The study conducted in the article “Project Cost Management – Global Issues and Challenges” by Smith is aimed at identifying the importance of the role of a specialist in cost management. The author considers this post from different points of view, arguing that its significance is confirmed by unreasonably high expenses in the construction sphere. Smith presents sufficiently convincing arguments, for example, that many high-quality projects are accompanied by excessive time and financial costs caused by poor planning. This statement is appropriate since many high-budget projects are really implemented for a long time and require significant investments.
Issues Provided by the Writer
One of the issues that the author mentions are the limited funding of projects and the too-high value of money invested. This assumption is appropriate because, in connection with the frequent shortage of funds, construction companies try to do the whole volume of work as economically as possible. At the same time, the lack of quality can manifest itself, and the issue is crucial.
Also, Smith argues that the problem of the inadequate planning of time and money is relevant not only for certain regions but also for the world as a whole. This assertion is rather controversial since some countries with highly developed economies can afford to spend money on construction effectively. Nevertheless, in many states, this issue is topical, and a possible solution is to use the skills of a specialist in cost management.
The study is comprehensive and complete, which is proved by the consideration of various world sites for the activity of specialist in cost management. Smith views all the main regions of the planet in order to find information on the need to implement this post and assess the gaps and problems that arise in certain parts of the world. This method is successful in terms of the completeness of the study. The opportunity to research the indicators of all the world regions makes it possible to compile a full picture of the relevance of the intervention and the search for appropriate strategies that can help to change the current situation for the better. The data in the form of a percentage ratio strengthens the reliability of all the presented facts and contributes to visually assessing the spectrum of the issue.
Possibility to Apply Cost Management in the UAE
The financial resources of the UAE are significant in order to allocate funds for construction projects. However, the absence of a planned approach does not allow companies to spend funds wisely, and inconceivable costs emerge. The use of cost management provisions will help to unify the order of construction in the country and will give an opportunity to move away from the policy of inefficient money spending. The authorities can appoint those responsible boards in each emirate and control the entire process. In case a strategic approach to financing will be applied, all the funds will be spent to a lesser extent, which will not affect the speed of work and the quality of facilities negatively. The UAE is known for its exquisite architectural buildings. The implementation of the cost management policy will allow performing all the works not only qualitatively but also economically, which is particularly important in the conditions of the modern market and the high cost of construction resources that are often purchased in other countries.
The considered article has a sufficient number of facts and confirmations of the proposed theory about the need to popularize the activity of a specialist in cost management. Strategies and recommendations proposed by Smith are necessary for the effective realization of mentioned ideas. Al the information given helps to identify key issues that relate to the topic under consideration. The subject matter of the article can be used in the UAE business in the sphere of construction.