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PROJECT ECONOMICS AND LAW - Coursework Example

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These are idyllic benchmarks that ensure that the project meets and satisfies the entire needs of the clients. A successful project has distinct characteristics that…
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PROJECT ECONOMICS AND LAW
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Download file to see previous pages In the recent past, clients are increasingly looking for project managers that are able to deliver expected results. For this reason, it is vitally important for the managers to learn from past mistakes and strive to maintain a clean record with respect to successful project implementation and management.
Among the projects that have been compounded by various challenges in the national history is the Scottish parliament project. This project belonged to the Scottish government and sought to construct a magnificent building to be used by the Scottish parliament. The project was initiated in 1998 and proposed to be completed by the dawn of the new century. However, budgetary concerns and other construction related complexities delayed its timely completion. Seemingly, the project failed dismally to meet the established project indices in light of duration and cost. This had various implications on all stakeholders. It underscored major contractual weaknesses that the country is grappling with. In order to ensure efficiency in the construction industry, these concerns need to be addressed accordingly.
It is against this background that this paper provides an in depth report of the mode of failure of the contract, factors that contributed to the failure and the lessons learnt from this. To enhance a harmonic consideration, it begins by profiling the conditions of the project and appraising its effect on liability for failure. It then proceeds to detailing the nature of its failure and specific factors that contributed to this. It then concludes by discussing how the NEC contract could be used to address the experienced challenges. Relative recommendations would offer useful insights regarding how future failures would be avoided. This is at the core of the objectives of project management and thus recommendations would help in preventing future incidences of failure.
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