StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Financial and Human Resources Management - SEEN EXAMINATION - Essay Example

Comments (0) Cite this document
Summary
SECTION B # Question 3 Virtually every construction job is given to a contractor based on the placement of competitive bids as Cooper, Grey, Raymond, and Walker, (2004) notes. It follows that the project is awarded to the bidder who proposes the lowest price and is proven to have the highest capacity to deliver effectively…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER95% of users find it useful
Financial and Human Resources Management - SEEN EXAMINATION
Read TextPreview

Extract of sample "Financial and Human Resources Management - SEEN EXAMINATION"

Download file to see previous pages These documents seek to show the possible cost of successfully carrying out the construction project, if it is awarded. In contrast, tendering refers both to the refinement of conditions in order to arrive at the final and most rational price, and the, contractual terms that must be submitted to promoters or their representatives. The second phase (also referred to as bid adjudication), entails evaluation of the probable margins of error in established cost estimates, potential risks, as well as the likely financial impacts of completing the project. Decisions that are made by executive personnel in regard to bid adjudication are usually confirmed at a formal convention as Gray and Larson, (2003) notes. Such a formal meeting to make decisions in regard to bid adjudication occurs several days prior to placement of the final bid. This provides adequate time for clear assessment of bid credentials before actual tendering. The formal meeting also ensures that all the relevant information is taken into account before a contractor is chosen, thus avoiding selecting a contractor that cannot fully deliver on project requirements. The considerations made by managers include factors such as acute competition, uncertainty in cost estimates, inadequate or poor information regarding a particular project, and risks associated with production or project implementation. These aspects must be sufficiently analyzed, since, as Akintoye and Fitzgerald (2000, p. 164) suggest, “the most significant factors resulting in inaccurate estimates include insufficient time for tender preparation; poor tender documentation; insufficient analysis of the documentation by the estimating team and lack of review of cost estimates by company management.” Despite the wide assortment of challenges, executive personnel have to make appropriate adjudication decisions based on these factors. The aspects that influence management’s decisions during the crucial tendering process and adjudication in particular can be classified, according to Betts (1990, pp. 402-408), into three categories including job, market, and company related factors. The first class of job-related aspects, accounts for elements that are directly linked to the specific project or project type. Most of these factors are evaluated in the course of preparing bids and an analysis of these aspects is conveyed to relevant parties in the adjudication convention. Market-related decision making factors, account for the external influences, such as competition from other contractors. Analysis of aspects like external competition may enable the respective firm to formulate strategies that would aid in increasing competitive advantage. Finally, as Betts (1990, p. 403) states “company-related factors that influence decision making in the adjudication process, include: the business’ goals and objectives, as well as, its corporate policy on bidding.” Adjudicators, usually comprised of senior directors or managers, are supposed, as Young, (2003), notes, to evaluate the aforementioned factors and related information, in reviewing project cost estimates and finalizing the price of the contract. As shown in the assessment above, there are numerous considerations in the tendering process. Therefore, decision makers must fully comprehend the stipulated objectives and goals of the process, in addition to estimated project costs, in order to ensure that tendering is fair and that it is aligned with the ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Financial and Human Resources Management - SEEN EXAMINATION Essay”, n.d.)
Financial and Human Resources Management - SEEN EXAMINATION Essay. Retrieved from https://studentshare.org/engineering-and-construction/1476545-financial-and-human-resources-management-seen
(Financial and Human Resources Management - SEEN EXAMINATION Essay)
Financial and Human Resources Management - SEEN EXAMINATION Essay. https://studentshare.org/engineering-and-construction/1476545-financial-and-human-resources-management-seen.
“Financial and Human Resources Management - SEEN EXAMINATION Essay”, n.d. https://studentshare.org/engineering-and-construction/1476545-financial-and-human-resources-management-seen.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Financial and Human Resources Management - SEEN EXAMINATION

Problems of Human Activities

A lion’s share of the industrial, cultural and academic leadership is made up of the baby boomers. The baby boomers also have the highest median household income in the United States of America. An undue burden is being placed by these baby boomers on their children’s economy. They are in a state of denial regarding their aging and death and thereby they do not plan for their retirement. Since there is a too rapid decline in population the immigrants help in maintaining the fertility rate and population of the country. This too leads to a plethora of problems. These immigrants sometimes do not join the mainstream of their adopted country and live in groups following their own culture and customs instead of assimilating...
7 Pages(1750 words)Term Paper

Implementing Schedule of Time Management

...Running head: PHASE 5 INDIVIDUAL PROJECT PHASE 5: Individual Project Affiliation October 2008 How often have you heard it said that planning is waste of time? No sooner is the plan completed than someone comes along to change it. These same naysayers would also argue that the plan, once completed is disregarded and merely put on the shelf so the team can get down to doing some real work. To people management, we mean the planning activity that involves deciding on the types of people in form of resources that are required to fulfill the requirements of the project. In other words the types of skills and number of workers we need to complete the project (kwysocki, 1997). Whenever we talk about the methods involved in the project management...
6 Pages(1500 words)Coursework

Diversity Management in Organisations

... column. Superior staff’s as well as clientele satisfaction results in increased productivity. Diversity goes ahead of worker’s equity to cultivate office surroundings that values the dissimilarities and capitalizes on the latent of all workers, one that encourages worker’s inventiveness and innovativeness. (POLLITT, David, 2006) Diversity management enable individuals to act upon up to their utmost potential as it emphasizes on modifying the company‘s ethnicity and infrastructure so that people may attain the peak output efficiency feasible. Efficiently administration of diversity manoeuvres the “operating overheads and workforce attitudes, recruitment of human resources, sales and market share, creativity and innovation, group problem...
6 Pages(1500 words)Case Study

The Management, Leadership and Teamwork Competencies Required by a Small Business Owner

On the other hand organizational leadership is defined as the ability based on the specific skill of an individual to lead his/her subordinates in a manner that pre-planned organizational goals could be achieved within the defined time-frame.

According to Burns (1978) and Bass (1985), transformational leadership has a set of category constructs such as values, morals, farsightedness, long term goals, principles, acute awareness about the dividing line between causes and symptoms, mission statements, strategic perspectives, and human resources. Similarly, they identify a set of category constructs in the transactional leadership also. For instance concentration on the task at hand, short term goals and tactics, confusion co...
6 Pages(1500 words)Coursework

The Effects of Financial Crisis on Supplier Selection Criteria of the Oil and Gas Industry Equipment Market

It is a difficult task to find those vendors who not only have the adequate quality and quantity of the needed raw materials but who also have an attitude of efficiency and display commitment to customer service (Sonmat, 2006). Further, organizations also strive to locate and select vendors who can be depended upon for long term relationship.

The number of factors or attributes desired from the vendor is vast, and different organizations and different industries place different importance on the attributes (Sonmat, 2006). Some of the vendor attributes may gain importance owing to the nature of the industry, for example, in the case of consumer perishables suppliers, like fresh vegetables or fruits, the buying firm would...
20 Pages(5000 words)Literature review

Information Security Management

Security is a group of activities that include the policies, measures, and actions which are utilized to stop unlawful access or alteration, theft, and physical damage to information or computer. Security can be supported by an assortment of techniques and tools to safeguard computer hardware, software communications networks, and data (Laudon & Laudon, 1999, p. 502). In the modern age of information technology, there are many threats happened for organizational information. We need a security model that has the ability to manage and secure our information reserves. Technical administrative safety /security measures like security plans, actions and techniques are the main practices for the organizational information security m...
10 Pages(2500 words)Research Paper

International Security Studies: Examination

Globalization affects international security in the sense that problems involving terrorism, the environment, religious extremism, weapons of mass destruction, and the economic crises have become more universal and widespread in character (Ivanov “Article”). As a result, these issues pose a greater threat to national and international stability and safety. More lives are now affected by threats to international security; these threats did not seem too ominous before the entry of globalization. Consequently, some extremists justify the use of mass weapons of destruction in order to guarantee their security. And as globalization continues to expand and to grow bigger as a phenomenon, threats to international security are...
7 Pages(1750 words)Assignment

Universal Declaration of Human Rights

... international treaties that affirm human rights, and that these are binding on the signatory states. An assessment regarding the binding nature of the provisions of the UDHR was made in this work. The UDHR was instrumental in the development of international law, specifically the International Covenant on Civil and Political Rights (ICCPR) and the International Covenant on Economic, Social and Cultural Rights (ICESCR). Furthermore, the role of ICCPR and ICESCR, which derive from the UDHR were examined. This was done by referring to case law and opinions of various authors. It also analysed UN Charter provisions, such as the preamble, Article 1(3), 2, 13(1), 51, 55, 56, 62(2) and 68.3 This work arrived at conclusions, by establishing...
8 Pages(2000 words)Case Study

Self Assessment: Conflict Management Style

...Please indicate Self Assessment: Conflict Management Style The assessment on conflict management that I took suggests that I am the type of person who tends to cooperate and work with people to achieve a desirable outcome. It suggests that when I am faced with a conflicting situation, although I listen and consider other viewpoints included in the discussion, I carefully evaluate and analyse every detail in accordance to my own. It depicts that I welcome other ideas or arguments but not easily swayed by them for I tend to make my point be heard and accepted as well, creating a really interesting discussion that in turn promotes a win-win situation. Furthermore, the assessment also indicated that second to collaborating attitude, I also...
7 Pages(1750 words)Essay

Management Theory and Practice in the Early Childhood Education Industry

As pointed out in a study by Osgood and Halsall (2007) where they carried out research to examine the position of women in leadership or management positions, a “glass ceiling” exists for women in the academic setting, which could significantly impair motivation. Since many of the individuals employed in the early education sector are women, addressing this issue is even more important because these individuals are faced with the difficult task of shaping young minds while also dealing with the problems associated with the actual physical care of very young children. The quality of professionals in this sector is vital because it impacts the growth and development of the children that they care for. The degree of invol...
6 Pages(1500 words)Coursework
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Financial and Human Resources Management - SEEN EXAMINATION for FREE!

Contact Us