Application of Inventory Management in Construction Project

Abstract

Trust is central to every transaction that demands contributions from the parties involved. The financial turmoil resulting from the credit crunch that has troubled the global financial markets is an illustrative example of how the absence of trust paralyzed the banking credit system. The Until only a few weeks ago, few, if any, appreciated the real significance of the money markets within the wider global financial crisis and the importance of trust in these markets. But the freezing of the market for medium-term funding reflects a total loss of trust between banks. This paralysis of lending from loss of confidence jeopardizes the flow of money to every family and every business in the country. Analogously, if parties in the construction supply chain do not trust each other, their skepticism may not completely paralyze the operation but will certainly create unnecessary enquiries and checking procedures, resulting in serious bottlenecks and inefficiency. Changes are common during the construction phase of a project.