Assessing the Monitoring and Controlling Practices for the Success of Residential Real Estate Projects in Addis Ababa City
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Date
2023-06
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Addis Ababa University
Abstract
This abstract presents the findings from a survey conducted on residential real estate (RRE) project management practices. While most projects have monitoring and controlling mechanisms in place, the utilization of proven project management techniques, such as Earned Value Management, is limited among respondents. The absence of Earned Value Analysis exposes developers to potential disadvantages, including cost overruns, delays, and other issues that can impact project success. However, the survey demonstrated a positive trend towards the adoption of digital construction monitoring methods among RRE projects To remain competitive in the market, construction companies must keep abreast of digital technologies and incorporate them into their projects.. Effective data management, change management, and stakeholder engagement were identified as crucial factors contributing to successful RRE project completion. The study also shed light on the challenges faced during the construction phase, including the need to order materials well in advance due to scarcity and foreign currency shortages. Additionally, low stakeholder engagement was identified as a hindrance to the planning of an effective monitoring and controlling system. Encouraging active involvement of stakeholders can lead to improved project performance and should be prioritized through enhanced communication channels. Overall, the findings emphasize the significance of embracing digital technologies, implementing effective project management practices, and prioritizing stakeholder engagement to enhance the success of residential real estate projects in Addis Ababa City.
Key words: Planning, Monitoring, Controlling, Residential Real Estate, Project Management, Project success