Answer To: Please do follow instructions downloaded and Enooks to read for sources and do include table of...
Ayan answered on Jan 18 2023
WRITTEN ASSIGNMENT
Table of contents
Introduction 3
Discussion 3
Development of business management theories on international projects 4
Different project environments for major projects 4
Cost and financial information for a construction project 5
Construction contracts and their application for different construction projects 5
Role of organizations 6
How management has developed over time 7
Cost and financial information for a construction 7
Selection of contract and risk allocation 8
Strategic planning models and leadership styles 9
Importance of resource management on organizational performance, cost, financial management and marketing strategy 9
Tendering procedures within the construction industry 10
Choice of dispute resolution in construction 11
Robust arguments whilst drawing upon theory 11
Use of construction contracts to manage different construction work within the industry 12
Conclusion 13
References 14
Introduction
This article will examine the application of theory to the practise of construction management. The article will give readers a broad overview of the subject and potential definitions for construction management-related words. An overview of the evolution of business management theories on international projects, a comparison and contrast of various project environments for significant projects, an analysis of cost and financial data for a construction project, an evaluation and comparison of various construction contracts and their use for various construction projects, and a summary of the function of organisations and how they are shaped to me are all included in the essay's scope. The essay will also cover the history of management, the links and impacts between significant writers, the significance of adapting to change and uncertainty in the corporate world, and more. Along with evaluating leadership and strategic planning models, the essay will also discuss cost, financial management, and marketing strategy, the critical use of tendering procedures in the construction industry, the choice of dispute resolution in construction contracts, and the capacity to build solid arguments while drawing from theory. Recommendations for more research and education in the subject of construction management will be made in the essay's conclusion. The practise of construction management is complicated and multidimensional, and theory is essential in providing a framework for comprehension of the building process as well as for decision-making and problem-solving.
Discussion
The purpose of the essay is to illustrate how crucial it is for construction management practitioners to comprehend and use theory. It emphasises that in order to manage construction projects successfully, practitioners must have a thorough awareness of various business management theories, project settings, cost and financial information, contracts and how they should be used, and the function of organisations. The essay looks at various areas where theory is important, including the development of business management theories on international projects, the comparison and contrast of various project environments for major projects, the analysis of cost and financial data for a construction project, the assessment and comparison of various construction contracts and their use for various construction projects, and the overview of the function of organisations. The essay also looks at how management has changed over time and the pertinent connections and influences between important authors, the significance of dealing with change and uncertainty in the business world, the evaluation of strategic planning models and leadership styles, the understanding of the significance of resource management on organisational performance, cost, financial management, and marketing strategy, and the crucial application of tendering procedures.
Development of business management theories on international projects
Theories of business management for cross-border initiatives have evolved throughout time to meet the particular difficulties and complications of doing so. The cultural-distance hypothesis, an early notion, contends that the degree of cultural diversity across nations has a direct bearing on multinational initiatives' success (Jackson, 2020). The development of cultural intelligence in project managers is crucial for successfully navigating cross-cultural differences, according to a different notion called the cultural intelligence theory. The global project management theory and other more contemporary theories acknowledge that worldwide initiatives call for a different set of skills and approaches than domestic ones. According to this idea, project managers should adopt a global perspective and employ a range of tools and strategies to handle the complexity of global projects. The usage of virtual teams, which enables cross-border cooperation and communication, is one example of a specialized approach utilized in international project management. Project managers need to be able to deal with linguistic obstacles, cultural variations, and time zone disparities in order to manage virtual teams effectively.
Different project environments for major projects
There are a number of important aspects to take into account when contrasting various project environments for large-scale projects. The degree of complexity and danger involved is one significant distinction. For instance, a minor remodeling project in a suburban region will probably be less difficult and risky than a skyscraper building project in a big metropolis. In a similar vein, developing a new mobile application may not involve the same amount of complexity and hazards as launching a new satellite into orbit. The degree of stakeholder participation is a crucial issue to take into account (Nicholas & Steyn, 2020). Stakeholders may be deeply committed in and involved in certain initiatives while taking a more hands-off attitude in others. For instance, a project to produce a new software product may include mostly corporate stakeholders, but a project to build a new school in a community may entail substantial input and interaction from local citizens.
An essential factor is the regulatory environment. A nuclear power plant or a biomedical research project, for example, may be subject to severe laws and scrutiny, but a small company startup may be subject to comparatively lax regulations and oversight. Another important factor is the project's position in relation to other areas. Building a bridge in a distant jungle or constructing a mine in the Arctic are examples of tough or remote projects that will require different logistics, planning, and execution than projects in urban or suburban settings. The degree of technical complexity and innovation is a crucial factor, too. For instance, projects requiring cutting-edge technology, like artificial intelligence or quantum computing, could be more technologically demanding than projects involving more conventional technology, like constructing a highway.
Cost and financial information for a construction project
Several crucial measures may be made in order to illustrate and analyze the cost and financial data for a building project. Gathering all pertinent financial and cost data for the project is crucial first (Ford & Lyneis, 2020). This includes any estimates or quotations from suppliers and contractors, invoices and receipts for supplies and labor, as well as any other financial records associated with the project. The material must then be arranged and categorized to make it simple to comprehend and evaluate. Creating a budget spreadsheet that details all the project expenses and categorizes them might be one way to achieve this. After the data has been arranged and classified, it is crucial to contrast the actual and planned expenditures. This will make it easier to spot any instances where expenses are going over budget or where cost savings might be achieved. The movement of money into and out of the enterprise, or its cash flow, should be examined as well. This may be accomplished by preparing a cash flow statement, which helps locate any possible cash flow problems by charting the project's income and spending over time. Additionally, by calculating important financial ratios including the net present value (NPV), internal rate of return (IRR), benefit-cost ratio (BCR), and payback time, one may evaluate the project's financial success. These ratios give information about the project's prospective profitability and return on investment. In order to keep the project on schedule and under budget, it is crucial to continuously evaluate and update the cost and financial information.
Construction contracts and their application for different construction projects
Construction project management includes evaluating and contrasting various construction contracts and their use for diverse construction projects. The choice of contract may have a considerable influence on the success of a project. Distinct forms of contracts have different benefits and drawbacks. Several typical forms of building agreements include –
· A lump sum contract is a fixed-price agreement in which the contractor...