Abstract 3

Assessing the Financial Management Practices in Construction Contracting Organizations in Pakistan

Finance studies and addresses the ways in which individuals, businesses, and organizations raise, allocate, and use monetary resources over time, taking into account the risks entailed in their projects. Project finance refers to the financing of projects that are dependent on the project’s cash flows for repayment as defined by contractual relationships within each project. Without proper financial planning a new enterprise or project is unlikely to be successful. Construction companies are different from most other companies and are faced with unique challenges and problems not faced by other companies in other industries. Accounting and management of financial resources hence is of utmost importance to the success of a construction organization.

As for most economies, the construction industry of Pakistan serves as the backbone of the country’s economy. Historically, however, the construction industry of Pakistan has remained plagued with under-performance; particularly with respect to cash flow and financial issues. Anecdotal evidence suggests that there is a dire need to adequately and properly use financial management tools and techniques in order to successfully complete the projects within budget, on schedule and as per required specifications.

This study intends to capture the financial accounting and management strategies currently employed by the contractors in the construction industry of Pakistan. It is expected that the outcome of the study would help identify the gaps and obstacles in the successful implementation of financial management practices in the local construction industry. It is also expected that the study will prove to be pivotal in fostering the concept of application of financial management tools and techniques in the local industry.

Key Words: Financial management, Cash flow, Project management, Contractors, Pakistan.

Abstract 2

Exploring business ecologies: Promoting successful partnerships between Australian and Malaysian property and construction professionals

Increasingly Malaysian construction firms are seeking to work internationally. Firms enter international markets through various strategies and typically property and construction professionals rely on developing various forms of cooperative and collaborative arrangements. The common modes of entry include international alliances, project joint ventures, partnerships, company joint ventures and large consortiums; which arise as a response to clients seeking expressions of interests from the international community or the firms seeking to internationalise approaching clients and/or potential host country partners. Increasingly project teams on international mega projects are composed of multiple key partners from different countries coming together to achieve a higher level of strategic flexibility. Establishing and maintaining local connections and business networks are therefore critical to ensure the success of exporting firms. This paper reports on the findings of a project which explores the factors affecting the performance of Malaysian property and construction professionals working internationally through a business ecology lens. For healthy business ecosystems a focus is required on systems thinking, building strong relationships, natural systems, commitment to local and global communities and environments and ecological efficiency. The project develops a performance measurement framework to examine the extent to which Malaysian firms are developing sustainable business models internationally which adapt and respond to changing conditions. A generic framework was initially developed prior to this study through a grounded theory approach merging theory from internationalisation, design management and market knowledge literature followed by a case study empirical investigation and then further literature review based upon the themes which emerged from the case study analysis. A reflexive capability model for firms in managing both economic and non-economic capital; including social, cultural and intellectual capital was developed. This project seeks to build upon the reflexive model by adapting it to the unique contexts related to the specific geographic localities of exporting Malaysian firms. Specifically, the project explores the extent to which the performance measurement framework can be used to map capabilities Malaysian construction firms have and which they need to develop in relation to developing and maintaining international collaborative partnerships through a business ecological lens.

Abstract 1

Desirable Skills of Project Management Professionals in the Construction Industry of Pakistan

An effective project manager is the cornerstone in any successful project. The three parties involved in design and execution (owner - architect/engineer - contractor) are always looking for effective project managers in order to successfully deliver projects. However, the opinions about the qualitative skills that are evidenced by successful project managers are subjective. The purpose of this study was to identify the most important skills of successful project managers as perceived by the major stakeholders in the Pakistani construction industry. A questionnaire was circulated among owners, developers, general contractors, subcontractors, architect/ engineers and construction managers wherein they were asked to give importance rating to twenty skills usually required in a project manager. A secondary objective of the study was to examine the relative difference in the importance of the skills in relation to various levels of project complexity. It is expected that the study will allow each sector in the industry to look for project managers that suit their particular needs i.e. will aid in the selection of the most appropriately qualified personnel as project managers. It is emphasized that the rankings of the importance of skills can be a guide in the training of project managers both at the undergraduate or postgraduate levels and post-qualification. They can also be used as a yardstick in appointing/selecting a would-be project manager during interview and final selection.

Key Words: Desirable Skills, Project Managers, Construction Industry, Project Complexity, Pakistan

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Abstracts Accepted

The following posts detail those abstracts that have been reviewed and accepted. Full papers are due by 30th June 2009.

Important Announcement

The Inaugural Conference "Construction in the Muslim World" will now take place as part of the 5th International Conference on Multi-National Joint Ventures for Construction Works. This will take place between 21st and 22nd October in Kuala Lumpur Malaysia.

For details of the new arrangements please visit;

http://psa2.kuciv.kyoto-u.ac.jp/5thjvconf2009/