Exam answer Essay Example | Topics and Well Written Essays - 2250 words

Exam answer - Essay Example Successful construction procurement should result in timely project delivery, proper budgeting and quality in order to meet the required functions. The act of creating a new structure requires objective survey on site, interaction with design team and other consultants, suppliers as well as other stakeholders. An immediate choice in term of the cost and quality should be agreed upon. The procurement of a construction work is often the subject of joint funding with different stakeholders who have varying interests and goals in the outcome of the projects. The following elements are the best drivers in terms of construction management: Global Bank Corporation are the owners of this project whose purpose is to take account of the demise of many European banks during the credit crunch. The success of this project will meet owner’s interest and at the same time meet the needs of their customers (Schwalbe 2009, p. 45). It is very important to first point at the factors that will determine the most suitable procurement strategy before commencing the projects. These factors: In any construction procurement, the objectives and constraints of each building project are interdependent and therefore require concurrent considerations. A competent and industrious team will be necessary to meet these aspects. Risks are events known or unknown that adversely affect the outcome of the project. The nature of the risk is determined by the objective and constraints of the project. For instance, this project is budgeted at  £120m and any activity that may cost more than the amount projected will be a risk. Consequently, it will affect rest processes and the entire project. Similarly, this project has a tight timeframe for completion. Any delay to the construction program will be a risk on the completion of the project. The responsibility of managing a given risk will be allocated to the party that has the capacity to deal with that risk. Level of project complexity