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RMK262 - Assignment

Strategic objectives provide clear, specific, measurable goals that guide a construction firm's actions and achieve its long-term vision. Objectives should align with the firm's mission and vision while addressing industry challenges and opportunities. The document outlines 10 strategic objectives for construction firms including project efficiency, cost management, quality assurance, safety, innovation, sustainability, talent development, market expansion, legal compliance, and long-term growth.

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TEE Yu Yang TEE
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23 views

RMK262 - Assignment

Strategic objectives provide clear, specific, measurable goals that guide a construction firm's actions and achieve its long-term vision. Objectives should align with the firm's mission and vision while addressing industry challenges and opportunities. The document outlines 10 strategic objectives for construction firms including project efficiency, cost management, quality assurance, safety, innovation, sustainability, talent development, market expansion, legal compliance, and long-term growth.

Uploaded by

TEE Yu Yang TEE
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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3.

0 Variety of strategic objectives implemented in construction industry

Strategic objectives are important to the construction company. Strategic


objectives provide the clear, specific, measurable goals that a construction firm sets to
guide its actions and achieve it for the long-term vision. These objectives are crucial
to the overall success and competitiveness of the company. Strategic objectives in the
construction industry are designed to align with the firm’s mission and vision while
addressing challenges and opportunities specific to the sector. Objectives should
match with growth goals within construction industry. There are many types of
organizational goals to achieve in several aspects such as organizational aspect,
financial aspect, human resource, leadership of the company, marketing, and sales.

10 strategic objectives implemented in construction industry

1. Project efficiency and timeliness

Construction company have to make sure the project is completed based on the time
given. Completing projects within stipulated timelines can satisfy the client’s
satisfaction. Other than that, the delay of the project can be minimized and improving
overall project efficiency by optimizing resource allocation, workflow, and
scheduling. This can avoid unnecessary expense of the company’s budget from
avoiding from resource’s wastage.

2. Cost management and profitability

Cost management is one of the company’s objective in order to get profitable from the
project. By controlling costs to improving cost-effectivenss, and enhancing
profitability by minimizing wastage negotiating better deals with suppliers, and
utilizing efficient project management techniques. Cost estimation would be
considered into financial management of the company. Construction company will
consult the consultant such as quantity surveyor before the project start. Quantity
surveyor conducted a cost estimation through the market price calculation.
3. Quality Assurance and client satisfaction

Ensuring high-quality construction standards is significant to improve the client’s


confidence. Providing high-quality construction standard is meeting or exceeding
client expectations, and maintaining customer satisfaction to foster long-term
relationships and secure repeat business. Company must implement regular
inspections, testing of materials, and monitoring construction stages. Skilled
workforce, use of quality materials, adherence to standards and regulations are a key
point in meeting the high-quality construction standard.

4. Safety and risk management

Prioritizing and ensuring the safety of workers, subcontractors, and stakeholders by


implementing rigorous safety protocols and risk management strategies to prevent
accidents and mitigate potential risks. Minimizing the occurrence of accidents can
ensure the project’s successful and avoid unwanted cost expenses such as treatment
cost of the workers.

5. Innovation and technology adoption

Embracing technological advancements such as Building-Information Modeling


(BIM), drones, prefabrication, and automation to enhance productivity, accuracy, and
efficiency in construction processes. Replacing the traditional way of work would
save a cost or lot of money in the long-term. Company should invest a money into
technology adoption.

6. Sustainability and environmental responsibility

Integrating sustainable practices, using eco-friendly materials, reducing waste, and


aiming for green building certifications to meet environmental standards and address
societal concerns. By integrating sustainable practices and embracing environmental
responsibility in construction projects, companies can contribute to mitigating climate
change, reducing resource depletion, improving public health, and creating healthier
and more resilient built environments for future generations.
7. Talent development and retention

Investing in employee training, skills development, and creating a conducive work


environment to attract and retain skilled labor in a competitive market. Improving the
skill of employee is one of the objectives of the company because they can retain the
skilled employee for the long-term.

8. Market expansion and diversification

Exploring new markets, expanding services, or diversifying into related sectors to tap
into new opportunities and reduce dependency on a single market segment.

9. Legal compliance and regulatory adherence

Ensuring compliance with building codes, permits, safety regulations, and legal
requirements to avoid legal issues and reputational damage.

10. Long-term growth and sustainability

Developing strategies for sustained growth, financial stability, and long-term success
by making prudent financial decisions and focusing on strategic investments.

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