Challenges & Obstacles Involved Achieving Large Engineering Projects

The challenges and obstacles involved in achieving large engineering projects
Name:
Instructor:
Course:
Date:
The challenges and obstacles involved in achieving large engineering projects
Introduction
Large engineering projects are never-ending activities across the world - just as any other business venture, both the processes as well as the profitability of the large engineering projects are not constant. Large engineering projects overall contribute a significant amount to the gross domestic product (GDP) of most of the nations globally. Furthermore, the projects make up for over half of the nation’s fixed capital information. It is indisputable that infrastructure, as well as public utilities, are not only significant contributors to the economic development but also an essential part of living standards of the respective nations. Equally, the large engineering projects activities completion rises with a proportional rise in the per capita income of a country.
The challenges and obstacles
Being just like any other business or development projects, the process of completing large engineering projects encounters both obstacles and challenges throughout their life cycle (Rogers, P., 2016). The challenges that these projects face including but not limited to technical challenges, socio-political, and financial challenges. Therefore for the projects to be successful, a broad scope of specialized services, as well as expertise, must be employed in a timely fashion (Johnston, 2018).
According to Shepherd, M. (2014), presently, there are low entry barriers to the field of constructions. The result of this is a saturated marketplace marked by immense competition. As a result, the profit margins are reduced. The saturated market also leads to the constrained reinvestment in critical technology as well as better business practices. Therefore, the immobile construction labor productivity encompasses the subject. Even though other large engineering projects have enjoyed over 90 percent rise in labor productivity, over the past five decades, the productivity has been stagnant (Petroski, 2016).
The second technical challenge that large engineering projects face is poorly defined goals by the managers of the project. The project's executive and management sometimes do not have explicit knowledge of what they want to achieve in the project (Flint, A., 2015). When goals, as well as the objectives of projects, is not precisely established, the project is facing high risks of failure. On the contrary, a project that has clear answers to whats, whys, and when of the project, the result is a success.
Bankruptcy with the buyer is one of the financial challenges that the projects face. In a recovering economy, the contract default rates are subject to significant changes – and in most cases, the prices soar. Consequently, the project will go over and above the budget allocation. Secondly, the payment procedure in most large projects is very complicated. The project management team, therefore, ought to contend with numerous payment layers alongside burdensome paperwork requirements as well as frustrating timing challenges (Harrison, F., & Lock, D., 2017).
The socio-...