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Change Management in the Realty Industry
Prabhakar Jadhav
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How would you initiate change [management] in the construction industry which generally does not have strategic plans, there are delays in every activity and cost overruns are a way of life. (...) Read more? Sign up for free
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Real Estate/Construction Industry
Jeswan SinghPS, Engineer, Malaysia, Member
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The strategic plans have to be there although I agree that economic and competitive events can overtake reality. The uncertainity is manageable with big projects that are at least of 3 to 4 yr duration. During this period the business scenario can recover. Pro generally should commence during a downturn so that one can benefit from the upturn.
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CM in Real Estate
Joseph Cole, Consultant, Canada, Member
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Your question is very provocative Prabhakar, and as I respond more thoughts enter my mind. Allow me to suggest that changing the 'industry' is too broad a mandate. After all your question defaults to a common belief and cultural mindset... 'cost overruns are a way of life'.
The first question I have is ...Do you have a sponser who is willing to invest in making changes? Consider the Beckhard Change Equation as a starting point. Then find a champion, perhaps a government agent, or near-leading company wishing to be a champion, and build from there.
After all -- there is no greater inducement to change than competitors who see what is working for someone else, and they want to emulate it. Good luck.
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