Economic control methodology for projects aimed at public institutions with limited budgets
Keywords:
economic control, construction, public institutions, limited budgetsAbstract
Public institutions with limited budgets often struggle with managing the cost, schedule, and quality of their construction projects. This article introduces a tailored economic control methodology designed to enhance the value of such projects. The proposed methodology amalgamates meticulous planning, stringent supervision, and flexible contingency management, aiming to optimize resources, mitigate risks, and guarantee quality. The methodology provides novel guidelines for adaptability, a personalized approach, efficiency, and transparency. It elaborates on effective budget objectives, monitoring and control mechanisms, and staff training. Furthermore, it discusses the repercussions of budget constraints, including limited scope, corruption, inefficiencies, and personnel shortages. The methodology suggests stages of planning, procurement, execution, monitoring, and post-project evaluation. It endorses techniques like earned value analysis, scenario simulation, and assessment of low-cost alternatives, along with technological tools and best practices in planning, communication, monitoring, and transparency. Lastly, it underscores the anticipated benefits such as investment optimization, quality improvement, increased transparency, and bolstered public trust. The methodology aims to fortify management capabilities amidst stringent budgetary constraints to maximize public value.
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