Rationale Construction Industry is a complex‚ dynamic and multidisciplinary organization that is characterized by uncertainty and very innovative due to the uniqueness of its products. The industry faces a lot of pressure in the areas of improved processes that will encourage efficiency in the project success criteria. This assures its Clients of a timely delivery of a project on budget and to the required quality and standard. (Latham‚ 1994)‚ in his report‚ ‘Rethinking Construction’ had elicited
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borrow more money for project investments. * Infrastructure UK unit built in HM Treasury in 2010 and actively discussed $109bn Transportation and Infrastructure Bill containing large infrastructure projects will aim to develop infrastructure industry in the UK and USA respectively (HM Treasury‚ 2012; Weisman‚ 2012) * Political issues in the Middle East increased commodity price volatility (Hotter‚ 2011). A growth in the commodity prices enhanced global mining activity which increased the
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Introduction Nowadays‚ the growth of construction industry’s productivity is slow‚ unlike the manufacturing sector‚ where standardization of components‚ mechanisation and innovation greatly enhance the rate of production‚ that is because of the procedure of construction industry is more complicate and always take longer time than manufacturing sector. Therefore‚ the supply to meet the needs and demand of housing and infrastructure is a very slow process. This is a serious problem which indicates
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following risk matrix below‚ in Table ?‚ extracts the major issues that could adversely affect this development. This risk matrix has been produced to cover all the main aspects of the project‚ other variables that can be included are preliminaries‚ construction phases‚ builder and/ or client variations‚ etc. As this report is predominantly aimed at assessing the feasibility of our development‚ we will only be touching on major issues that could potentially cripple the development and its returns if they
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Quality Assurance in Construction The importance of Quality Assurance is based on the principals of getting things right first time. By implementing‚ maintaining‚ reviewing and continually improving a Quality Assurance System a company can achieve and reap the benefits of having such a system in place. Quality Assurance exists because of the degree of dissatisfaction experienced by the industry’s clients over a long period‚ combined with a growing impatience by some of their advisers to achieve
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a very industry. It is a major problem in both developing and developed countries but the trend is more severe in developing countries. Large construction projects with their features of complexity and capital requirement have resulted interest to many researchers. Roachanakanan (2005) examined the causes and solution of cost escalation in Thailand and United States. He illustrated how the project cost control procedure used in United States can be applied to the construction industry in Thailand
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ECONOMICS FOR CONSTRUCTION AND REAL ESTATE Kwan Tsz Him (11168188D) Kwan Cheuk Pui (11055717D) Cheng Ming Xian (11704592D) Introduction Although Hong Kong has less land‚ there are always construction projects happening everywhere in Hong Kong‚ for example‚ West Kowloon Cultural District development‚ Kwun Tong redevelopment project‚ etc. However‚ workers and capital involved in the construction industry have been decreasing. In this report‚ we will discuss whether the construction industry is the ‘pillar’
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TCE asserts that transactions have distinct characteristics that explain how firm’s boundaries are drawn and when determine whether “market or hierarchy” will have the lower transaction costs in various circumstances. Asset specificity‚ uncertainty and frequency are the three variables of TCE that are used to characterise transactions. Williamson (1979) suggested four main forms of asset specificity‚ namely site specificity‚ physical asset specificity‚ dedicated assets and human asset specificity
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ATENEO DE DAVAO UNIVERSITY E. Jacinto St.‚ Davao City A Quantitative Study of The Effects of Industry Characteristics on The Working Capital Management Using the Cash Conversion Cycle as The Measure: The Case of The Thirty Largest and Most Active Listed Stocks in the Philippine Stock Exchange Methods of Financial Research Fin 410 TTH 1:00- 2:30 PM Submitted to: Mrs. Marietta Eliot Pampanga Submitted by: Princess Kiezel M. Sultan June 30‚ 2011 I. INTRODUCTION A. Problem
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MAINTAINING QUALITY IN CONSTRUCTION INDUSTRY What is Quality? The term quality means different things to different people. Some take it as the degree of excellence of a product while some take it to be the ability of a product to satisfy a need. According to the International Organization for Standardization‚ quality means “the degree to which a set of inherent characteristics fulfils the requirement.” So what is the importance of quality in the construction industry? Every construction company faces
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