Transformation In The Construction Industry

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(i) Sustainable ways for addressing transformation in the construction industry The construction industry is one of the most global economic investment led sector. This means that the transformation of the construction industry is beneficial to the country. Therefore, sustainable ways for addressing transformation become paramount to the construction industry. There are various grades of companies operating within the construction industry of which the lower ones have to work within specific constraints. Specifically, small enterprises and firms in construction lack skills; thus skills development is required. If small enterprises are provided with training and adequate finances more projects will be done hence transforming the industry.…show more content…
This includes ensuring that the participants in the company have their interests met through following certain rules. Therefore, the support of stakeholders, suppliers and sponsors has the ability to enhance transformation. If there is a balance between parties involved in terms of what makes them happy, the company is likely get more profitability. Partnerships with the construction charter will enhance transformation in the construction industry in South Africa. The support and promotion of women development across sectors will promote effective projects. In addition, the construction of infrastructural institutions such as health care centres and schools. If educational support and career guidance is provided, the youth skills will consequently be developed. This will contribute to the transformation of youth working within the construction industry. QUESTION 2 (i) The strategic management process Purpose The purpose of the company is to ensure that maximum profit is attained through providing the best service at the lowest possible cost and highest quality. Goals To develop positive relationships with stakeholders in order to negotiate processes. Objectives To ensure that there is no money/ cash lost through sub-contractors’ mistakes. To ensure that there are no penalties from clients caused by extension of…show more content…
In other words, the weaknesses and strengths of a particular business are evaluated. This is a significant exercise of a business because the good or the bad of the company is identified. There are different types of ratios which can be used to identify how the company is performing. Various types of ratios can be used to identify if a company is going through a profit or a loss. The way in which the company is using resources that are useful can also be determined. Therefore, it is important for management in charge of any business to determine the appropriate ratio for any significant issue that need to be resolved. In case of the of the contractor scenario stated above which is about to be liquidated, liquidity ratio seems to be more relevant. This is because liquidity allows the company to cover daily expenses and be able to pay obligations owed. Through the use of financial ratios, a company is able to identify assets and activities that can be taken to in order to improve the cash flow of any particular business. This is because efficiency ratios measure the average inventories turnover period and average settlement

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