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11 and 3 million people, more than 40 per cent of which are skilled labourers Wates and
Cridland, 2009. A new project with various activities requires lots of resources, e.g., human,
money, materials, and machines Lock, 2004; and Walker, 2007, including a significant portion of project overheads Ostwald, 2001; and Enshassi, et al., 2008, and project
overheads are extremely important to maintain construction processes Assaf et al., 2001. This is a potential challenge and also an opportunity at the same time, which should be
manipulated properly to contribute considerable benefits in project practice during construction operations through effective management and controlling practices of project
cost.
2.3.2.3. A Group of Important CSFs for DEVFOC
A group of CSFs in this area of activities consists of the strategy of crisis recovery through the construction sector and the development focus on new projects. It can be
perceived that these areas have similar issues, challenges, comparable information, and close relationships between these factors. Therefore, important CSFs on the area of the
project development focus DEVFOC may become a good strategy for improving cost management and controlling practices
– the CMCPs of project overheads during the construction stage of construction projects.
2.3.3. Requirement of Investment and Technology INVTEC
2.3.3.1. Relevant Issues for INVTEC
The UK National Infrastructure 2011 has planned a contribution approximately at £400 billion investment which is required for the development of infrastructures from 2011
to the end of 2020 to boost economic growth and maintain competitive advantage of the UK construction industry globally Osborn and Sassoon, 2011. It was predicted that every
£1 invested in construction expenditure may have multiplier effects on generating £3 across supply chains of the UK economic activities Threlfall, 2012. The attractiveness of
the construction industry in the UK and worldwide appears to command high spending for
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12 construction projects, with often very complex and intricate operations, which are strongly
linked to other supply-chains of production and service sectors Alarcón et al., 2009. Construction projects consume various resources including: human, funds, equipment, and
materials Lock, 2004 and Walker, 2007. Complicated projects and intricate construction processes may result in requiring a higher investment and advanced technology that could
increase project overheads. Project cost should be allocated and distributed accurately to every activity of the construction project during the construction stage.
2.3.3.2. Potential Challenges for INVTEC
Investment and technology are very important aspects in current construction operations. Project cost managers must have enough knowledge in practice about
investment principles which was suggested by Simon 2011 that: „invest in what you know and invest in value‟. In the context of construction projects, investment is about
funding costs for generating value-added activities, to obtain project benefits. Therefore, proper management and tighter control of investments are critical in construction projects,
as well as the requirement for investment in advanced technologies e.g., construction materials, equipment, systems, and methods. The higher investments and advanced
technologies are commonly found in large scale projects that could increase the requirement of project overheads. Project overheads may represent important components
to be managed and controlled properly to attain successful completion of construction projects.
2.3.3.3. A Group of Important CSFs for INVTEC
