Project management英国assignment：the Garden Bridge Project man(2)

The four major objectives of the construction project are the quality and duration of the construction unit (owner) concerned, the cost of the construction enterprise (contractor) concerned, and safety (the government's concern)( Mention, 2017). It is the basic goal of the project implementation and the core of the project's comprehensive goal management. The control of these four objectives should first be based on proactive decision-making measures, reduce or avoid the deviation of actual and objective, and ensure the normal implementation and completion of the project. 

 

Suggest how would use / deploy this theory to get the best outcomes 

According to the goal of the bridge project, a reasonable construction schedule plan is prepared, and the construction schedule plan is effectively implemented. First of all, on the basis of the project department guidance plan form the production plan of the construction team, and will refine the production plan of the construction team for the season year plan, plan and monthly plan, and then asked to complete in strict accordance with the production plan. After the production planning task is issued, the annual plan, quarterly plan and monthly plan should be scientifically arranged to determine the implementation plan; The monthly production plan is refined, and the production plan of each month is determined by the technical leader of the working group, and the feasibility and specificity of the implementation method are ensured, so that the production task can be effectively implemented (Saungweme, 2015). After the working group receives the production plan, the plan information should be communicated to each participating department promptly. In addition, the working group needs to hold the meeting every day, so as to realize the communication and exchange of opinions on the problems in the project. In order to promote the effective completion of the plan, a clear reward and punishment system should be established in the working group.

Identify any potential weaknesses that the theory has and how would address / remedy these 

In the bridge project, the main factors that affect the quality of the project are construction materials, equipment and personnel. Therefore, it is necessary to strengthen management in these aspects. Construction materials are the most basic elements affecting the construction quality, so only the quality of construction materials can be strictly controlled, so that the construction quality can be guaranteed fundamentally (Chang & Yen, 2007). When purchasing construction materials, the purchaser must ask the supplier of the materials to provide the factory certificate of the material and try to ensure the quality of the materials from the source. When the construction material enters the material field, it is necessary to carry out sampling inspection of the incoming material. If the sampling result does not meet the relevant standards, it is determined to restrict its entry into the material field so as to ensure the quality of the construction materials. Construction machinery is an important and indispensable in the process of engineering construction, however, if the construction machinery use undeserved, can cause some of the personal safety of operator, so involved in the construction machinery and equipment operating personnel should be familiar with the operation method of mechanical equipment, and in strict accordance with the specifications, well before using equipment inspection and maintenance, to ensure the safety of the construction process.

Establish key connections to other areas of practice (e.g. demonstrating that estimating is connected to risk management etc.) 

To realize the effective control of engineering project cost belongs to a systematical and comprehensive work, implementation process is relatively complicated, at the same time, has the certain difficulty, need to finish the work every staff to participate in the construction units, and the joint efforts of the implementation of the project cost control. The safety of construction process is the key point of real estate engineering project management (Bradley & Puri, 2016).

In recent years, many workers into the city to join in the construction industry, so that the construction team is growing, however, because of the workers' cultural level is relatively low, construction quality and the professional ability is not strong, lead to a drop in the quality of engineering as a whole. , shall, first of all, by the construction unit of construction personnel to carry out the professional knowledge and related construction skills training, and enhance every construction personnel safety responsibility consciousness, and then implement the safety responsibilities of each construction personnel, the question of whom to clear who is responsible for the principle. Only the construction skills and safety awareness of the construction personnel can be effectively improved, so that the construction safety of the project can be guaranteed fundamentally (LASCU, 2012). In addition, the construction unit leadership should lead by example, consciously perform the construction safety rules, to show the model leading role in the construction process, hence leading to the formation of the safety of the construction process of atmosphere. In order to guarantee the construction safety, we should construct a perfect supervision system of real estate projects, and use the supervision system to carry out all-round inspection of the project before construction.

 

4.2

Define the concept  would apply

In information economics, the term "information" refers to information that is not known to the other party because of the different information that the transaction parties know and master in the same transaction. Economists refer to an economic subject as "asymmetric information" or "asymmetric information" with knowledge or information that is not or cannot be verified by other economic subjects. Information asymmetry is common in real economic activities, the general is to have more information of one party in a favorable position in the trade, has more information can use this advantage in trading profit for themselves (Neap & Aysal, 2004).

The principal-agent relationship in information economics refers to any transaction involving asymmetric information. The party that has the information advantage in the transaction is called "agent" and the other party is called "client". On the premise of individual rationality, agents can use their information advantage, benefit or damage the interests of the principal, in other words, when the agent conflict of interests and the interests of the principal, the agent will often create "moral hazard" or "behavior.

Under the mutual supervision and constraint mechanism of project participants, the government, owner and contractor's main principal-agent relations: the government and the owner, the government and the contractor, the principal-agent relationship between the owner and the contractor. This paper takes the principal-agent relationship between the owner and the contractor as an example to prove the game. Project participants are restricted by this kind of supervision (Smith, Thompson, & Iacovou, 2009).

The management model relates to contractual relationships (the division of rights and obligations) and collaborative relationships (organization, coordination, management, and instruction delivery). Supervision engineer employed by the project owners, on behalf of the owner as a relatively independent third party supervision and project contractor's work, prevent the occurrence of contractor's moral hazard, ensure the realization of project objectives( Frey, 2000). In game analysis, the role of supervision engineer in the supervision of contractor is simplified as the extension of the owner's management agency.

Identify the benefits that this would have offered to the Garden Bridge Project 

The relative separation between ownership and control of the contractor. Construction project is a complex system, with social development and technological progress, the requirement of construction project management is higher and higher. The inevitable result of market economy development is the specialization, socialization and marketization of resource allocation (Mills et.,al, 2009). It is not necessary for the owner to establish a full set of construction and management organizations, which is not economical. The rational choice of the owner is to select the project contractor in the form of contract, establish the principal-agent relationship with the contractor, and build it by the contractor. In this relationship, to invest and control to the appropriate separation of the owners of investment and construction projects has the ultimate ownership, the contractor in the construction process according to the authorization of the contract, the construction of the concrete behavior has the decision-making and control.

There is a serious information asymmetry between the contractor of the agent and the owner of the client. The owner of a information disadvantage is difficult to accurately obtain relevant information such as the contractor's moral level, professional ability, also cannot be observed all contractors' choice behavior and the degree of hard information, or because of the high cost and make the observed behavior is not the economic (Cooke-Davies,  Crawford  & Lechler, 2009).

Suggest how would use / deploy this theory to get the best outcomes 

Uncertainty about the environment and the outcome of the agency. The implementation process of the construction project is long and the environmental impact is sensitive to the agency result. The contract between the contractor and the owner is impossible to predict all possible future events and to formulate corresponding countermeasures; Both the loopholes in the contract and the unpredictable factors could lead to the failure of the contractor (Swee-lean, & Nga-Na, 2004).