The ownership of risk in Projects in the Gulf Cooperation Council Essay

The ownership of risk in Projects in the Gulf Cooperation Council region - Essay Example It is, however, not the case the pattern and the extent of this real estate boom is similar in case of all the countries in the GCC region, but the interesting thing is that market characteristics, outlook and environment of investment in most of the GCC countries are pointing towards the continuation of this current boom for some time in future. The ongoing boom in real estate sector of is not only significant for the growth of construction sector of this region, but also to the development of overall economy as construction sector is one of the most important economic sector of the region which significantly contributed to the GDP of this area. Given the importance of this sector to the overall economic conditions of the countries in GCC, it is very much important that the current pace is maintained in future also. In order to ensure that the real sector of GCC is growing at a rapid pace in coming years also, it is essential to manage the ongoing and upcoming investment projects in this sector very efficiently so that these projects could deliver desirable output. As far as project management in construction sector is concerned, it is not an easy task to perform by the project managers. This is because investments in construction sectors are exposed to a large set of risks. Hence, in order to ensure efficient management of the investment projects, it is first necessary to conduct efficient management of the risks associated with real estate projects. Project management is generally considered to be a complicated task which requires an efficient combination of knowledge, appropriate techniques and skills to be applied to the project related activities so that the expectations and demands of the shareholders from a particular project can be met adequately. Project risk management is a very crucial part of project management. In case of managing project risk efficiently, managers are required to identify and analyze various sorts of risks associated