By Edward OpallReal estate developers manage a significant amount of risk throughout their projects. Conceiving of a plan, locking in the variables, making the deals, and managing stakeholders are an "art" in this business. Managing the day-to-day aspects of a development project and realizing a profit are a different matter. Successful project execution requires effective controls and processes.
No matter the size of the organization, a strong control environment and an effective project management process is necessary. Multiple layers of staff and management increase the complexity and require more rigid policies with formal approvals. Smaller organizations should follow the same principles, taking into account their circumstances.
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