Role of current PM Practices for Value Management in the period of Economic Revival

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The British University in Dubai (BUiD)
Project Management tools and practices has its roots deeply and firmly embedded in scientific based processes. This fundamental scientific basis gives Project Management theories and their application, a source of dynamism and adaptability to varying needs due to change in circumstances. Project Management practices and their application changes with the varying circumstances and their area of application. One of the major factors affecting this variance is the prevalent financial environment, which in turn can alter the very basis and yardstick to measure the project success. With the whole world facing uncertain times due to continuing financial turmoil, it is imperative for the project management practices to adapt themselves to this revised world order and act as a measure to achieve desired project success. Based upon a combination of literature study and, survey and interview sessions with the various industry professionals; with the help of triangulation method, this study attempts to analyze current management practices employed in the construction industry and, their perceived adaptability and suitability during the expected period of economic revival.
project management practices, value management, economic revival, project Management tools, project success