How Project Audit & Compliance Offer early problem diagnostics in a project

A project audit is where an impartial person reviews your project and provides guidance on what could be done differently to improve its chances of being successful. Project audit provides an opportunity to uncover the issues, concerns and challenges encountered in the execution of a project. It affords the project manager, project sponsor and project team an interim view of what has gone well and what needs to be improved with the project to successfully complete it.

A compliance audit is a comprehensive review of an organization’s adherence to regulatory guidelines. Independent accounting, security or IT consultants evaluate the strength and thoroughness of compliance preparations. Auditors review security policies, user access controls and risk management procedures over the course of a compliance audit.

The following steps are usually included in the project audit activity:

I. Success criteria selection: First, an auditor needs to define what project success means and what criteria to use for analyzing and measuring success.

II. In-depth analysis: Now, the auditor collects project data (performance, deliverable status, work effectiveness, staff productivity) to research and review the project. Success criteria will help determine project consistency.

III. Report development: Finally, the auditor summarizes the work done and reports on the project’s current state in terms of success criteria. The audit report is submitted to key stakeholders (project manager, sponsor) for review and decision making.

Project audits and compliance are crucial step in the process of successfully closing a project. This audit evaluates the total project processes and outcomes. The goal of the auditor and the project manager should be one and the same – to continuously improve project results and performance.

Failure to deliver a project on time, within budget and to the specification can pose a major threat to the strategic direction and financial viability of an organization. A good way to avoid this confusion is hiring a trusted project audit and compliance farm. The benefits of project audits become especially evident in large organizations running large projects as well as small companies can also get valuable output from it.

Major Factors that Property Development Consultants Must Address

Extensive planning, proper man-management and attention to details are the most important aspects of property development process. It is a mixture of coordinating people and coordinating processes. With the help of expert project managers and utilizing competent consultants, property developers can greatly minimize the risk and avoid unwanted issues during a development project.

The sector of property development brings in limitless potential for investors and business owners. The risk factor is less compared to the benefits. Although the return on investment and margins of this sector can be variable, you can still ensure a steady return by appointing knowledgeable property development consultants. Their insight, skill and wide range of experience are valuable for the successful completion of building project. For ensuring high ROI from your investment, you have to pay proper consideration to the following things.

Location of the Property- Undoubtedly it is the location of the property which is the most important factor for profitability in real estate investment. Location increases desirability, desirability results in high demand, and the demand will enhance the prices. Whenever you are investing in a real estate make sure its location is perfect. There are so many factors that influence the location such as:

• A safe neighborhood
• Good schools
• Convenient access to popular places, shops and restaurants
• Water access and views
• Access to public transit and/or free ways

Valuation of the Property- The term valuation is confusing for most of the investors. Let’s make it simple for you, the valuation is decided by three factors:

1. Sales comparison approach
2. Cost Approach
3. Income approach

We recommend you use the sales comparison approach to estimate the market value of the property. This is the primary method used by professional appraisers and real estate agents to determine the market value of homes. Online property portals could prove handy for detecting valuation of the property.

Related Risks and Pitfalls- As we have said earlier that the relative risk is lower in the property development sector but still there are few issues that need to be evaluated properly. Here are the ways you can follow to minimize the risk:

• Knowing what you are buying before you buy gives you greater understanding of the future of your investment.
• Engage a trustworthy and efficient property development consultant for your project.
• Make sure the completion of the project should be completed on the designated time, more delay will increase expenses.

Property Development Consists of the Following Types

Residential Properties- Residential properties are build for family living. Condominiums, separate homes, duplexes, triplex, villa, high value homes and vacations homes come under residential properties.

Commercial Properties- This type of properties are suitable for commercial use such as supermarkets, industrial buildings, office buildings, shopping malls, restaurants and many more.

With large sums of money at stake, the price of committing an error can be can be extraordinarily high in the property development sector. It would be a clever decision to assess all the aspects furnished in this article and attempting to address them before you get too far down the development process can save valuable time, hassle and money down the track.

Higher Profitability & Less Financial Risks – Two Major Aspects of Construction Industry

Investing in the construction industry is a pragmatic approach that business owners, stake holders and entrepreneurs are adopting rapidly in order to ensure greater profitability. There are several influencing factors that are responsible for the surge in the construction industry.

Population Growth- The overall population of the world is going higher and higher not only in the developing countries but also in the developed countries. For accommodating this massive population there is a need to build more residential buildings, housing complexes, houses and apartments. This tendency generates limitless opportunities in the construction arena. Investors have found this sector as a money making machine. Because of the financial risk is minimal in construction sector, they are investing hugely over here.

Availability of the renowned Project Management Companies- For a seamless and hassle-free completion of a project you need people who can work diligently to maintain a key coordination between various parties involved in the construction work. Highly professional companies of project management in construction with their amazing service make it possible to complete a construction project in the most comprehensive way. They take care of all the construction related issues and make it possible for the investors and homeowners to get relax about their investment.

Development in the Inter-Continental Businesses- The business relationships between several countries has flourished over the years. The world has become more open. Not only the multinational companies but also the smaller companies are opening up their branches in the major cities all over the world. The commercial building industry has grown tripled over the past couple of years. New office buildings are constructed in almost all the major cities of Europe, America and Asia. The development in the inter-continental businesses is also the biggest reason behind the huge surge in the construction sector.

Apart from these three reasons, there are other important factors that are driving the investment in the construction arena. According to the construction project management consultants, residential and commercial construction companies are growing sales at an extraordinary rate and the trend will remain stable in the coming years. The rise in the sales and profitability for privately held construction have strengthened greatly and attracting more and more investors.

Top 4 Project Management Tools You Must Use

The contribution of the project management consultants has become significant in the property development sector. It makes it really important for the project management professionals to keep themselves updated with the latest tools and techniques in order to serve their clients in the most advanced way. Here we are discussing some of the best project management tools that project managers could use.

Asana-
Asana combines elements of project management, file storage, and collaboration and helps to manage projects. Asana gives you something that other collaboration tools don’t- total clarity and accountability across your projects. Asana’s taxonomy features and user interface make it easy to navigate, prioritize, and organize. Reputed companies of property development project management highly rated this tool.

Trello-
It is basically a task management app that provides users a visual overview of what is being worked on a project and who is working on it. It is a system that is used to keep production levels high and maintaining flexibility. It functions as a single place where anyone at your company can view current projects and company priorities. Trello boards serve different purposes where users can design boards as frameworks for any kind of process, and the software offers a great deal of functionality at the card level.

Microsoft OneNote-
Microsoft’s OneNote is arguably the best note-taking software out there. It offers a hub for all of your notes, which can be organised into separate notebooks, and individual sections within notebooks. Benefits of using OneNote include easier networking, more efficient file usage, compatibility with most common file types and integration with other Microsoft Office products. The professionals of project management in Sydney use this tool to organize complex projects with lots of to-dos and moving parts.

Paymo-
Paymo is a modern project management application for businesses of all sizes. It is an integrated solution packed with useful features. This app performs three important project management tasks in the most comprehensive way.

• Maintains project management and collaboration.
• Works as a time tracking tool.
• Functions as an invoicing app to manage collections.

New trends and techniques have redefined the project management sector. The new-age project management tactics are totally different comparing to the traditional project management styles. Companies need to adopt modern techniques to remain relevant in this thriving marketplace.