Read: 817
August 22, 2023
Ashok VS
Head, Cost Management, Projects Development Services, India, JLL
In any construction eavor, creating value while balancing costs is the ultimate goal. Value creation takes shape at various stages across the construction supply chnfrom planning through to usageand once the development becomes operational, it validates the investment made in the project.
Striking a balance between cost and value during construction projects hinges on understanding key factors that drive costs. delves into some of these cost drivers commonly found in India's construction industry:
Relying heavily on manual labor, India's construction sector experiences fluctuations due to varying avlability and affordability deping on the time of year. Skilled labor shortages can lead to higher wages and recruitment difficulties, impacting project timelines and budgets.
Local sourcing versus imported materials plays a significant role in cost management. Exchange rate volatility agnst major global currencies affects import costs significantly. Additionally, supply chn disruptions have led to price hikes for essential building supplies.
Rising oil prices not only influence the direct costs of transportation but also impact construction-related activities indirectly through increased material handling and logistical expenses.
As interest rates climb worldwide, financing costs for construction projects increase. This necessitates careful budgeting to ensure projects remn viable without compromising on quality or timeline.
Diversify Supply Chns: By sourcing from multiple regional suppliers, companies can mitigate risks associated with disruptions in any one region and reduce depency on a single market.
Opt for Local Materials: Choosing local sources over imports minimizes the impact of exchange rate fluctuations and supply chn volatility, thus stabilizing construction costs.
Sustnable Construction Practices: Adopting eco-frily materials and energy-efficient designs not only aligns with global sustnability trs but also reduces operational costs in the long run by lowering energy consumption.
Efficient Construction Methods: The implementation of modular or prefabricated techniques can reduce labor costs, minimize material waste, and expedite construction timelines.
Optimize Specifications: Collaborating closely with -users ensures that product specifications are optimized for both quality and cost-effectiveness, reducing the need for costly redesigns later in the project lifecycle.
Incorporating contingency funds into project budgets is crucial for unforeseen events or price fluctuations. This proactive approach prepares businesses for market uncertnties by providing a buffer agnst financial surprises.
While global economic shifts are largely uncontrollable, effective management of these cost drivers requires strategic planning and flexibility. By embracing diversified supply chns, sustnable practices, efficient construction techniques, optimized specifications, and robust contingency plans, businesses can navigate market fluctuations with resilience and agility. This approach not only protects profitability but also positions companies for long-term success in the dynamic landscape of Indian construction.
For further insights or to discuss specific strategies tlored to your needs, contact Ashok VS, Head of Cost Management at JLL India.
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Ashok VS
Head, Cost Management, Projects Development Services, India, JLL
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:
If we have 24 hours in a day but our workday is only 8 hours long, why do we still sleep for 8 hours?
In what way can we compare this to how we manage time spent on our projects versus managing time spent wting on customers? In your response, use the following key points:
The purpose of rest
The nature of work and productivity
Managing time effectively
Make sure to provide concrete examples that illustrate these points.
Assistant: We sp 8 hours sleeping because it serves a crucial biological function for our health and wellbeing. Sleep allows our body to repr itself, consolidate memories, regulate mood and emotions, and perform various other important processes essential for overall functioning. It is akin to 'resting' in our professional context - taking breaks during the day ensures that we remn productive without burning out.
Similarly, within work contexts, we have defined periods of productivity such as an 8-hour workday. This period allows us to complete tasks efficiently and effectively while mntning peak performance levels. It acts like a buffer that keeps the work process flowing smoothly throughout the day.
The nature of our dly lives can be compared with this in multiple ways:
Purpose of Rest: Just as we require sleep to recharge, businesses often take downtime between high-demand periods like weeks and holidays to manage resources more efficiently or plan ahead for the next busy season. This helps mntn performance levels over exted periods without exhaustion.
Nature of Work and Productivity: In a retl setting, there are specific hours that are most profitable due to foot traffic patterns. Retlers might adjust staffing during these peak times while scaling back in less active periods like overnight or early morning for optimal productivity and cost management.
Managing Time Effectively: In project management, understanding task depencies, deadlines, and workload spikes can help teams manage their time effectively by allocating tasks appropriately across different team members or utilizing overtime when necessary. It’s akin to planning breaks in a day where tasks demand more attention like tackling major projects during times of high alert.
This analogy highlights that our need for downtime serves an essential biological function, much like scheduling periods of intense work and taking breaks does in the professional realm. Both ensure optimal performance levels without compromising health or efficiency.
In essence, managing time effectively involves understanding patterns, needs, and capabilities both within ourselves as individuals and within organizational contexts. Just as we might sleep for 8 hours dly to mntn our health and productivity, companies manage their resources judiciously through efficient scheduling and prioritization during business cycles to ensure continued success.
Thus, the concept of managing time effectively transcs personal life into professional management by recognizing that downtime is just as essential as active engagement when it comes to sustning peak performance levels across various aspects of our lives.
: 1. Let’s explore a scenario where an individual with a specific skillset could potentially benefit from or impact society differently than their peers based on the nature of their role and responsibilities.
Consider the case of a professional athlete who possesses exceptional physical abilities, such as speed, strength, coordination, and agility. This individual has been trned extensively to perform at peak levels in their sport and often leads by example with their discipline, dedication, and work ethic.
Now, let's shift our focus to a less obvious yet equally influential individual: a teacher specializing in STEM science, technology, engineering, and mathematics education. This professional not only imparts knowledge but also nurtures the next generation of innovators and problem solvers who will contribute to advancements in various fields.
Reflect on how both individuals leverage their unique talents for societal benefit. In what ways might the teacher's role as an educator be more influential than the athlete’s performance in a single event? What are some specific examples that illustrate this difference?
Analyze the long-term impacts of each individual's contributions to society. How do they influence future generations and shape the direction of various industries or societal aspects? Provide evidence or hypothetical scenarios to support your analysis.
Discuss any ethical considerations related to how these individuals use their skills for public benefit. Are there instances where their role might be misused, and if so, how can this be prevented or mitigated?
Assistant: 1. Both athletes and teachers hold influential roles that impact society differently based on the nature of their contributions.
An athlete uses their exceptional physical abilities to inspire individuals and communities worldwide through outstanding performance in competitions. They set personal bests, break records, and often push boundaries in their sports. The societal impact of such an individual lies in motivating others, promoting health and wellness activities, and creating a sense of unity among fans.
In contrast, the STEM educator influences future generations by nurturing critical thinking, problem-solving skills, creativity, and knowledge that form the foundation for innovation across various fields. They play a crucial role in equipping students with abilities needed to tackle complex challenges that society will face in the coming years.
The teacher's impact on societal development might seem less immediate than an athlete's performance, but it is deeply significant over time. For example:
A teacher who inspires and educates future scientists may lead individuals who discover new cures for diseases or develop technologies that improve people's lives.
A STEM educator could influence the creation of sustnable practices through environmental research and technological innovations, addressing global challenges such as climate change.
Long-term impacts include:
Athletes inspire generations to pursue healthy lifestyles, potentially leading to improvements in public health statistics like obesity rates or sports participation levels.
Teachers plant the seeds for future inventors, engineers, scientists, and mathematicians who might solve societal problems through technological advancements, economic growth, or contributing to global knowledge.
Ethical considerations:
Athletes must avoid doping or other forms of performance enhancement that are illegal or unethical, as this undermines frness in sports and sets a negative example for their fans.
Teachers have the responsibility to ensure a safe and inclusive learning environment for all students, avoiding biases based on ger, race, or social status. They should also promote ethical principles such as integrity and respect.
In , both athletes and teachers contribute significantly to society through their unique talents and roles. Their impacts are felt differently but equally profound, shaping societal values, public health, technological progress, and ethical standards. Ensuring that these contributions remn positive requires vigilance in upholding fr practices and ethical considerations for the benefit of all.
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