NBC3004 - Construction Economics Individual Assignment - Victoria University

Assignment Task

Background

The construction industry is diverse and enormously complex. There are several major classifications of construction that differ markedly from one another: housing, non-residential building, heavy civil, utility, and industrial. In addition, these construction types are further divided into many specialties, such as electrical, concrete, excavation, piping, and roofing.

Construction work is accomplished by contractors who vary widely in terms of size and specialty. Some contractors choose to concentrate on a particular task or aspect of the construction project and are therefore referred to as specialty contractors. Others assume broader responsibility for a comprehensive work package and are referred to as general contractors. Commonly, general contractors will subcontract specific aspects of a project to specialty contractors, forming a contractual web of general contractors and specialty contractors.

Each student must explore and answer the following:

1. Choose a specific sector in the construction industry and provide a brief description of it in relation to economic activities, employment, expenditure, revenues, etc.

2. List the stages in the project development process and the parties associated in these stages.

3. Describe the role and responsibilities of each of the following personnel during the project development process.

a) Owner

b) Construction manager

c) Designer

d) Consultants

e) General contractor

f) Regulatory authorities

4. Explain the role and responsibilities of a construction economist in each stage of the project develo process.

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