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Construction Delay
Construction delays are situations where project events occur at a later time than expected due to causes related to the client, consultant, and contractor etc. In residential and light construction, construction delays are often the result of miscommunication between contractors, subcontractors, and property owners. These types of misunderstandings and unrealistic expectations are usually avoided through the use of detailed critical path schedules, which specify the work, and timetable to be used, but most importantly, the logical sequence of events which must occur for a project to be completed. Delays in construction projects are frequently expensive, since there is usually a construction loan involved which charges interest, management staff dedicated to the project whose costs are time dependent, and ongoing inflation in wage and material prices. However, in more complex projects, problems will arise that are not foreseen in the original contract, and so other legal constructio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Historian
Economic history is the academic learning of economies or economic events of the past. Research is conducted using a combination of historical methods, statistical methods and the application of economic theory to historical situations and institutions. The field can encompass a wide variety of topics, including equality, finance, technology, labour, and business. It emphasizes historicizing the economy itself, analyzing it as a dynamic force and attempting to provide insights into the way it is structured and conceived. Using both quantitative data and qualitative sources, economic historians emphasize understanding the historical context in which major economic events take place. They often focus on the institutional dynamics of systems of production, labor, and capital, as well as the economy's impact on society, culture, and language. Scholars of the discipline may approach their analysis from the perspective of different schools of economic thought, such as mainstream ec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Robert E
The name Robert is an ancient Germanic given name, from Proto-Germanic "fame" and "bright" (''Hrōþiberhtaz''). Compare Old Dutch ''Robrecht'' and Old High German ''Hrodebert'' (a compound of '' Hruod'' ( non, Hróðr) "fame, glory, honour, praise, renown" and '' berht'' "bright, light, shining"). It is the second most frequently used given name of ancient Germanic origin. It is also in use as a surname. Another commonly used form of the name is Rupert. After becoming widely used in Continental Europe it entered England in its Old French form ''Robert'', where an Old English cognate form (''Hrēodbēorht'', ''Hrodberht'', ''Hrēodbēorð'', ''Hrœdbœrð'', ''Hrœdberð'', ''Hrōðberχtŕ'') had existed before the Norman Conquest. The feminine version is Roberta. The Italian, Portuguese, and Spanish form is Roberto. Robert is also a common name in many Germanic languages, including English, German, Dutch, Norwegian, Swedish, Scots, Danish, and Icelandic. It c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Asymmetric Information
In contract theory and economics, information asymmetry deals with the study of decisions in transactions where one party has more or better information than the other. Information asymmetry creates an imbalance of power in transactions, which can sometimes cause the transactions to be inefficient, causing market failure in the worst case. Examples of this problem are adverse selection, moral hazard, and monopolies of knowledge. A common way to visualise information asymmetry is with a scale with one side being the seller and the other the buyer. When the seller has more or better information the transaction will more likely occur in the seller's favour ("the balance of power has shifted to the seller"). An example of this could be when a used car is sold, the seller is likely to have a much better understanding of the car's condition and hence its market value than the buyer, who can only estimate the market value based on the information provided by the seller and their own ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Power
In economics, market power refers to the ability of a firm to influence the price at which it sells a product or service by manipulating either the supply or demand of the product or service to increase economic profit. In other words, market power occurs if a firm does not face a perfectly elastic demand curve and can set its price (P) above marginal cost (MC) without losing revenue.Syverson, C. (2019). Macroeconomics and Market Power. The Journal of Economic Perspectives, 33(3), 23-43. https://doi.org/10.1257/jep.33.3.23 This indicates that the magnitude of market power is associated with the gap between P and MC at a firm's profit maximising level of output. Such propensities contradict perfectly competitive markets, where market participants have no market power, P = MC and firms earn zero economic profit. Market participants in perfectly competitive markets are consequently referred to as 'price takers', whereas market participants that exhibit market power are referred to as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Construction
Construction is a general term meaning the art and science to form Physical object, objects, systems, or organizations,"Construction" def. 1.a. 1.b. and 1.c. ''Oxford English Dictionary'' Second Edition on CD-ROM (v. 4.0) Oxford University Press 2009 and comes from Latin ''constructio'' (from ''com-'' "together" and ''struere'' "to pile up") and Old French ''construction''. To construct is the verb: the act of building, and the noun is construction: how something is built, the nature of its structure. In its most widely used context, construction covers the processes involved in delivering buildings, infrastructure, industrial facilities and associated activities through to the end of their life. It typically starts with planning, financing, and design, and continues until the asset is built and ready for use; construction also covers repairs and maintenance work, any works to expand, extend and improve the asset, and its eventual demolition, dismantling or wikt:decommission, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Civil Engineering
Civil engineering is a professional engineering discipline that deals with the design, construction, and maintenance of the physical and naturally built environment, including public works such as roads, bridges, canals, dams, airports, sewage systems, pipelines, structural components of buildings, and railways. Civil engineering is traditionally broken into a number of sub-disciplines. It is considered the second-oldest engineering discipline after military engineering, and it is defined to distinguish non-military engineering from military engineering. Civil engineering can take place in the public sector from municipal public works departments through to federal government agencies, and in the private sector from locally based firms to global Fortune 500 companies. History Civil engineering as a discipline Civil engineering is the application of physical and scientific principles for solving the problems of society, and its history is intricately linked to advances i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Project Planning
Project planning is part of project management, which relates to the use of schedules such as Gantt charts to plan and subsequently report progress within the project environment. Project planning can be done manually or by the use of project management software. Description Initially, the project scope is defined and the appropriate methods for completing the project are determined. Following this step, the durations for the various tasks necessary to complete the work are listed and grouped into a work breakdown structure. Project planning is often used to organize different areas of a project, including project plans, work loads and the management of teams and individuals. The logical dependencies between tasks are defined using an activity network diagram that enables identification of the critical path. Project planning is inherently uncertain as it must be done before the project is actually started. Therefore, the duration of the tasks is often estimated through ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
