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Importance Of Project Management in the Real Estate Industry

12th April, 2019
Importance Of Project Management in the Real Estate Industry

Management works in all scenarios and fields, and working on a particular project needs a lot of assistance and good management skills. Project management plays a significant role in the plan and execution of a project in a thoroughgoing manner, which will enable the team to accomplish the allotted project in a given time. The number of employment created by project management is quite good. According to the project management institute in India (PMI), the total number of jobs which will be created by project-oriented industries is 21.7 million till 2027.

But what exactly is project management?

A project revolves around timing, which has a definite beginning and ending. It also helps in defining scope and resources. It cannot be defined as a routine operation, but has a specific set of operations changing accordingly. People who are included in the project may not be from a single organization or even from different countries. The major advantage of project management is that it helps you manage your project effectively; it enables the ability to resolve problems rapidly, and helps in quick and appropriate decision making.

Some of the examples of projects are working on new software, construction of a building or bridge, railway projects, etc.

Project management has a particular way of working. It involves certain steps for the completion of a respective project. It involves initiating, planning, executing, monitoring, controlling and closing. This progressive way of working ensures definite results.

After understanding project management, let’s us have a look into its importance in real estate.

Efficiency in delivering services

Project management acts as a roadmap to the completion of a project. It gives you an idea where you have to avoid the bumps and potholes, which will lead you to work smarter, not harder. Smart work and a proper roadmap to the project will act as a catalyst for the completion of the project.

Optimum uses of resources

Well-established project management ensures proper allocation of resources which leads to the optimum use of resources. It eradicates the chances of wastage.

Plays a major role in building a sense of competitiveness and increases the chances of growth among the team

Positive results and on-time delivery not only commands respect but also increases the sense of competitiveness which helps in motivating the team to perform more efficiently.

Helps in budgeting

Proper allocation of resources and reduced wastage encourages convenient budgeting, helps in minimizing expenses, hiring and managing contractors and aids the project manager in keeping an eye on the changing prices of materials, paying vendors, etc.

Increase in quality and quantity

Project management goes in close association with escalating effectiveness which increases the quality of a delivered project. Better efficiency results in increased quantity as well, which will not only be profitable for the members of the team but also lends a helping hand to customers’ satisfaction.

The importance of project management does not end in the aforementioned points, but there are other features also which proves its importance. A few of them are risk management, analytics development, time management, solving communication issues, providing better flexibility, great future opportunities, etc.