The evolution of Project Management Consultancy in Real Estate
Project Managers have been involved in the construction of complex buildings since centuries, although in that period it was the architect himself overseeing the entire construction of the ancient structures such as the pyramids in Egypt and the aqueducts of Rome and more. The technical guideline to project management began to formulate in corporate America around World War II and by the 1950’s they had become an integral part of all civil construction and corporate projects. Post World War II a Project Management Consultant (PMC) began to follow two methods of managing projects:
Next came the era of computers from 1980 to 2000, that played a major role with connectivity and forming a communication channel. As the technology progressed in 1990’s, some PMC’s created project management systems and processes to calculate risks and execute projects. Although it was only in the later part of the 19th century that the era of technology in project management truly began. Today (Post 2000) a construction project is monitored more digitally through internet of things (IoT), artificial intelligence, etc. considering that the technology has become a huge part of the verticals with the usage of project management applications, database software, wide ERP systems. etc.
In 2018, a Project Management Consultant’s roles and responsibilities comprises of Project Management planning, Cost Management, Time management, Quality Management, Contract Administration and Safety Management. Let’s elaborate it through different phases of the project: -
Efficiency in project management has been raised to a higher level in order to stay in par with the competition. Every project today is exclusive from other in terms of demands, quality, timeline and other factors and it’s the PMC’s responsibility is to ensure that the project is executed as per the plan.
The Indian real estate sector is one the most recognized sectors globally; it is also the second larger employer in the country and is slated to grow 30% in next 10 years. By 2020, India will need to generate 400,000 project management professionals (PMSs) every year in order to handle the ongoing and future projects, especially in infrastructure and power, said Project Management Institute (PMI) hence establishing the evolution of Project Management Consultancy in last 150 years.
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