Importance Of Stakeholders In Construction Industry

1038 Words 5 Pages
Chapter 1. Introduction and literature
The process of planning leading and controlling a project can affect many parties and likewise be affected by many. According to previous research, stakeholders have an important impact in projects success regardless of the industry thus they are important in construction sector. However the level of implication of stakeholders may vary from one geographic location to another. Among other growth challenges, some developing countries currently face dilemmas in construction industry associated with management of stakeholders. Under developed states or developing states have diverse stakeholders both internal and external, thus different approach should be used to identify, rank and prioritize the needs of stakeholders for the benefits of all members involved in
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1.2 Literature review
Historical report have demonstrated the importance of construction projects by explaining how such projects contribute in the development of a country ‘s economy by influencing Gross National Products but also creating employments. A world bank report (1984) highlighted the importance of construction projects in developing economies and its significant need for managerial skills when addressing project time cost and quality scope. Thus construction industry constitute a flourishing centre of any country’s economy, indeed 5 to 10 percent of gross domestic product (GDP) in construction industry , create up to 10 percent of new work opportunities in several countries resulting in boost approximately half of the gross fixed capital in formation different geographic locations Hillebrandt, P.M. (2000). Global distribution of employment in construction industry reveals an output of 23% of low income countries were invested in construction industry creating 74% of new employments in the same industry. (ENR, 1998), Investigations have shown that investments in housing alone results in over of 50% percent of

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