Preliminary Estimating or Cost planning in project management is not just a part of the estimating phase of the project but a continuous process that is integral to managing the project throughout the entire lifecycle. Cost planning is the method used to retrieve the predetermined cost (Approximate Estimating) of a project. This approximate budget willContinue reading “Preliminary Estimating in Construction”
Tender and Bid
Tender and Bid are common terms you come across when dealing with procurement of services in the construction industry. Usually, the two terms are used interchangeably, although their meanings vary. What is the Difference Between Tender and Bid? Both tender and bid are standard terms you will encounter in the tendering process. Mainly, organizations useContinue reading “Tender and Bid”
What is critical path method?
Critical path definition What is the critical path method? The Critical Path Method (CPM) is a project management methodology often used by construction project managers to determine the time a project should take from start to completion. critical path method refers to a sequence of activities taking the longest overall duration to complete and theyContinue reading “What is critical path method?”
Full form of PERT : Project evaluation and review technique
Full form of PERT Yes, PERT is an acronym, same as NASA, PESTLE & RICS. The full form of PERT is Project Evaluation and Review Technique. Why Project evaluation and review technique (PERT) required? Everybody has long term and short term goals in their personal and professional life. If anybody needs to achieve each ofContinue reading “Full form of PERT : Project evaluation and review technique”
What is selective tendering?
Among various types of tendering methods, selective tendering allows only selected vendors to place bids. In other words, only prequalified vendors can put their proposals in the bidding process. Selection criteria for prequalification may be set based on the nature of the project, vendor’s capabilities and past performances. In most cases, clients are requesting vendorsContinue reading “What is selective tendering?”
Why Work breakdown structure is No 01 important for a project?
Proper coordination and planning are the vital ingredients of a successful project. A project consists of many unimaginable tasks and work elements. The secret of accurate planning is identifying these many tasks, dividing them into small manageable tasks, and creating coordination between tasks. A work breakdown structure (WBS) is a systematic and refined way ofContinue reading “Why Work breakdown structure is No 01 important for a project?”
Why Quantum meruit claims are controversial in the industry?
Quantum meruit meaning? “Quantum meruit” is a Latin phrase that means “as much as he has deserved.” A reasonable remuneration or compensation deserves work done by a person or organization based on a retroactive agreement called quantum meruit. Quantum meruit claims in the Construction industry What are these quantum meruit claims? When a contractor has executed aContinue reading “Why Quantum meruit claims are controversial in the industry?”
Difference between Arbitration and mediation
Arbitration and mediation are the most famous conflict resolution methods after the litigation. Unlike the litigation process, these methods resolve conflicts without harming the relationship between conflicted parties. This article discusses the difference between Arbitration and mediation and the similarity between arbitration and mediation. What is the process of arbitration? Based on the presented evidenceContinue reading “Difference between Arbitration and mediation”
Liquidated damages/Delay damages in construction
The short norm for the “Liquidated damages” is known as “LD”. The main intention of liquidated damage is to cover the client against the Contractor’s time-related obligations. If the Contractor breaches the contract, the client can ask (deduct) predetermined sum agreed as “liquidated damages” or “Delay damages”. The principal of Liquidated Damages/ Delay Damages LetContinue reading “Liquidated damages/Delay damages in construction”
PESTLE analysis example- 6 Great examples
PESTLE Analysis is an analysing strategy used in any kind of business or organisation. PESTLE analysis helps to analyse all external factors which affect businesses (organisations or projects). Some may call or write this as PESTEL analysis. Same like SWOT analysis, Word PESTLE is acronymic for below words. PESTLE Stands for, P- Political E- EconomicalContinue reading “PESTLE analysis example- 6 Great examples”