Briefly describe the project cycle with reference to a highway project.
Answers
Explanation:
The purchase of a constructed facility is a major capital investment. The owner can be an individual, a private corporation or a public agency.
As the commitment of resources for such a large investment is stimulated by market demands or real needs, the facility is likely to satisfy certain objectives. These requirements will be within the constraints of the specified owner and applicable policies.
Most of the constructed facilities are custom made in consultation with the owners, with an exception in the case of the residential units that may be sold as built by the real estate developer. He is regarded as the sponsor of building projects, so far as government agency may be the sponsor of a public project and turns it over to another government unit upon its completion.
For project management, the terms “owner” and “sponsor” are one and the same because both have the ultimate power to make all important decisions. It is judicious for any owner to have a clear understanding of the acquisition process to sustain firm control of the quality, timeliness, and cost of the completed facility, as he is essentially acquiring a facility on a promise in some form of agreement.
The project life cycle for a constructed facility may be represented schematically in Figure 1. A project meets the market demands or requirement on a timely basis. a variety of possibilities may be taken into consideration in the conceptual planning stage
high way is way long to last