Critical Factors to Company Success in the

Topics: Project management, Management, Construction Pages: 2 (343 words) Published: May 5, 2013
SUCCESS has been the ultimate goal of every business
activity [1]. It is highly important for the organizations to be successful in their businesses in order to survive in
competitive business environments such as construction. The construction industry is changing constantly with the
developments of new business methods and technologies [2].
Thus, construction companies have to adopt these applications and develop appropriate strategies to be more competitive in this industry and get success in their businesses.
There are many definitions of success. Traditionally, it is defined as the degree to which goals and expectations are met. On the other hand, one of the definitions of failure is the inability of a firm to pay its obligations when they are due [3]. In recent years, there has been an increase in the studies of critical success/failure factors especially in project

management subject [4]. The traditional approach to success in the construction industry is to focus on the ability to plan and execute projects [5]. Traditionally, the success parameters for projects in this industry are cost, time and quality.

However, due to the changing business environment it is
crucial to focus on corporate success in order to be
competitive in this environment.
Some of the researches related to success factors showed
that the most important factors contributing to success are company's management systems and practices [7], [8].
Implementation of accounting systems and regular review of
financial statements [9], control of job-site safety [10], and ongoing training and education [11] are some other factors
contributing to construction company success addressed in the literature. In the study of Hutchings and Christofferson [12], carried out among small-volume residential construction
companies in the United States, the most important factors to company success were found as quality workmanship,
honesty, having good...
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