Published in Cambridge Independent, Commercial Property, 8 May 2019
The value added by project management
The term “Project Management” within the property and construction industry means very different things depending on who you are talking to. When contracting Project Management support, this can often lead to confusion about the level of service required to meet expectations and deliver value. On top of this, there is a temptation, when a project goes well and completes on time and on budget, to question whether that “expert Project Manager” you engaged, was really necessary. Maybe the job was actually easy, and we could have saved our money? So how do you know when a Project Manager is a worthwhile investment and how can you evaluate success?
The construction industry plays a vital role within the British economy, generating around £110 billion annually (roughly 6% of total GDP), but industry research estimates that around 12% of money invested in property projects is “wasted” due to poor project performance and inappropriate procurement.
Developing a project strategy at the outset, highlighting the chosen procurement route, building the professional team and identifying the key activities to be undertaken, addresses this risk, and in this context where 12% waste is a norm, the much lower cost of an expert Project Manager begins to look like a wise investment.
The key to delivering a project on time and on budget for clients is to identify in advance, and then manage the various technical, commercial, legal and statutory disciplines which will affect the performance of the project.
“Value add” can only legitimately be proven if enough effort has gone in the project planning. Establishing Context and Goals is never enough. Yes, we need to know the why and what … but proof of success and value can only be evidenced through an impeccable process of Planning, Implementation, Monitoring and Review.
A Project Manager worth his or her salts will keep projects on track, use budgets effectively and ensure activities are completed correctly. High quality project specification will identify targets and timelines which can be monitored and met. By bringing specialist skill, knowledge and expertise to the venture; waste and error will be reduced and results delivered … at significantly less cost than accepting a 12% wastage element!
At Doyen Land we offer expert Project Management, managing all project stress and allowing you to enjoy the success.
Doyen Land is a Property Advisory service with 30 years’ experience in commercial property and development consultancy. We are members of the Royal Institution of Chartered Surveyors (RICS) and our clients benefit from expert professional advice, transparency and support. We regularly work on behalf of clients, creating tenders, engaging contractors and advising on their rights and obligations.
Contact us to learn more.
