Single largest investment most of us will make in lifetime

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Reference no: EM132305478

Purchasing a new home is the single largest investment most of us will make in our lifetime. You can either purchase the home from a reputed real estate building company or manage the construction of your home using project management principles that you have mastered. The latter approach can save significant amounts of money over the life of a typical 30-year mortgage. Additionally, it is likely to provide you with one of the most satisfying experiences in your life because you will get an opportunity to see the results of choices you made in building your home.1 However, on the downside, if you manage the project poorly, it also has the potential on many levels to be a disaster.

The experience of managing the construction of a single-family home provides a coherent account of costs, benefits, other considerations related to construction, risks, hazards, and critical decisions. The experience also has the potential for joy if the project is a successful endeavor.

Suburban Homes is a medium-sized, fast-growing construction company in the Midwest region of the United States. Due to its significant growth and good reputation for building quality single-family homes and townhomes, the company decided to expand its business to several Southern states in the United States. However, Suburban Homes recognized the scope for managing resources effectively and efficiently to increase profits. It has decided to formalize project management practices by developing and implementing standard and promising processes, tools, and techniques.

For this purpose, the company was looking for a competent project manager to manage its projects. They hired Adam Smith as their new project manager.

Adam Smith had worked for several years in the construction industry and supplemented his experience with project management education. Consequently, he gained considerable experience and developed expertise in managing construction projects. Adam believes in managing projects by adhering to various project management processes, tools, and techniques.

In his new position as the project manager, Adam s primary task is to improve the performance of project management and increase the project success rate.

1. What advice would you offer to Adam Smith?

Reference no: EM132305478

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