Directing a construction project towards quality with low cost and time is a greater concern today. It is because quality is required to meet project requirements of the owners, constructors and other parties involved with a greater satisfaction. Moreover, poor quality could lead to unnecessary cost to the organization where it could create costs due to failure, appraisal and prevention. Hence, it creates a necessity to introduce the concept ‘quality’ into building process throughout its whole life phases. Implementing proper quality management plan is important at the project inception where, quality drawings, quality standards and constructability of design may lead to enhance the project quality. However, the commitment and the support of the management are important to continue the process. The awareness and training provides a base to collaborate all parties into the process, in which the collaboration of such all parties in quality management process is essential to lead towards construction project success.
For the better part of a decade, strategy has been a business buzzword. Top executives ponder strategic objectives and missions. Managers down the line rough out product/market strategies. Functional chiefs lay out “strategies” for everything from R&D to raw-materials sourcing and distributor relations. Mere planning has lost its glamor; the planners have all turned into strategists.
Strategic planning does indeed evolve along similar lines in different companies, albeit at varying rates of progress. This progression can be segmented into four sequential phases, each marked by clear advances over its predecessor in terms of explicit formulation of issues and alternatives, quality of preparatory staff work, readiness of top management to participate in and guide the strategic decision process, and effectiveness of implementation.
Business objective, to establish ourselves on a particular market.
Quality assurance is the prevention of mistakes in the delivery of products and services. In many cases, quality assurance teams are responsible for reporting quality incidents and metrics to a governance board on a regular basis. When quality issues occur, quality assurance is tasked with implementing improved processes and systems. The following are illustrative examples.
A latent human error in a banking user interface allows traders to switch quantity and price by accident.
The quality assurance team investigates the issue and identify several lapses in service management processes and systems. They sponsor a program to address the issue.
Quality assurance investigates and finds that a supplier has changed the materials in a part. They push the supplier to fix the problem.
A government regulator submits an inquiry to a bank regarding several mistakes on customer accounts.
Quality assurance investigates customer reports that a car navigation product is so difficult to use that it has caused minor accidents.
A telecom company experiences regular security incidents that are reported to the executive team byquality assurance.
A fast moving consumer goods company requires customer service teams to report any customer complaints that are relevant to food safety to the quality assurance team.
Money markets are used by government and corporate entities as a means for borrowing and lending in the short term, usually for assets being held for up to a year. Conversely, capital markets are more frequently used for long-term assets, which are those with maturities of greater than one year.
Capital markets include the equity (stock) market and debt (bond) market. Together, money markets and capital markets comprise a large portion of the financial market and are often used together to manage liquidity and risks for companies, governments and individuals.
Both money and capital markets are key components of international finance markets. Both markets allow investors to buy debt securities, which are financial products that an actor purchases and the issuer promises to pay back, such as bonds. Capital markets also sell other types of securities and money markets specializes in short-term debt.
Capital budgeting, is the planning process used to determine whether an organization’s long term investments such as new machinery, replacement of machinery, new plants, new products, and research development projects are worth the funding of cash through the firm’s capitalization structure (debt, equity or retained earnings). It is the process of allocating resources for major capital, or investment, expenditures. One of the primary goals of capital budgeting investments is to increase the value of the firm to the shareholders.
These methods use the incremental cash flows from each potential investment, or project. Techniques based on accounting earnings and accounting rules are sometimes used – though economists consider this to be improper – such as the accounting rate of return, and “return on investment”. Simplified and hybrid methods are used as well, such as payback period and discounted payback period.