The construction MBA : practical approaches to construction contracting

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Title:

Personal Author:

Stevens, Matt, 1959-

Publication Information:

New York : McGrw-Hill, c2012

Physical Description:

xv, 496 p. ; 24 cm.

ISBN:

9780071763257

Subject Term:

Building -- Superintendence

Construction industry -- Management

Available:*

Library	Item Barcode	Call Number	Material Type	Item Category 1	Status
Searching... PSZ JB	30000010306320	TH438 S744 2012	Open Access Book	Book	Searching... Unknown
Searching... Razak School	30000010306789	TH438 S744 2012	Open Access Book	Book	Searching... Unknown

Summary

Publisher's Note: Products purchased from Third Party sellers are not guaranteed by the publisher for quality, authenticity, or access to any online entitlements included with the product.

Proven business strategies for operating a profitable and efficient construction firm

Written by a successful management researcher, advisor, and educator to construction contractors, The Construction MBA reveals effective operating practices for managing the multiple processes that must work simultaneously to make a construction firm consistently profitable. The methods in the book apply to both general and specialty contracting firms and describe how to grow both the top line and bottom line.

This strategic resource explains how to integrate metrics into your business model that allow you to identify and react to critical trends. You'll learn ways to gain the competitive edge by adopting superior processes, speeding up your business cycle, and maximizing client satisfaction. Tips for positioning your firm on the "sweet spot" of the risk-reward curve are also included. Realworld case studies demonstrate the concepts presented in this practical guide. In addition, eight legendary management books are reviewed and their lessons are applied to the constructioncontracting business.

The Construction MBA covers:

The new business model Corporate objectives and strategies Work acquisition Operations management Human resources Financial management Technology Good operating practices

Author Notes

Matt Stevens is president of Stevens Construction Institute, Inc., management advisors to construction contractors. With more than 30 years' experience as a general and specialty contractor, he has been working with contracts as a management advisor since 1994. Matt also worked as a management consultant with FMI Corporation from 1997-2002. He earned an undergraduate degree in Construction Management from University of Louisiana-Monroe and an MBA from Rollins College, Winter Park, Florida. Matt is the author of Managing a Construction Firm on 24-Hours a Day (McGraw-Hill Professional, 2006).

Preface	p. xi
Chapter 1 The New Business Model	p. 1
What Has Changed in the Construction Industry over the Last Four Decades?	p. 3
What We Know	p. 8
Some Parts of the Construction Business Remain Unchanged	p. 10
Volume-Based, Fixed-Cost Business	p. 11
Volume-Sensitive, Variable-Cost Business	p. 12
Part of the New Approach: The Quantitative Method	p. 12
The First Quantitative Model of Construction Contracting	p. 14
The New Business Model of Construction Contracting	p. 17
Profile of a Profitable Contractor in This Millennium	p. 18
Two Sources of Personal Wealth for the Contractor	p. 22
Summary	p. 24
Chapter 2 Corporate Objectives and Strategies	p. 27
The Owner's Goals Are Primary	p. 27
The Learning Curve	p. 31
Strategic Planning for Construction Businesses	p. 35
Vision/Mission: How You Want to Be Seen and How to Get There	p. 44
Construction Compared with Manufacturing	p. 47
Strategic Planning to Change the Market	p. 47
The Cold Hard Strategic Truth	p. 53
Summary	p. 56
Chapter 3 Work Acquisition	p. 57
Win Three Times to Win One Project	p. 58
Selecting the Right Work	p. 59
Market Analysis	p. 63
Marketing versus Selling	p. 65
Marketing	p. 70
Common Marketing Rules for Contractors	p. 71
Comparing Market Share and Profits: A Quantitative Method for Marketing and Selling	p. 73
Selling	p. 78
Common Errors in Selling	p. 84
Estimating Cost and Proposing Price	p. 85
Bidding: The Price Proposal Process	p. 91
Pressures to Be Low Bidder	p. 106
Using Job Sizing to Consider Establishing a Small Projects Division	p. 108
Bid Conditioning	p. 109
A Critical Consideration: When Should Cost Savings Be Reflected in Bids?	p. 111
Beware of Questionable Procurement Procedures to Win Bids	p. 112
Be Proactive for Better Procedures in Procurement	p. 115
Annual Job Cost Budgeting	p. 115
Alignment of the Work Acquisition and Field Staffs	p. 116
The Importance of Forward-Thinking Measurements	p. 118
Measuring Work Acquisition Success	p. 120
Use Past Performance to Make Adjustments for Future Work	p. 124
Summary	p. 126
Chapter 4 Operations Management	p. 127
What Is the Current Status of the Industry? Construction Productivity Is at a 15-Year Low	p. 128
The Basic Process to Better Operations Management	p. 132
Proven Principles	p. 135
Construction Business Planning Is Critical	p. 137
Taking the Lean Approach to Construction Contracting	p. 138
Creation and Implementation of Quality-Lean-Processes	p. 147
Processes That Consistently Deliver Results	p. 149
Management Load Balancing	p. 150
Management: A Short Course	p. 159
Planning, Forecasting, and Scheduling	p. 164
Managing a Construction Firm in a Down Economy	p. 173
Firing Your Worst Client to Improve Your Risk Profile	p. 175
Summary	p. 181
Chapter 5 Human Resources	p. 183
The Key Role of the Human Resources Manager	p. 186
Self-Actualization Motivates More Than Money	p. 187
Knowing Yourself Well Is Critical to Management and Leadership	p. 188
Personality Assessment	p. 189
Leadership/Management Assessment	p. 192
Time Management Essentials	p. 194
Teaching and Mentoring: Investment with Hard-Core Results	p. 195
New Employee Orientation and Continuing Education	p. 199
Leader-Manager: New Definition of Leadership in Construction Contracting	p. 201
Four Habits of Highly Effective Construction Managers	p. 203
Managing Yourself Better	p. 206
The Most Important College Class Not Taught	p. 207
Compelling Reasons to Manage Labor Well	p. 209
Beginning the Learning Curve in College	p. 210
You Are the Chief Morale Officer	p. 212
Best Organizational Structure for Optimal Use of Human Resources	p. 213
The Age of Less Delegation	p. 215
Proactive Management	p. 217
Multiple Delegation by Electronic Means	p. 217
Managing the Latest Generation	p. 219
Recruiting Tips	p. 221
Advice to Young Construction Professionals	p. 222
Summary	p. 224
Chapter 6 Financial Management	p. 227
The Cost of Doing Business	p. 227
Tracking Revenue and Costs	p. 228
Accounting versus Financial Management	p. 228
Financial Management of Individual Projects: Job Cost Reporting	p. 232
Financial Statement	p. 241
Rate of Return Measures	p. 251
What Is a Reasonable ROI to Expect?	p. 257
Additional Financial Indicators: Critical Metrics to Compute	p. 260
If Limited to One Indicator, Which Financial Ratio Would I Choose?	p. 268
Overhead Management	p. 269
Retention Management	p. 272
Budgeting	p. 278
Keep a Cushion of Funds in Your Account	p. 278
Smart Billing and Collection Practices	p. 279
Typical Financial Trouble Spots for a Construction Firm	p. 283
How Financial Policies Affect Your Construction Business	p. 286
Increasing Employees' Awareness of Key Financial Data	p. 289
DuPont Analysis	p. 290
Ours Is a Recession-Resistant Industry	p. 293
Ways to Weather Down Economic Times	p. 294
What to Do with Profits? Remember the Rule of 72	p. 296
Summary	p. 299
Chapter 7 Technology	p. 301
Reticence about Adopting Technology	p. 302
First Things First	p. 304
Technology to Have and Master	p. 306
Emerging Trends	p. 313
Virtual Construction	p. 314
Measuring the ROI of Your Technology Investment	p. 317
Compelling Business Reasons to Invest in Technology	p. 318
Summary	p. 319
Chapter 8 Good Operating Practices	p. 321
Risk versus Reward	p. 323
Characteristics of Superior Projects	p. 327
Strategic Actions and Operational Methods Make Up Good Operating Practices	p. 330
The Indices	p. 332
Strategic Value Index for Construction Contractors	p. 332
WorkSmart Leverage Analysis	p. 334
Good Operating Practices Research Using WorkSmart Leverage Analysis	p. 335
Summary	p. 340
Chapter 9 Summary and Conclusions	p. 343
Appendix A Case Studies	p. 353
Appendix B Digest of Additional Management Insights	p. 419
Appendix C Great Management Books and How They Apply to Construction Contracting	p. 427
Appendix D Management Parables	p. 475
Bibliography	p. 483
Index	p. 485

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Summary

Summary

Author Notes

Table of Contents