Project success is the greatest dream of every real estate firm. To ensure the success of their projects, real estate firms contract the work to a contractor who is supported by a team of professionals. These professionals monitor the contractor’s operations, focusing on the three critical aspects of a project: time, cost, and quality.
Time, cost, and quality are the three key aspects that the project team must focus on to ensure the project’s success. Project timelines indicate when activities are expected to start and end, and it is essential that activities progress with minimal or no delays.
When delays occur, the contractor must provide an updated program of works showing how the delayed time can be recovered without affecting the project’s end date. T
he contract between the contractor and the client includes a clause that allows for an extension of time if the delay is not the contractor’s fault. Time is one of the measures used to determine if a project is successful or not.
Costs in projects should be reduced where necessary without compromising the quality of deliverables. Unnecessary costs, such as those associated with preventable risks, must be avoided completely. If they occur, they should be transferred to the contractor fully.
The project management team must issue standards and specifications to the contractor so that if the contractor deviates from them, they will be liable for the costs incurred in rectifying the defect.
The three aspects must be integrated in a way that ensures cost reduction and timely completion of activities while maintaining high quality. If high quality is not maintained, the project will fail to meet its standards.
