Future Construction Industry Trends - Page 37

Construction project scheduling - The tool that communicates what work needs to be performed, which resources of the organization will perform the work and the timeframes in which that work needs to be performed. The project schedule should reflect all of the work associated with delivering the project on time. Source: www.businessdictionary.com Contracts management - Or contract administration is the management of contracts made with customers, vendors, partners, or employees. Contract management includes negotiating the terms and conditions in contracts and ensuring compliance with the terms and conditions, as well as documenting and agreeing on any changes or amendments that may arise during its implementation or execution. It can be summarized as the process of systematically and efficiently managing contract creation, execution, and analysis for the purpose of maximizing financial and operational performance and minimizing risk. Source: Wikipedia.com Cost control - The practice of managing and/or reducing business expenses. Cost controls starts by the businesses identifying what their costs are and evaluate whether those costs are reasonable and affordable. Then, if necessary, they can look for ways to cut costs through methods such as cutting back, moving to a less expensive plan or changing service providers. The cost-control process seeks to manage expenses ranging from phone, internet and utility bills to employee payroll and outside professional services. Source: Businessdirectory.com Cost Estimating - The cost estimate is the product of the cost estimating process. The cost estimate has a single total value and may have identifiable component values. A problem with a cost overrun can be avoided with a credible, reliable, and accurate cost estimate. An estimator is the professional who prepares cost estimates. Source: Businessdirectory.com Cost reduction productivity improvement - The process used by companies to reduce their costs and increase their profits. Depending on a company’s services or Product, the strategies can vary. Every decision in the product development process affects cost. Source: Businessdirectory.com Critical thinking- The disciplined process in which you analyze, reflect and apply prior knowledge (making connections and using schema) to get the best answer possible. Your explanation of the ways in which aspects of structure/style/language contribute to the meaning/effect/impact of the chosen text(s). There is also a sequential, convergent nature to critical thinking. Each stage or step of the thought process must be analyzed and found to be correct before moving on to the next steps, and so on toward a purposeful end. This is a structured process. For example: "If A then B, if B then C, if C then D." If each step is reasoned and correct then also: "if A then D follows." This patterned process is different than creative thinking or intuitive thinking. Source: www.wiki.answers.com Cross training - Involves teaching an employee who was hired to perform one job function the skills required to perform other job functions. Employees involved in cross-training programs become skilled at tasks outside the usual parameters of their jobs and thus become greater assets for the company while gaining knowledge and skills that benefit them personally. Source: www.inc.com Cultural sensitivity - Encompasses the knowledge, awareness and acceptance of other cultures. Www.businessdirectory.com Data analysis - the process of systematically applying statistical and/or logical techniques to describe and illustrate, condense and recap, and evaluate data. Source: hhs.gov ©Copyright 2014, North Central Texas InterLink, Inc. All rights reserved 37