Not a single industry in this world is escaped by the tsunami of Covid-19. Be it Information Technology, Manufacturing, Supply Chain Management or Construction Industry. You can say that the world is halted during its course to more development. There are several aspects that are affecting several industries. Let us discuss how the Construction Industry is coping with the Pandemic…!
Stakeholders Management:-
The important aspect of any industry to develop & excel is their stakeholders. They play a vital & most important role in deciding a particular company’s present & future. However, a recent trend shows that, during pandemic, there is not enough communication between stakeholders to eventually work on one decision.
Stakeholders Management:-
Due to sudden stoppage of construction related works, the total cost rises exponentially. For example, the laborers work on daily wages, hence more the days, more will be the cost to pay them. Hence, a minor cost leads to a substantial cost & jeopardizing the overall budget of the project.
Contractor’s Issue:-
This global pandemic has hit contractors very hard & forced them to change their work strategies overall. Nowadays, it is becoming more challenging for contractors to execute the said plan because of strict lockdown. Overall the pace has become slow for contractors.
The Transportation:-
This global pandemic has hit contractors very hard & forced them to change their work strategies overall. Nowadays, it is becoming more challenging for contractors to execute the said plan because of strict lockdown. Overall the pace has become slow for contractors.
The Budget:-
This global pandemic has hit contractors very hard & forced them to change their work strategies overall. Nowadays, it is becoming more challenging for contractors to execute the said plan because of strict lockdown. Overall the pace has become slow for contractors.
As a result, the COVID-19 crisis has led to the need for industry members to address both short-term and long-term business challenges, as well as formulating project-by-project solutions in the face of a new global and national environment. The full breadth and scope of the changes needed to address issues arising from the pandemic are still unknown, and this analysis is likely to continue to evolve until a vaccine or other curative measures are in place on a global basis.