项目质量管理以及灵活战略的价值毕业设计论文外文资料翻译.docx
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项目质量管理以及灵活战略的价值毕业设计论文外文资料翻译.docx
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项目质量管理以及灵活战略的价值毕业设计论文外文资料翻译
Projectmanagementqualityandthevalueofflexiblestrategies
Constructionstrategiesforcompetitivebiddingandoperationsareusedtoavoidtheconsequencesofpoorscheduleperformancesuchasdelaypenalties.Flexiblestrategiesintheformofoptionscanincreaseprojectvalueifuncertainconditionscannotbeadequatelyforecastbeforeoperationsbegin.However,projectmanagementpurposefullymanipulatestheprojectperformancethatdrivestheuseofoptionsandtherebythevalueaddedbyoptions.Thereforeprojectmanagementqualitymayinfluenceoptionvalues.Seekstoaddressthisquestion.
Design/methodology/approach–Thisresearchinvestigatestheinteractionofprojectmanagementandoptionvaluebyoperationalizingacommonuseofrealoptionsinconstructionandvaluingtheoptionwithdifferentlevelsofprojectmanagementquality.Asimplebutrealisticdynamicsimulationmodelofaprojectisdescribedandexercisedtorevealsomeimpactsofprojectmanagementonoptionvalue.
Findings–Theresultssupportahypothesisthatincreasedprojectmanagementqualitydecreasesoptionvalueandthatrealoptionsinmanagingconstructionprojectscanbeexplainedwithrealoptionstheory.Themodelstructuresuggestscausalexplanationsthatareconsistentwithrealoptionstheory.
Originality/value–Theresultssuggestthatpractisingmanagerscansignificantlyincreaseprojectvaluebystructuringmanagerialflexibilityandtherebyimprovingtheirevaluation,development,anduseofflexibility.However,ignoringthemultiplemeansofmanaginguncertaintythatareoftenavailablecandistortvaluation.Resultsalsosuggestthatresearchersofstrategicflexibilityinprojectsshouldconsidermultipleformsofuncertaintyinmodelingoptions.Increasingthenumberofavailableoptionsortheeffectivenessofoptionsinamultiple-optionenvironmentcandecreaseindividualoptionvalues.
KeywordsProjectmanagement,Riskmanagement,Managementstrategy,Quality
PapertypeResearchpaper
Introduction
Accuratelyvaluingconstructionoperationsiscriticalfordevelopingcompetitive
proposalsforconstructionservicesandmeetingperformanceobjectivessuchasprofitandcashflow.Thisisdifficult,partiallybecauseconditionscanevolvefarfromthoseassumedbyprojectplannersandmanagersbeforeoperationsbegin.Theseuncertainfuturescenarioscanhavelargeimpactsonprojectbehaviorandperformancethatthreatenmeetingperformancetargets.Basedonastudyof60largeconstructionprojects,MillerandFloricel(2000)describeflexibilityandgenerativityastwoapproachesforsuccessfullyaddressinguncertainfutureprojectconditions.Flexibilityandgenerativityareprimarilydistinguishedbywhethertheriskmanagementoccurs
whiletheuncertainconditionsevolve(generativity)orprecedestheuncertainprocesses(flexibility).Generativityfocusesonrespondingtoriskin“realtime”,after
conditionsareclearenoughtoidentifyeffectivedecisionsandactions.Projectmanagementduringoperationsisoneformofgenerativitythatcanmitigateriskbyadjustingindividualconstructionprocessesfrequentlyasconditionschange.Incontrast,flexibilitybuildsuncertaintymanagementintoprojectstructuressuchaspartneralliances,contracts,andstrategies.Projectmanagersuseflexibleprojectstrategiestoplanforandmitigateriskbyproactivelymanipulatinghowexternaluncertaintiessuchasweatherandlaboravailabilityimpactperformance,oftenwithrelativelyfewproject-leveladjustments.Duetotheirfocusonhigh-leveldriversofperformanceandtheirabilitytoadapt,flexibleprojectstrategiescanstronglyinfluenceperformance.Therefore,whenestimating,projectvalueplannersneedtoincludetheeconomicvalueofflexibilityinprojectstrategies.
Increasedpressuretocompleteprojectsfaster,cheaper,andbetterandcompetitionfromotherfirmshaveincreasedtheneedforprojectstrategiesandmanagementthatcaneffectivelymanageprojectrisk.MillerandFloricel(2000)suggestthatinsuccessfulprojects,flexibilityandgenerativityinteracttoprepareforandsubsequentlymanageprojectrisks.Todesign,assess,andimplementeffectivestrategiesandpolicies,projectplannersandmanagersneedtounderstandhowflexibilityinstrategiesandprojectmanagementinteracttoimpactvalue.Practisingplannersandmangersmayhavetacitandintuitiveknowledgeoftheseinteractions,butexplicitandtestablemodelsareneededtoimproveprojectstrategiesandpolicies.Thecurrentworkprovidesaninitialinvestigationoftheimpactsofprojectmanagementqualityonthevalueofflexibilityinprojectstrategies.
Priorresearchofstrategicconstructionprojectplanninginvestigatesandcomparesprocurementstrategies.ExamplesincludeinvestigationanddevelopmentoftheAtB(costttime)biddingstrategybyEl-Rayes(2001),Shenetal.(1999),andHerbsman(1995),thecomparisonofcompetitiveandnegotiatedbiddingbyZelaskoandSchexnayder(2003)anddemonstrationofadvantagesofadesign,bid,buildstrategy(Bender,2003)anddesign-build-operate-transferorganizations(Ritchie,2001).Butthesestrategiesareirreversiblychosenpriortoprocurementanddonotincludeflexibilitytorespondtochangingprojectconditionsduringoperations.Otherresearchdescribesflexiblestrategiesbutdonotoperationalizeorvaluethem(e.g.Kolltveitetal.,2004).OneexceptionisCuietal.’s(2004)studyofwarrantyoptions,whichisbasedonthesameunderlyingtheoryasthecurrentworkbutisappliedtoproductperformancefromanowner’sperspective.Thecurrentworkfocusesonoperationalflexibilityfromacontractor’sperspective.
Challengesofvaluingflexibilityinconstructionprojects
Traditionallytheeconomicvalueofaprojectisbasedonadiscountedcashflowanalysisofpointestimatesofprojectincomesandcosts.Previousresearch(e.g.DixitandPindyck,1994;Trigeorgis,1995)hasdemonstratedthatthisapproachfailstocapturethevalueofflexibilityinprojectstrategiesandthereforecanundervalueprojects.Projectvaluescanbemoreaccuratelyestimatedbyaddingthevalueofflexibilityinprojectstrategiestothevalueestimatedwithdiscountedcashflows(Trigeorgis,1993a).Realoptionstheorystructuresflexibilityinstrategiesformanagingrealassetsasarightwithoutanobligationtochangethestrategydependingonhowuncertaintyresolves(AmramandKulatilaka,1999a,b).MillerandLessard(2000),FordandCeylan(2002),Kemna(1993),FordandSobek(2005)andothersdescribetheapplicationofrealoptionstoconstructionandothertypesofdevelopmentprojects.Realoptionsvaluationmodelsarecapableofvaluingflexibilityinmanycircumstances,includingsomeinconstruction(e.g.Zhaoetal.,2004;ZhaoandTseng,
2003;Fordetal.,2002).However,mostexistingrealoptionsvaluationmodels(e.g.
BrealeyandMyers,2000;Trigeorgis,1993b,1995;DixitandPindyck,1994;KemnaandVorst,1990)maybeunabletoestimateaccuratelythevalueoftheflexibilitywhenprojectmanagementisalsousedtomanageriskbecauseofinconsistenciesbetweenmodelassumptionsandconstructionprojectpractice[1].Particularlyrelevanttothecurrentworkistheinabilityofmostrealoptionsvaluationmodelstoexplicitlyreflectprojectmanagementprocesses(e.g.resourceallocationandforecastingcompletiondates)anddifferentlevelsofprojectmanagementqualitythatarecriticaltoconstructionprojectbehaviorandperformance.
Theproblemoftheimpactsofprojectmanagementqualityonthevalueofflexiblestrategiesiswidespreadbecauseprojectmanagerscommonlyusemanyformsofflexibilitythatcanbestructuredasrealoptions.Examplesincludethatprojectmanagersoftenholdoptionstouseovertimeifexpectedcompletiondatesexceeddeadlines,replacelaborwithequipmenttoreducecosts,andupgradetonewtechnologiestoimproveproductivity.Inallthesecasestheprojectmanager’sflexibilityimpactsprojectperformanceandvalue.Datacollectedbyoneoftheauthorsfromthemanagementoflargeconstructionprojectsbyamajorenergyfirmidentifiedseveralexemplarycasesfrompractice(Johnsonetal.,2006).Asanexample,oneprojectinanisolatedlocationrequiredaspeciallargepieceofequipmentthatcouldonlybemanufacturedbyasinglefirm.Themanufacturingcompletiontimeandthereforethearrivaldateatthesitewereuncertainiftheequipmentwasmovedbysea,thetraditionalandlowercostmethod.Butseadeliverywasonlypossibleduringashortweatherwindow.Missingtheweatherwindowwoulddelaytheprojectayearandincurverylargeadditionalcosts.Deliverybyairwouldavoidtheweatherwindowproblem,butwasmoreexpensive.Projectmangershadtheflexibilitytochangetheirdeliverystrategyfromseatoairtoavoidprojectdelays,buttheflexibilitywasnotfreetoobtain(reservetheairlift)oruse(switchtoairliftanddeliverybyair).Thevalueoftheflexibilityintheseexamplesdependsonseveralfactors,includingthequalityoftheprojectmanagement.Inthecurrentworkonespecificcaseisusedtoinvestigateinmoredepththerelationshipbetweenprojectmanagementandthevalueofflexiblestrategies.
Consideraconcretecontractorwhoisdevelopinganoperationsstrategyaspartofpreparingbidsonahigh-risebuildingprojectasamoredetailedexampleofthechallengesinvaluingflexibilityinprojectstrategies.Theprojecthasthreesimilarphasesthatwilloccursimultaneouslybutwillbebidseparately.Thegeneralcontractorhassetaggressivedeadlinesandwillimposelargefinancialpenaltiesforcompletinganyphaselate.Thedelaypenaltiesarelargecomparedtothedifferencesin
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- 项目质量管理以及灵活战略的价值 毕业设计论文外文资料翻译 项目 质量管理 以及 灵活 战略 价值 毕业设计 论文 外文 资料 翻译