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

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