Knowledge area application on real estate projects

In real estate projects, manager activities can vary widely on a daily basis. since they
often handle multiple projects constantly. As a real estate manager, one may lead a small
renovation, coordinate with a landlord at a new construction site, staff up an incoming project,
hire vendors, or work on a tenant improvement initiative, featuring new or changed electrical
systems, acoustics, lighting, or interiors.

Multi-tasking, communication skills, time management, collaborating with multiple stakeholders,

grace under pressure, and analysis are must with having awareness of applying the below ten
project management knowledge areas.

Scope Management

A proper scope management gives us a better control of the overall project life cycle. A
scope of a project is different from one to another project. For example, the scope of a real
estate related project might include determining who is responsible for materials? Who is
responsible for rental equipment? How much labor is required? Which broker will market the
final product? Which neighborhood would be the best for specific real estate projects type, is it
going to be residential or commercial real estate project etc.
There’s a commitment to the project usually, so it’s important to not let external factors interfere
with the project. The external factors may include a new proposed area or a new building plan
from one of our stakeholders. Keeping focus is key to achieve the end result with minimal
disruptions.

Time Management

Keeping track of time is important to keep every person involved on the project focused,
and control the time spent on each activity. Prioritizing projects will help in assigning time to
them. For example In the real state project, it’s important to decide when to start
planning for the construction? when to finish each residential area? when to start selling or
renting them?

Cost Management
Having a general idea of the budget, or even a detailed formal plan, is a good aid in
controlling the money we spend. Frequent assessment of the costs to date versus the planned
costs will help put things back on track, and help us in making a decision on what we’re doing.
The direct costs of a real estate project might be labor, production materials,contractor's
overhead and profit, salesforce salaries that relate directly to the manufacture or sale of a
product. Having a clear budget from the beginning helps us to keep track of the cost. It’s useful
to add some contingency money, which will minimize the discomfort if there is currency inflation
or other factors that can affect our project cost.
Quality Management
Every project is done to a certain quality standard. In the real estate industry, quality is
critical for overall success of the project. Therefore, the project manager will have to insure
construction work materials used meet quality agreed on at the start of the project. or will have
to make sure the already finished part of the construction is protected from harm or damage and
determine if the assigned supervisor is properly controlling construction activities.

Resource Management

In a project, our main resource is humans. The human resources in any project are
mainly employees, who should be properly managed. Which includes, What task should be
divided among employees? hiring, firing, training and motivating employees.

Communication Management

It's quite normal for a high visibility project like a real estate project to have a
misconception about the project that is inaccurate as wider stakeholders come in
contact with the project. Setting briefing and meeting with subcontractors and other
stakeholders to add or adjust any change or updates during the construction project
process.

Risk Management

A list of risks and the ways to mitigate them can drastically help in controlling
risks, and make the project manager and people involved in the project better prepared
for the uncertainties. Example : Medical expenses if a worker have injury during
work,Tenant and vendor issues, Employee liabilities against low (coming to work
drunk),Making employees understand all procedures and training before hiring them
signing employee manual Putting guidelines to manage the business even tho its not
stated on law like rent or real estate purchase guidelines etc . Contingency plans should
be in place and should be implemented if the risk became a reality.

Procurement Management

Involves contracts that are legal binding documents between the seller and the
buyer. Procurement management is responsible for providing the needed equipment or
products on the right time, and right amount. Time of procurement and cost of
purchases are very important here.
Example; in a real estate industry, important contracts have to be properly
documented, to be used when needed. estimating projects can take several hours of
work. Tracking of all contractor bids would require strong paperwork and documents in
too many ways to remember.

Stakeholder Management

Guiding the team through the project life cycle and making sure everyone is
doing what and when they are supposed to be doing.
Coordinating work between all the vendors and contractors. The architects, engineers,
designers, general contractors, palmers, suppliers .. etc.

Integration management
Is the management of the 9 fundamentals which are already mentioned. A good
balance of these 8 knowledge areas will keep a positive progress of the project. Poor
integration usually leads to either project failure or poor quality project outcome. The
integration management of this different sectors mentioned is done by seeing the links
between the different knowledge areas, and managing the quality, time and cost
effectively and efficiently.
Knowledge Area Application In Telecommunication Projects

In telecom there are different projects that might be undertaken. The project could be
developing a new service and features, telecom expansion, implementing a new network
capability, etc. a project manager will have to apply the below knowledge areas.

Scope Management

Scope management in the telecom industry can involve questions like where might be
the best site for a new tower to expand coverage? What profession is best to implement and
who can be responsible for each task overall the project life cycle? What technologies and
softwares can we apply to deliver the purpose of our project? how are we going to generate
funds to support the project?

Time Management

Telecom network expansion may take several months to complete as the process can
take different phases from designing up to testing and implementing of the network. In such a
case, the project manager will have to estimate time to maintain an efficient workforce.

Cost Management

Telecom cost management is a key way to control expenses and to observe

what happens to a company trying to create a "desired state" in terms of overall telecom
services and functionality. This can involve managing and keeping track of various
wireless, voice and data services in order to understand total income and expenses.

Quality Management

In the telecom industry quality standards can be determined and set through different
areas. for example, from monitoring customer expectation, by identifying relevant telecom
quality standards

Resource Management

The Project Manager relies on the skills and knowledge of all of the team members
involved in the project, so that the project aspects will be considered from various perspectives.
Team members in the project are functional managers, staff, suppliers, sponsors, initiators,
delivery manager line, testing line, operations line, marketing line, technical security line,other
engineering lines etc.
Communication Management

Communication is very important for any telecom industry and attention towards
management, stakeholder and sponsor is more important than towards resources because the
firsts must be kept calm continuously about the project and the related return of investment.

Risk Management

As handlers of massive amounts of consumer data, telecom companies have had to

take special precautions to risk management. A telecom industry might face different threats like
● Financial threats steam from volatility in markets, ecosystems and business investments.
● Strategic threats relating to customers, competitors and investors
● Operational threats impact the processes, systems, people and overall value chain of
the business.
● Compliance threats originate in politics, law regulation or corporate governance.
To overcome such issues the telecom project manager will have to identify potential risks and
provide possible solutions.

Procurement Management

Most telecom projects are accomplished with the help of vendors. equipment and
technology like mobile phone accessories ,softwares ..etc. could be purchased from different
vendors. As a project manager, one has to identify potential sellers,document project
procurement decisions with specific approach,monitor contract performance, close contracts
and make appropriate changes if necessary etc.
Stakeholder management

Integration Management

This knowledge area involves different aspects when managing any project in
telecommunication. Integration of 9 fundamentals mentioned above,integration within IT
symptoms and network system. Working with different suppliers and integrating the work done
by them.
Knowledge area application on service sectors
service sectors produces services (maintenance and repairs, training, or consulting etc.)
instead of products and the success level of projects performed in the service sector depends
most on the qualifications and knowledge of the project manager.

Scope management
In a service giving company project, project manager may need to identify the activities
and processes involved in specific service, identify areas for a service giving organization where
it can deliver effective service, figure degree of interaction, customize degree of labor
intensity, identify service package strategy etc. a poorly in=mplmented scope management can
lead to
-Unsatisfied customers resulting in poor satisfaction scores
-Important project deadlines will be missed
-Resource motivation drops
all in all the scope of certain projects should comprise the bundle of activities and processes
throughout the project life cycle.

Quality management
In the service industry quality management was found to have the most significant
impact on project success and Contemporary service sector firms are compelled by their nature
to provide excellent service in order to prosper in increasingly competitive domestic and global
marketplaces.
Quality management in the service sector may start with employee satisfaction because
there is a high association between employee perceptions of well-being and the customers’
perception of service quality.Setting organizational culture with a shared system, value and
beliefs is also essential for delivery of quality services. Documenting,controlling,,puting
organization charts will help us assess quality in a service giving organization.