Reducing Risk In Estate Management
Many would say that ‘risk’ is the single word that best defines development and construction in today’s dynamic and volatile economic climate. Strong project management plays a vital role in protecting any investment, and should be considered an essential element of a modern strategy for estate management.
There is possibly no area that demands expert project management more than that of construction, with its huge number of variables and complex interdependencies. Leadership in construction projects requires expansive multidisciplinary experience that cannot be left to chance. The successful outcome of any construction project relies on the careful management of several key aspects including the following:
Strategy & Planning
“By failing to prepare, you are preparing to fail.”
~ Benjamin Franklin
Good preparation is crucial to turning any project into reality. But just what is good preparation? It begins with knowledge. The greater the level of expertise in the field, the greater the likelihood of success. In a field as complex as property development, leadership is everything; choosing the right manager to see things through from conception to delivery is not something that can be left to chance.
So what do the statistics say? According to the Project Management Institute, some 36% of projects do not deliver to their original objectives and can be deemed a failure*. A similar percentage of projects are considered to be at risk according to similar research^. Whatever the statistics say, one thing is clear – planning is a major factor affecting project outcome.
The procurement of service and supplies at the right price and at the right time is a logistical challenge that can make or break any construction project. With material costs and deadlines having such a significant influence on profitability and ultimately project success, this aspect of planning should be treated with the absolute highest levels of diligence and precision. Alongside planning issues, resource problems are widely recognised as another major cause of project failure.
The plan is in place, the resources are available, but unless project delivery is properly overseen it is all too easy for things to unravel and get out of hand. Only expert supervision of delivery can ensure the timely, quality outcome that is needed for a project to succeed. With projects being dynamic in nature, the capacity to make the right decisions quickly and efficiently is paramount.
Choosing the right partner
Choosing a partner who has the expertise and experience to successfully manage these and other elements is critical to securing the desired outcome of a project. The right partner should have a strong reputation in the industry and have led a range of complex and demanding projects. The value of local knowledge should also not be overlooked.
One such company is Record Associates. With a broad geographic area which covers the Midlands and major centres including Telford, Wolverhampton, Birmingham, Coventry, Nottingham, Derby and Leicester, supported by a proven track record, the property and construction consultants are ideally placed to provide you with the expertise you need set your project off on the right foot.