2A — July 2024 — M id A tlantic Real Estate Journal
www.marej.com
M id A tlantic Real Estate Journal
M id A tlantic R eal E state J ournal Publisher, Conference Producer ..............Linda Christman VP, Conference Producer .............................Lea Christman Editor/Graphic Artist ......................................Karen Vachon Contributing Columnists...........Carlo L. Batts, Rittenhouse Appraisals; Frank Gallagher, The FGX Group, LLC; Krishna Murthy, EZ Ride Mid Atlantic R eal E state J ournal ~ Published Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 117 HMS Halsted Dr., Hingham, MA 02043 USPS #22-358 | Vol. 36, Issue 7 Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 www.marej.com
Frank Gallagher
The Project Management Evolution n the realm of commercial project management, sev- eral key trends are shap- ing the industry, driven by advancements in technology, evolving stakeholder expecta- tions, and the obligation for practiced sustainability. The emphasis on sustain- ability and green building practices is increasingly ex- pected to minimize environ- mental impact, conserve re- sources, and enhance energy efficiency. Project managers are integrating sustainability principles into every phase of construction, from materials sourcing and waste manage- ment to energy-efficient design and construction techniques. This trend is driven not only by regulatory requirements, but also by a growing aware- ness among clients and stake- holders of the importance of environmental stewardship. In addition, the commercial industry is witnessing the rise of agile project management methodologies. Traditionally more prevalent in software I
development, agile methodolo- gies are now being adapted to commercial projects to improve flexibility, responsiveness to change, and collaboration among project teams. Agile methods encourage reitera- tive development, continuous improvement, and adaptive planning, which can be par- ticularly beneficial in complex construction projects where requirements may evolve over time. One example is the use of Building Information Model- ing (BIM). BIM allows for detailed 3D modeling and data integration throughout a proj- ect’s lifecycle, from planning and design to construction and operation. This technol- ogy enhances collaboration,
improves project visualization, and helps in detecting and re- solving potential issues before construction begins, thereby reducing costs and delays. Most recently, there is a no- ticeable shift towards greater use of data analytics and arti- ficial intelligence (AI). These technologies enable project managers to make data-driven decisions, predict project out- comes more accurately, and optimize resource allocation. AI can analyze vast amounts of data to identify patterns and insights that humans might overlook, thereby en- hancing project efficiency and reducing risks. Project management is evolv - ing rapidly due to technological continued on page 4A
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