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Article
Publication date: 3 August 2020

Ratnesh Kumar, K. Chandrashekhar Iyer and Surya Prakash Singh

In construction management, risks and claims are treated separately, but several studies tacitly acknowledge a strong link between the two. In this context, this research…

Abstract

Purpose

In construction management, risks and claims are treated separately, but several studies tacitly acknowledge a strong link between the two. In this context, this research intends to investigate whether risks and claims have a causal relationship? Based on this causal relationship, a claim-based risk assessment model (C-RAM) is developed to quantify occurrences and cost implications of risks using project data.

Design/methodology/approach

First, the causal relationship between risks and claims is established through a conceptual framework for content analysis of the literature on risk management (RM) and claim management (CM). Then, a C-RAM is developed based on the content analysis of 234 claims from 24 settled arbitration awards.

Findings

Risks and claims are found to be two stages in the same chain of uncertain events that affect projects, subsequently revealing a causal relationship between risks and claims. Due to this causal relationship, claim documents become a potential source of risk information from past projects. Proposed C-RAM quantifies occurrences of risks with three parameters: number of projects in which a risk occurs, number of ways in which a risk occurs, and number of claims a risk causes if it occurs. Also, cost implications of risks are quantified as percentage of contract sums for interpretation as tangible values.

Research limitations/implications

Though C-RAM is applicable to all types of claims, the results in this paper are based on impacts of risks in past projects that caused claims and reached to arbitration stage.

Practical implications

The causal relationship between risks and claims will encourage integration of knowledge on RM and CM which is currently treated separately. Practitioners can now visualize claims as cost implications of risks that occurred in projects. Further, C-RAM makes risk assessment (RA) more objective by quantifying the cost implications of risks as percentage of contract sums which can be readily used for contingency estimation.

Originality/value

The relationship between risks and claims, and the potential of claim documents as a source of project risk information, can initiate a new paradigm in RM research based on project data.

Details

Engineering, Construction and Architectural Management, vol. 28 no. 4
Type: Research Article
ISSN: 0969-9988

Keywords

Article
Publication date: 28 November 2019

Morteza Bayat, Mostafa Khanzadi, Farnad Nasirzadeh and Ali Chavoshian

This study aims to determine the optimal value of concession period length in combination with capital structure in build–operate–transfer (BOT) contracts, based on direct…

Abstract

Purpose

This study aims to determine the optimal value of concession period length in combination with capital structure in build–operate–transfer (BOT) contracts, based on direct negotiation procurement and considering the conflicting financial interests of different parties involved in the project.

Design/methodology/approach

The financial model of a BOT project is developed considering all the influencing factors. Then, fuzzy set theory is used to take into account the existing risks and uncertainties. Bilateral bargaining game based on alternating-offers protocol is applied between the government and the sponsor to divide project financial benefit considering the lender’s requirements. Finally, concession period and equity level will be determined simultaneously according to the sponsor’s and government’s share of project financial benefit and the lender’s requirements.

Findings

The proposed model is implemented on a real case study, and a fair and efficient agreement on concession period length and capital structure is achieved between the government and the sponsor considering the lender’s requirements. It is revealed that being the first proposer in the bargaining process will affect the concession period length; however, it will not affect the equity level. Moreover, it is shown that considering income tax as a part of government’s financial benefit increases the length of concession period.

Research limitations/implications

The presented model concentrates on direct negotiation procurement in BOT projects where the sponsor and government bargain on dividing financial benefits of project. It is assumed that the product/service price is determined before according to market analysis or users’ affordability. All the revenue of project during concession period is assumed to belong to the sponsor.

Practical implications

The proposed model provides a practical tool to aid BOT participants to reach a fair and efficient agreement on concession period and capital structure. This could prevent failing or prolonging the negotiation and costly renegotiation.

Originality/value

By investigation of previous studies, it is revealed that none of them can determine the optimal value of concession period length and capital structure simultaneously considering the BOT negotiation process and different financial interests of parties involved in the project. The proposed model presents a new approach to determine the financial variables considering the conflicting interests of involved parties. The other novelty aspects of the presented model are as follows: introducing a new approach for calculating the sponsor and the government’s share of project financial benefit that will affect the determination of the concession period length and considering the effect of existing risks and uncertainties on final agreement between the involved parties using fuzzy set theory.

Details

Construction Innovation , vol. 20 no. 1
Type: Research Article
ISSN: 1471-4175

Keywords

Article
Publication date: 12 February 2021

Sanjay Bhattacharya, Kirankumar S. Momaya and K.C. Iyer

Successful handling and delivery of projects requires commensurate growth in the business capabilities of construction companies. The current scenario of exponential…

Abstract

Purpose

Successful handling and delivery of projects requires commensurate growth in the business capabilities of construction companies. The current scenario of exponential infrastructure boom in India necessitates scaling up to meet the challenges of competitiveness. The objectives of this study are to (1) identify the enablers of sustainable business growth among Indian construction companies, (2) identify gaps in the deployment of the enablers in comparison to competitive successful international construction companies and (3) suggest strategic initiatives to top management of companies and policymakers for promoting business growth and industry competitiveness.

Design/methodology/approach

A detailed literature review first identifies an adapted framework for enablers of growth and growth performance of successful international construction companies on basis of industry trends. Thereafter, a questionnaire survey was administered on the leading construction companies in India to assess the deployment of enablers and gaps thereof. A total of 108 valid responses were obtained from top management executives of the companies and analysed through descriptive statistics and hypothesis testing.

Findings

Studies indicate that anticipation of new demands and capabilities; business opportunity scanning and human resource skills and capabilities are among the most important enablers of growth. The role of leadership vision and focus on development of human resources is critical to competitiveness and growth. The successful international construction companies have delivered growth utilising their ability to deploy multiple strategies, diversification and new business opportunities. These are sparingly deployed by Indian companies.

Research limitations/implications

The study is limited to the opinion and perceptions of the top management personnel of the construction companies.

Practical implications

High economic growth context offers a unique opportunity for domestic Indian construction companies to leverage. The valuable insights gained from this study provide hints to the top management of these companies to draw managerial implications for facing the challenges ahead and delivering projects in the dynamic and hyper-competitive construction industry. The policymakers on their part are responsible to support and promote initiatives for sustainable growth.

Originality/value

The study suggests business growth enablers to construction companies in India to improve their international competitiveness.

Details

Built Environment Project and Asset Management, vol. 11 no. 2
Type: Research Article
ISSN: 2044-124X

Keywords

Article
Publication date: 2 March 2020

Sanjay Bhattacharya, Kirankumar S. Momaya and K. Chandrasekhar Iyer

To suggest a conceptual framework to benchmark enablers of growth and link them to performance metrics, duly supported theoretically with definitions and literature…

Abstract

Purpose

To suggest a conceptual framework to benchmark enablers of growth and link them to performance metrics, duly supported theoretically with definitions and literature review. The sub-objectives of the study are the following:

  1. To identify enablers based on theories and antecedents of growth

  2. To establish key leads on how the identified enablers have been deployed by leading construction companies, basis their stages of growth and economic context

  3. To identify which enablers have higher potential to contribute to competitiveness and growth in an effort to benchmark performance

  4. To establish if the enablers deployed is dependent on the market maturity and economic context

To identify enablers based on theories and antecedents of growth

To establish key leads on how the identified enablers have been deployed by leading construction companies, basis their stages of growth and economic context

To identify which enablers have higher potential to contribute to competitiveness and growth in an effort to benchmark performance

To establish if the enablers deployed is dependent on the market maturity and economic context

Design/methodology/approach

The enabler-mix-based approach is evolved through literature review, inputs from industry practitioners, and subsequent empirical analysis. To explore relationships, the primary methodology suggested is building theory from practice, justified in specific industry and regional economic context. Content analysis has been used for validation of the framework.

Findings

Traditional strategy literature suffers from the limitations in terms of applicability and specific contextual settings. In a rapidly changing and varied environment coupled with the context of emerging countries, there is a need for a benchmarked framework for strategy and growth. The evidence toward utility of the framework has been established through a quick analysis of leading construction companies. Capabilities for “operational and process excellence,” “unique products and services,” and “visionary leadership” emerged to be the higher ranked core growth enablers. However, the deployment of these enablers is dependent on the maturity of the company and its economic context.

Research limitations/implications

This simpler and generic framework analyzes the relative impact on performance, as well as the inter-enabler interaction and substitution effects, in the context of construction companies.

Practical implications

In the context of industries that are volatile in nature (like the construction industry), strategy tools need to be simple and generic towards practical and uncomplicated application for the managers, to achieve positive outcomes.

Originality/value

This paper offers fresh perspectives to benchmarking literature in terms of enablers to deliver growth performance, in the context of construction companies. It attempts to fill the gap in evolving simple strategy tools to ensure sustainable growth performance in industries having nascent research support and less availability of data so far. In the context of industries that are volatile in nature (like the construction industry), strategy tools need to be simple and generic toward practical and uncomplicated application for the managers to achieve positive outcomes.

Details

Benchmarking: An International Journal, vol. 27 no. 4
Type: Research Article
ISSN: 1463-5771

Keywords

Article
Publication date: 21 February 2019

Kamal K. Mukherjee, K.C. Iyer and Anil Sawhney

A perceived uniqueness of real estate (RE) projects has led to a view among RE practitioners that since no two RE projects are the same, they must all follow their own…

Abstract

Purpose

A perceived uniqueness of real estate (RE) projects has led to a view among RE practitioners that since no two RE projects are the same, they must all follow their own unique set of processes. Further, local exigencies often result in the very processes agreed at the beginning of every project being changed, thereby making projects unpredictable for delivery within time and budget, or to the standards of quality expected. Maintaining the need to follow pre-defined standard processes in RE operations, the purpose of this paper is to focus on two converging tracks: the first track studies available sector-level competitiveness frameworks appropriate for RE to formulate RE sector objectives; and the second track retains the process standardisation perspective to comprehensively identify a set of factors that influence the defined sector objectives.

Design/methodology/approach

The research methodology adopted comprises, respectively, for the two tracks, a focussed literature review and semi-structured interviews with 30 Indian RE sector practitioners working at levels of consequence, supported by qualitative interpretive analysis. As a sustained development requires all stakeholders to have their concerns addressed, this research leads to the formulation of four sector objectives, one for each stakeholder group identified. Furthermore, two sets of factors (inhibiting and enabling) are deduced from stakeholder interviews reinforced by secondary literature as those that would influence the realisation of the objectives from the standpoint of processes and their standardisation.

Findings

It is thought that factors identified here will inform actionable strategies for a transformation to the long-elusive process and standards-based delivery in the Indian RE sector. Such strategies will not only lead to the next spate of improvements from innovative processes and standards thereof but will also equip RE players with the wherewithal to successfully engage globally.

Originality/value

This work extends the earlier research to shift from a function to process orientation in RE and bridges research gaps in each of the tracks mentioned above: the articulation of RE sector objectives, and identification of factors influencing the objectives.

Details

Property Management, vol. 37 no. 3
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 11 January 2011

S.K. Breja, D.K. Banwet and K.C. Iyer

This paper aims to address the issue of sustainability of excellence in today's turbulent environment and evaluates the effectiveness (to achieve objectives) of quality…

7453

Abstract

Purpose

This paper aims to address the issue of sustainability of excellence in today's turbulent environment and evaluates the effectiveness (to achieve objectives) of quality strategy in a DAP‐winning company.

Design/methodology/approach

A face‐to‐face interview and a literature review were carried out in a case study mode.

Findings

The paper finds that total quality management (TQM) implemented in the Deming Application Prize (DAP) framework has a positive effect on business performance. To sustain excellence, it is important to maintain strategic focus, match strategic options with aspirations, link the human resource mission with the company vision, and work for transformation.

Research limitations/implications

Information provided/reported by the case company is fully relied upon and the required data are extracted.

Originality/value

Working definitions of TQM and business excellence are presented and the issue of “transformation” is explored. The study adopts creative approach for identifying critical success factors, discovers the possibility of including “flexibility” as the fifth angle in DAP examination, and proposes a framework for further research.

Details

The TQM Journal, vol. 23 no. 1
Type: Research Article
ISSN: 1754-2731

Keywords

Article
Publication date: 3 March 2016

Satyendra Kumar Breja, Devinder Kumar Banwet and K C Iyer

Addressing the issue of sustainability of business excellence, the paper maps strategies of Deming Application Prize (DAP) winning companies in India and evaluates the…

1490

Abstract

Purpose

Addressing the issue of sustainability of business excellence, the paper maps strategies of Deming Application Prize (DAP) winning companies in India and evaluates the effectiveness of the Prize scheme. It presents results of questionnaire survey.

Design/methodology/approach

Research has been carried out in case-survey-case (C-S-C) mode. This paper, second in series after a case study, applies questionnaire technique. Research construct - showing systemic interactions with resources, capabilities and competencies - has been presented. Descriptive analyses of data have been carried out and six hypotheses tested through correlation analysis.

Findings

TQM implementation and Deming Prize result in improvement in business processes. The award is effective in propelling organisations to higher performance level; however, sustainability of excellence remains an issue of concern. ‘Flexibility’ in strategy has strong positive correlation with satisfaction of stakeholders. ‘Continuous improvement’ is the most critical factor.

Research limitations/implications

All the 18 companies winning DAP up to 2007 were contacted. Limitation of sample size was overcome by generating 72% response.

Practical implications

Results have implications for the concept of TQM and DAP methodology.

Originality/value

Results of empirical research are presented. The model developed as research construct in this study provides illustration on how researchers and managers should dig into the organisational system for sustaining excellence.

Details

The TQM Journal, vol. 28 no. 3
Type: Research Article
ISSN: 1754-2731

Article
Publication date: 23 May 2019

Serdar Durdyev and M. Reza Hosseini

The purpose of this paper is to present a systematic review of studies on CPD published between 1985 and 2018.

2604

Abstract

Purpose

The purpose of this paper is to present a systematic review of studies on CPD published between 1985 and 2018.

Design/methodology/approach

Before identifying common CPD, research trends were examined in terms of the number of publications in selected journals, as well as the contributions made by countries, institutions and researchers.

Findings

The findings reveal that researchers from developing countries have contributed the most to identifying the causes of CPD. A total of 149 causes of CPD were identified in a thorough review of 97 selected studies. Weather/climate conditions, poor communication, lack of coordination and conflicts between stakeholders, ineffective or improper planning, material shortages, financial problems, payment delays, equipment/plant shortage, lack of experience/qualification/competence among project stakeholders, labour shortages and poor site management were identified as the ten most common CPDs.

Originality/value

Being the first study of its type, this study provides insight into the research output related to this area and identifies a common set of CPDs, which may provide a better understanding of the key areas requiring attention where steps should be taken to minimise or control factors causing delays in construction projects.

Details

International Journal of Managing Projects in Business, vol. 13 no. 1
Type: Research Article
ISSN: 1753-8378

Keywords

Article
Publication date: 3 April 2009

K.N. Jha and C.T. Chockalingam

The purpose of this paper is to enable construction project team members to understand the factors that they must closely monitor to complete projects with a desired…

Abstract

Purpose

The purpose of this paper is to enable construction project team members to understand the factors that they must closely monitor to complete projects with a desired quality and also to predict quality performance during the course of a project. With quality being one of the prime concerns of clients in their construction projects, there is a definite need to monitor its performance.

Design/methodology/approach

The study discussed here is an extension of past research in which 55 project performance attributes were identified based on expert's opinion and literature survey which after analysis resulted in 20 factors (11 success and nine failure). The results of the second stage questionnaire survey conducted have been used to develop the quality performance prediction model based on artificial neural networks (ANN).

Findings

The analyses of the responses led to the conclusion that factors such as project manager's competence, monitoring and feedback by project participants, commitment of all project participants, good coordination between project participants and availability of trained resources significantly affect the quality performance criterion. The best prediction model was found to be a 5‐5‐1 feed forward neural network based on back propagation algorithm with a mean absolute percentage deviation (MAPD) of 8.044 percent.

Practical implications

Project professionals can concentrate on certain factors instead of handling all the factors at the same time to achieve the desired quality performance. Also the study may be helpful for the project manager and his/her team to predict the quality performance of the project during its course.

Originality/value

The present study resulted in a model to predict the quality performance based on the factors identified as critical using ANN. With the control of the identified critical factors and usage of the prediction model, the desired quality performance can be achieved in construction projects.

Details

Journal of Advances in Management Research, vol. 6 no. 1
Type: Research Article
ISSN: 0972-7981

Keywords

Book part
Publication date: 19 June 2019

Supachart Iamratanakul

The purpose of this chapter is to identify and analyze various critical success factors (CSFs) that can facilitate retailing business in Thailand. This chapter further…

Abstract

The purpose of this chapter is to identify and analyze various critical success factors (CSFs) that can facilitate retailing business in Thailand. This chapter further aims to understand the mutual interactions among these CSFs through identification of the hierarchical relationships among them. A framework for Thai retailers has been developed, wherein the hierarchical interrelationships between identified CSFs have been presented and interpreted using total interpretive structural modeling (TISM). Cross-impact matrix multiplication applied to classification analysis has been further employed to identify the driving power as well as dependence power of these CSFs. In the present research, 15 CSFs have been identified through literature review and expert opinions. The methodology employed in this study provides a mechanism to conduct an exploratory study by identifying the factors and analyzing their interactions through the development of a hierarchical framework. The proposed framework developed through qualitative modeling is an effort to understand relevant factors that can apply to the Thai retailers. This study makes a significant contribution in the literature of retailing business, which captures the perspective of different customers.

Details

Asia-Pacific Contemporary Finance and Development
Type: Book
ISBN: 978-1-78973-273-3

Keywords

1 – 10 of over 3000