The cascade approach application in investment and construction projects management

Abstract

High rates of the construction industry development and reduction of construction time and administrative burden in investment and construction projects preparation require defining effective approaches to project management. It has been revealed that individuality of the approach to investment and construction projects comes from the financing mechanisms, the features of capital construction objects being erected, the industry specifics, and customers’ needs. In this regard, it is necessary to consider these features when implementing projects. Several approaches used in construction project management have been studied, the most preferable one – the cascade method, which is also called Waterfall, – has been defined. Its advantages have been investigated considering the construction industry peculiarities. The cascade approach is characterized by its linear sequence, phases of execution, and reduced flexibility for changes. Its disadvantages have been reflected, and proposals for improving investment and construction projects management using this method have been presented. The potential of using this approach in construction, processes optimization, and performance improvement considering the industry specifics have been defined. It will contribute to more effective goals achievement and satisfaction of the needs of all stakeholders.