. Some of the latest topics are Theory of constraints, Portfolio Management, Balance Scorecard, Maturity models etc. Due to increase in competition, it becomes a challenge to incorporate these practices in the gamut of project management.
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