Three Critical Factors for Construction Project Success

19Nov15

If a successful construction project is one that is finished on time and on budget, what are the keys to generating that success? First, making sure all stake holders (owner, design team, construction team, etc.) are on the same page with the goal of working together is important.

A study by Charles Pankow Foundation and the Construction Industry Institute took a look at 204 capital projects to find out how to maximize team integration and achieve project success. The study, “Maximizing Success in Integrated Projects: An Owner’s Guide,” found three critical factors of project success:

  1. Early involvement
  2. Qualification-based selection
  3. Cost transparency

While the study may be geared to promoting integrated project delivery, a method that might not be suitable for every project, owner or contractor, there are tips that can be valuable to all stakeholders on construction projects.

Early involvement. Involving all parties, including the construction team, as early as possible is key. Placing a focus on early involvement and integration during pre-construction planning — even pre-design planning — could be the difference between a project that runs smoothly and one plagued by project and communication problems.

Qualification-based selection. As most quality construction companies know, choosing a contractor solely based on low bid is not usually the best route to success. This study reinforces what construction contractors already know and what many of you preach to your customers: choose your project team based on qualifications rather than just price.

Cost transparency. Finally, don’t be a closed book when it comes to costs. Transparency between all parties can often create a higher degree of trust between the parties. Even specialty trades can benefit from cost transparency on a project. In fact, shared risk and reward can be another driving factor for project success.

Read the full article here

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