CONSTRUCTION PROJECT MANAGEMENT DURING ECONOMIC CRISIS

Negative events in today's globalized world may lead to crises and thereby affect construction companies in time gradually. These events may occur suddenly or after a long process. Processbased crises usually send early warning signals, and construction companies that can catch these signals can prepare against the forthcoming crises. One of the most important processes in crisis management is to establish an early warning system. This provides some time to take the required precautions against potential crises. After catching early warning signals, construction companies that can successfully manage crises inform their personnel about approaching crisis to prepare, organize a crisis team before the crisis, and perform an effective struggle during the crisis. Construction companies, which can survive in a crisis, may evaluate opportunities of the crisis and start to make recovery studies after the crisis to turn to their former positions. If a construction company estimates a crisis well and executes crisis management efficiently, they can overcome crises with zero or minimal damage.