A Report On The Construction Sector Essay - 1321 Words

INTRODUCTION: The construction sector is the fifth largest sector in the New Zealand economy, employing more than 170,000 people. This makes up 7.6% of the labour force. It engendered 6.3% of Gross Domestic Product (GDP) in 2010. (New zealand sector report, 2013) There is a lot going on in the construction management space, which has been poorly addressed in New Zealand until recently. (Pieter, 2011) High level of complexity is also involved in construction projects, which exposes this sector to humungous risk aspects. Therefore, lessening of risk linked to such projects, should be prioritized and handled in a systematic way. Risk is an indefinite occurrence or a state, which affects tangible or intangible factors. Managing risks in the right way is important. Risk Management deals with managing such uncertainties. Construction projects are categorized as multifaceted projects, where ambiguity comes from several sources. Construction projects gather together hundreds of participants, which makes it difficult to study this system as a whole. But at the same stretch these projects offer a perfect environment for network and Risk Management research. (Klemetti, 2006) Any construction project will have inherent risks, addressing such risks, analysing them and reducing the harmful impacts of such risks on the project development and completion leads to a successful project. The success factor of any project depends on: ïÆ'Ëœ In time completion ïÆ'Ëœ Specific budget ïÆ'Ëœ RequisiteShow MoreRelatedImpact Of The Construction Industry On The Uk Economy1027 Words   |  5 PagesSector introduction: Balfour Beatty Plc operates in the heavy construction sub sector of the FTSE 250. This sector is particularly interesting given the effect recession has had on this sector and the ongoing developments in the industry. 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