The paper "An Effective Management of Capital Projects in the UAE" is a perfect example of a management research paper. It has become a critical issue to effectively manage capital projects in the United Arab Emirates due to their complexity especially in modern-day. According to Fewings in the construction project management, there is an increased call by the stakeholders for more returns on their investment, more transparency, and also minimize risk and exposure. Unlike in the past, planning as well as executing capital projects has now been more focused on the complete life cycle of a project due to the ever-changing market environments.
Paying more focus to the whole lifecycle of a capital project enhances good planning, good management of assets, and maintenance in the sites of operations. This research looks into how effectively capital projects are managed in the UAE. It also looks into the lifespan of a capital project that starts from the basic idea of a project even before its initiation and goes on until the completion and closure of the project. The study brings out the approach that must be followed to effectively manage a capital project while also maintaining the required flexibility of the project. Problem statement Most capital projects in the UAE still face a whole lot of the same intricate concerns.
These include budgetary concerns and issues in the scheduling and execution of the projects. Failure to deal with such concerns can possibly lead to prolonged disputes with stakeholders as well as loss in value of the project. There is, therefore, the need to manage these concerns in an appropriate manner. Failure to plan effectively during the planning phase of a capital project according to Nwagbogwu in the Correlation between Project Management Effectiveness and Project Success is one main reason that most companies find themselves experiencing prolonged schedules, extended budgets, and even difficulties in running their operations.
To effectively and positively contribute to the performance and value of a capital project, there is the need to consider the design, construction, commissioning and operational issues as early as during the planning phase of the project so as to come up with the best and the most appropriate approach to deal with any concerns. Literature Review It is important to employ an approach than enhances progress evaluation of the project so as to enable the project team to make informed and important decisions with regard to the other steps.
It is noted by Nwagbogwu in the Correlation between Project Management Effectiveness and Project Success that, the best chance to make a positive contribution to the lifecycle of a capital project is in the early planning phase even prior to the capital outlay. On the other hand, an appropriate assessment of the risk involved with capital projects helps to ensure that the resources involved are managed in a responsible and careful manner.
Assessment of the risk involved also ensures that less time is spent on managing crises rather than more effort and energy is directed towards risk prevention (Looser more et al risk management in projects).
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