The Impact of Economic Fluctuations on Project Management Practices in Large-Scale Construction Projects
This study investigates the influence of economic changes on management practices in Pakistan, focusing on key areas, including budgeting, cost management, monitoring, project planning, resource allocation, procurement, and risk management. Surveys were conducted to obtain data from 150 project man...
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| Format: | Article |
| Language: | English |
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International Research Alliance for Sustainable Development - iRASD
2024-09-01
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| Series: | iRASD Journal of Management |
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| Online Access: | https://www.journals.internationalrasd.org/index.php/jom/article/view/2392 |
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| author | Wasif Ali Khan |
| author_facet | Wasif Ali Khan |
| author_sort | Wasif Ali Khan |
| collection | DOAJ |
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This study investigates the influence of economic changes on management practices in Pakistan, focusing on key areas, including budgeting, cost management, monitoring, project planning, resource allocation, procurement, and risk management. Surveys were conducted to obtain data from 150 project managers in various sectors in Karachi. The results suggest that economic changes substantially impact management's decision-making process in Pakistan's firms. Managers respond to economic instability by implementing adaptive actions such as modifying budgets, strengthening cost controls, improving monitoring systems, revising project plans, reallocating resources, refining procurement methods, and strengthening risk management frameworks. These insights suggest that organizational resilience can be improved by implementing better planning, enhancing risk management practices, optimizing budgeting and cost management, strengthening monitoring and control mechanisms, refining resource allocation and procurement strategies, and fostering organizational agility.
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| format | Article |
| id | doaj-art-efaed4c5b4364eb2b7d29f272f17ff7c |
| institution | Kabale University |
| issn | 2709-8443 2709-8451 |
| language | English |
| publishDate | 2024-09-01 |
| publisher | International Research Alliance for Sustainable Development - iRASD |
| record_format | Article |
| series | iRASD Journal of Management |
| spelling | doaj-art-efaed4c5b4364eb2b7d29f272f17ff7c2024-11-26T13:20:58ZengInternational Research Alliance for Sustainable Development - iRASDiRASD Journal of Management2709-84432709-84512024-09-016310.52131/jom.2024.0603.0130The Impact of Economic Fluctuations on Project Management Practices in Large-Scale Construction ProjectsWasif Ali Khan0University of Bradford, United Kingdom. This study investigates the influence of economic changes on management practices in Pakistan, focusing on key areas, including budgeting, cost management, monitoring, project planning, resource allocation, procurement, and risk management. Surveys were conducted to obtain data from 150 project managers in various sectors in Karachi. The results suggest that economic changes substantially impact management's decision-making process in Pakistan's firms. Managers respond to economic instability by implementing adaptive actions such as modifying budgets, strengthening cost controls, improving monitoring systems, revising project plans, reallocating resources, refining procurement methods, and strengthening risk management frameworks. These insights suggest that organizational resilience can be improved by implementing better planning, enhancing risk management practices, optimizing budgeting and cost management, strengthening monitoring and control mechanisms, refining resource allocation and procurement strategies, and fostering organizational agility. https://www.journals.internationalrasd.org/index.php/jom/article/view/2392Economic FluctuationsProject ManagementConstruction IndustryPakistan |
| spellingShingle | Wasif Ali Khan The Impact of Economic Fluctuations on Project Management Practices in Large-Scale Construction Projects iRASD Journal of Management Economic Fluctuations Project Management Construction Industry Pakistan |
| title | The Impact of Economic Fluctuations on Project Management Practices in Large-Scale Construction Projects |
| title_full | The Impact of Economic Fluctuations on Project Management Practices in Large-Scale Construction Projects |
| title_fullStr | The Impact of Economic Fluctuations on Project Management Practices in Large-Scale Construction Projects |
| title_full_unstemmed | The Impact of Economic Fluctuations on Project Management Practices in Large-Scale Construction Projects |
| title_short | The Impact of Economic Fluctuations on Project Management Practices in Large-Scale Construction Projects |
| title_sort | impact of economic fluctuations on project management practices in large scale construction projects |
| topic | Economic Fluctuations Project Management Construction Industry Pakistan |
| url | https://www.journals.internationalrasd.org/index.php/jom/article/view/2392 |
| work_keys_str_mv | AT wasifalikhan theimpactofeconomicfluctuationsonprojectmanagementpracticesinlargescaleconstructionprojects AT wasifalikhan impactofeconomicfluctuationsonprojectmanagementpracticesinlargescaleconstructionprojects |