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Introduction of Project Planning And Control Assignment
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“Project control” is primarily defined as information and communication technology, which accurately influences the basic need of operational efficiency. The most important aspect of the successful “Project control” is the predominant strategies undertaken by the project manager to enhance project outcome through improved methodologies while ensuring decreased risk mitigation. Balfour Beatty, which is a British contraction company focusing on implementation of innovative strategies for gaining increased bright reputation. The current study focuses on analysing the significance of project control strategies in context to Balfour Beatty.
Balfour Beatty: Overview
“Balfour Beatty” is one of the leading multinational construction companies in the entire UK. Balfour Beatty is a multinational construction company, which is situated in the UK. The above-mentioned company is considered as one of the leading constructional companies in the entire UK. The British “Balfour company” operating under Leo Quinn initially maintains the proper finance, innovation and efficient infrastructure of the company. The “Balfour Beatty” is primarily working across the “Ireland, united states, Canada, Ireland and middle and south-east Asia”. As per the basis of 2018, “Balfour Beatty” was ranked as one of the biggest construction-oriented companies in the entire UK. The corporate strategy of Balfour Beatty focuses on the implementation of an improved strategy toward fulfilling consumer requirements while ensuring improved services.
The construction company called “Balfour Beatty” was first started in the year of 1909 with a total capital of 50,000 Euros.
Annual revenue generation of Balfour Beattyfrom 2011 to 2021
(Source: Statista, 2022)
According to the report 2021, the premium brand's called “Balfour Beatty” annual revenue generation has been reported to be approximate “19.73 million British pounds”. As per the basis of the global report, it can be primarily demonstrated that from 2011 to 2021, the annual sale of the company increased by approximately 47%. The corporate strategy of “Balfour Beatty” focuses on the provision of quality services to its consumers by providing them with unique services.
Construction industry: structure
Construction industry is one of the most potential industrial sectors that contribute towards economic growth of the country. Construction industrial structures highlight smooth flow of information among the stakeholders for effective outcome (Aramesh et al. 2021). Industrial structure relies upon implementation of innovative strategies for fulfilment of corporate goals through improved usage of corporate resources.
Construction industry market size
(Source: Statista, 2022)
The construction industry contributes to the economic growth of the country through increased revenue generation and strengthening the country's GDP (Dallasega et al. 2021). Furthermore, the construction industry serves to be impactful in increasing employment opportunities. According to a recent report in the context of the Construction industry market size, revenue that is earned by the global construction industry has been reported to be nearly 2.7 and 2.8 trillion U.S dollars in 2021 and 2022 respectively (Statista, 2022). Besides production, the promotional strategy used by the construction industry further plays a significant role in strengthening the financial position of the company (Urba?ski et al. 2019). Increased dependence on social media usage for promotional approaches further makes it beneficial for the industry to reach out to a large number of consumers
Nature of Balfour Beatty and its interrelationship with industry
Construction industry’s prioritises improved technology for product design along with consumer preferences for creating valuable aspect. Detailed implementation of project methodologies ensures strategies involved in effective risk management to ensure enhanced corporate productivity (Choudhary et al. 2019). As stated by Di Maddaloni et al. (2018), the corporate strategy of Balfour Beatty prioritizes sustainable usage of corporate resources for meeting corporate goals. Effective flow of information between employees and managers is maintained during organizational operational activities.
Effectiveness and suitability of project control
The project control is very important as it allows the particular company or organization to successfully handle the projects by forecasting various issues that can occur during the project. The influence of prime stakeholders and the predominant power of stakeholders is also an important aspect of “Project control”. As opined by Alwagfi et al. (2020), effective project control strategies contribute towards cost minimization. Conflicts and proper negotiation control initially run the predominant factors of project control.
Managing economical factors, providing the basic advice to the project manager, risk management of the project and primarily developing the analysis of risk management conduction is other vital factors for building up the “project control management”. Construction projects generally share the predominant information with the common people and initially provide the undergraduate or top-class kinds of hospitality (Ferrell et al. 2019). “Project Control” generally provides a mature quality of government service. The “construction project” also provides the strength of actual public welfare.
Technological integration influences the government of a specific country and is also responsible for the development of public welfare and public lifestyle. Developing the modernized oriented construction project is now an important requirement for the construction project critique (Grail et al. 2021). The sustainability of project control is primarily initiated as a common term of social and technological evaluation, which predominantly provides the different types of modernized and technological culture selection for the common people. Stakeholders are initially defined as the sponsors of an individual business program, thus the stakeholders are also identified as the predominant owner of a particular business organization and effective business managers in an experienced senior “business management project”. As stated by Sroka et al. (2018), a particular organization’s system owner and the consumer of individual information management and the vital members of the frontline workers also take an important part as stakeholders. Developing an individual construction-oriented project is a huge achievement for the stakeholders.
- “Project control tools”: Discussion
A project control tool is a predominant solution for the “Project management” oriented team, which is primarily used for recording the organization’s day-to-day work tasks. Due to usage of different types of project control tools can save valuable time and reduce the actual cost of the project. Various types of “Project Control” tools are:
Project estimation is the process of analyzing the available data to assume the probable time, resources and costs of the upcoming projects. It further gives the organizers to have a clearer view on the projects and determine the opportunities as well as the challenges associated with the project. Furthermore, the success of the company majorly depends on the correct project estimation. The project estimation also gives the idea to its stakeholder of the overall job that is to be done (Jünge et al. 2019). Project estimation primarily contains the budget forecast, baseline performance and EVM procedure.
Resource allocation generally refers to the process of including the best available resources in the project. The purpose of “resource allocation” is to utilize the maximum resources that can be used by the organization. In the context of construction procedure, the resource allocation is very important as it allows the organizers to use all resources in proper way during construction. If resource allocation can be done in a proper way, then it can improve the employee and the customer satisfaction. The responsibility of resource allocation is generally given to a responsible person who is eligible for this work. However, the resource allocation procedure generally avoids the under working and overworking oriented employees, by using the proper “resource utilization chart” (Urba?ski et al. 2019). High rated project management-oriented tools primarily help to assign individual employees their daily work based on their availability and working capability.
Budgeting is the process, where the cost-effectiveness is controlled. Budgeting can also track the different types of expenses, compare the actual cost of a project, analysis the actual budget health, forecast the prominent budget and track the predominant cost to pay the employees and invoice the clients. In the context of Construction Company, budgeting is very important as it saves the time and money throughout the construction process. If there is no preplanned budgeting, then the process of construction may face various difficulties. It includes the chances of many errors about the costs in the construction process and the company will not be able to complete the project in the expected time.
One of the mainstreams works for quality management is to manage the actual quality of the project. The predominant resolution capabilities and tracking of the proper issue is also a major work of “quality management” tools. The above-mentioned procedure primarily helps in construction-based project control.
Collaboration is primarily defined as the necessary segment for online “project management tools”. The important virtual collaboration related tools are web meetings, online chats and different types of web meetings. In the context of construction Company, the collaboration is very much needed because the workers work together to achieve the ultimate goals. It further creates more creativity and flexibility to the work which effectively eases the process of construction. A great support can also be gained if the workers do their job in collaboration.
Risk management is a general procedure, which can initially assess, control and identify different types of predominant threads towards an individual organization’s actual earning and total capital (Choudhary et al. 2019). The above-mentioned risk stem is also included varieties of other different sources, such as “legal liabilities, technological related issues, natural disaster, multiple strategic management issues and economic uncertainty”. Risk management is an important factor for conducting “construction control” management. In the context of construction Company, risk management factor is very important to make the construction projects more practical and efficient. It allows a previous protection from the uncertainty that may occur during the process of construction. After doing a proper measurement about the “risk management” the company can properly understand the crisis and make a proper balance between the threats and opportunities.
Project control practices
“Project control practices” towards the construction is primarily signified as a major procedure, which encompasses five different types of segments. The five major types of project control segments are “procedure, resources, and monitoring, planning and control different types of capital projects. The above-mentioned five types of project control derivatives are initially symbolized as a “Project lifecycle”. “Project control practices” primarily help in different types of predominant segments, such as forecasting, proper measuring and initially improving the actual project performance. Multiple types of project control analysis are two types, such as,
In context to planning and standardization of successful project control initially needs implementation schedules and a detail plan (Dallasega et al. 2021). The proper standardization tools and proper planning help the team member to primarily create the actual constancy of the project. The crucial standardization and planning have the capacity to initially increase or decrease the individual projects. Consistency is a basic criterion for implementing a construction-oriented business. However, creating the measurable and prominent step is the basic criteria for tracing the success, simplifying the predominant analysis and primarily replicating the actual successful projects.
In context to documentation and communication is symbolized as the important aspects of “project control management”. “Planning, initiation, closeout phase and monitoring of the project is defined as the crucial responsibilities of the construction-based project control. “Project environment” is a dynamic factor for increasing the construction-based project’s market position. The documentation and communication procedure are also helps to keep the individual organization’s employees in a proper date manner. Different types of stakeholders, construction-oriented projects team members and managers of the project also need the same derivative information to meet the actual expectation. In building up the proper construction project, both above mentioned “project control practices” are required to implement in the construction business.
Competitiveness and its future impact on Balfour Beatty
The biggest competitor of the “Balfour Beatty,” is “Bechtel group and URS Corporation”. The competitiveness in the market is increased due to the excessive level of market demands (Lehtovaara et al. 2022). An individual company’s market demand is responsible for two major aspects, such as product quality, pricing of the product and proper marketing campaign.
Social factor analysis
The social factor is very much influential in the overall growth and improvement of the company. Certain factors affect the overall growth and development of the company. The income distribution of the particular country, the demographic influence of the society and the particular lifestyle of the people of the country-influenced the overall performance of a company.
Annual earnings of individuals in UK
(Source: Statista, 2022)
In the context of Balfour Beatty, the social factor is affecting the company's improvement. Earning helps people to avail the products of their choices, and thus this contributes to increased revenue generation for the company (Marichova et al. 2021). Furthermore, this sheds light on the fact that people can avail a luxurious lifestyle. In this particular context the social factors are serving an important role and it further indicates that people can avail the luxurious constructions that are provided by Balfour Beatty. Furthermore, the luxurious construction that is provided by Balfour Beatty is creating the opportunities for the persons who want to avail a luxurious construction. Furthermore, the sustainable quality of the construction attracts the consumers to the company.
Technological factor analysis
Technology plays an important role in conducting and maintaining the business of a company. As opined by Alwagfi et al. (2020), the implementation of the new technology is very much needed for the future growth and development of a particular company. The technological advancement of a country and its investment toward the new technology further helps the company to implement new things in their production.
The Balfour Beatty introduces the new technology in their construction. They are using new and sustainable technologies in their construction process. The innovative and lightweight technology used by the company helps in showcasing their art to the consumers. According to the report, the U.K. government invested £29.4 billion for technological purposes, which further helped the company to increase the implementation of new technologies in their production (Ferrell et al. 2019). Thus implementing opportunities for Balfour Beatty to implement innovative and improved the technological investment for future purposes.
Environmental factor analysis
The environmental factors are a thing to be considered in a great way for conduction of smooth business operation. In the current competitive business ambience, it becomes essential for the organization to strongly follow the environmental laws to prevent additional complications. The company strictly follows the rules and regulations mentioned in "Environmental Protection Act (1990)”.
The main aim of the company is to achieve the less environmental pollution that occurs during the manufacturing of the various constructions, especially the dust particles that mixed in the air (Hussain et al. 2018). The company takes the principles of a “circular economy” that allows the company to recycle and reuse the waste products while manufacturing the buildings that further creates a good impression of the company(Hermundsdottir et al. 2021). The Life cycle approach of the company enables it to understand the whole environmental impact on the operations and products at every possible level and highlights where the company can set their targets of reduction.
Political factor analysis
There are many external factors related to the environment that can largely affect the business of a company. According to Januškait? et al. (2018), political stability, the possible changes in legislation and the global influence impact largely on the production and organization of a particular company.
Political stability Index in the context of UK
(Source: theglobaleconomy, 2022)
Political stability further helps to remove the additional barrier and the business among the companies within the country. The political stability index in UK has been reported to be nearly 0.47, thereby indicating a stable political ambience within the UK for smooth business conduction. Several government policies can affect the production of the company. In the context of the Balfour Beatty, it follows the rules and regulations of the government. The manager of the company anticipates the probable changes in the legislation that can influence the production of the company that influenced the political factor essential influenced the production and organisation of the company (Radovi?-Markovi? et al. 2019). It is highly essential for the organisation to implement robust changes to gain a competitive advantage.
Legal factor analysis
Legal factors of the company are defined by the issues related to law and order, which must be considered by the business owner in running the business. The laws that affect the business of a particular company are state laws, federal regulations and the imposed norms on costumes. These are the structures that the company owner needs to follow. Otherwise, the authority of the company may face legal harassment. As stated by Sroka et al. (2018), Balfour Beatty abides by the “Employee Right Act” (1996). This particular law enables the company to eliminate unfair dismissal, protection of the wages and redundancy payments. Furthermore, the company follows the Consumer Protection Act (2015). This enables the company to satisfy the needs and demands of the consumer. Balfour Beatty further protects the data and information of the consumers; thus, it established itself as a very believable organisation to the consumers (Singh et al. 2019). The company further protects its consumers from any fraud in their services.
Ethical factor analysis
The ethical factor affects both the internal and the external ambiences of the company. It includes the protection of the employee from various issues. According to Vinšalek Stipi? et al. (2020), the study shows that Balfour Beatty provides the best ethical ambiences to its consumers. Furthermore, the company protects its employees from harassment and botheration within the workplace. The company maintains ethics for accounting purposes. It further includes the fact that the company does not discriminate in the wages, provides the mental well-being among the employees and also secures the privacy of the employees as well as the consumers.
Economical factor analysis
Microeconomic factors affecting “Balfour Beatty” operation
Microeconomic factors affect organizational productivity on a large scale. The microeconomic financial factors are based on structural process, performances, behaviour and decision-making process for the aggregated company's financial economy. The microeconomic policies of are initiated as a sign of providing the UK government with a stable and strong financial environment, which primarily fosters conductive economic growth. According to Haronian and Sacks, (2018), this economic growth can initiate the purchasing factors of the current customers. Due to this brand’s high price tag, very few people can recognize and buy the brand (Aramesh et al. 2021). Consumer preferences and choices are one of the major determinants that further affect the productivity of the organisation.
Identification of determinants of “Balfour Beatty” goods and services
A big multinational-based organization or small commercial oriented company's success rate initially depends based on the company's customer satisfaction. Raw material prices along with government regulation affect the supply of raw materials. The marketing team is responsible for the company's vital services (Velayudhan et al. 2018). The specifically mentioned Construction brands' product quality and great service quality is the primetime reason for the “Balfour Beatty” brand's recognizable market position.
Competitiveness and its future impact on “Balfour Beatty”
Detailed competitor analysis serves to be effective in understanding the strategies implemented by the organization from which “Balfour Beatty” faces threats. Threat identification serves to be effective in formulating strategies that help organizations gain a competitive advantage. Increased competition can act as a major threat to the organization (Grail et al. 2021). The service quality and proper advertisement campaign is the main reason a company can differentiate itself from the other same categorized company. However, it is highly crucial for the organization to implement innovative strategies to maintain its long-term success and sustainability.
Random shock affecting fiscal policy
The fiscal policy is a general process, which is initially required to analyse and gather important project data to keep the important business schedule and cost effects properly. The four major types of projects controls are “planning, initiating, controlling and monitoring the organization’s aspect. According to Puente and Schneider (2020), communication is another most relevant factor in commercial projects planning. Fiscal policy is the government taxation policy, which is required to influence the organization's financial structure.
Challenges faced by “Balfour Beatty” and its consequence on stakeholders
One of the most derivative focuses of the company is to initially innovate and create new trends based on the choice of the premium and economic customers. However, this aspect of the brand adds up to the good reputation of the company among mature customers (Grail et al. 2021).
The social, political and environmental and economic challenges create obstacles within the company and affect its overall improvement and services. One of the major causes of the difficulties is further highlighted by the increasing competition in the market. The needs and demands of the customers are rapidly changing, and they are showing their interest in trying more and more advantageous products. This becomes one of the major challenges to the company. Consumers are the crucial stakeholders affecting business productivity. However, changing consumer needs can be a major hindrance to the conduction of smooth business progression of “Balfour Beatty”. In the current digitization era, organisations are relying upon advanced technology for manufacturing purposes. However, in the context of the usage of advanced technology, it is crucial to enhance employee knowledge of the technology to gain a better productive outcome. Thus, a lack of employee knowledge of specific technology poses a serious threat to the conduction of smooth business progression (Vuong et al. 2021). It further impacts the external ambience of the company because it affects the consumers' desires and demands because the customers are always seeking something new, and it becomes a major challenge to the company. It further leads to the loss of customers of the company. The innovation of new technology is needed in the manufacturing of the in this particular context, the “Balfour Beatty” is facing challenges. All these challenges could affect the services, employees, and consumers.
These challenges influenced the employees of the company as they can be discouraged by the challenges. According to Marichova et al. (2021), an increased inflation rate affects the increase in the product price. Hikes in product price can affect the sales volume of the company. The stakeholder serves an important role in the services of the company.
The political, ethical, social and environmental policy of the company affects its stakeholder as well as its external business. The various policies that the company is determining leave an impact on the stakeholder and on their businesses. The above-mentioned challenges and obstacles are influencing the overall performance of the company. However, in order to mitigate the challenges faced by the Organisation, it is crucial for “Balfour Beatty” to utilize the corporate resource in a sustainable way to meet corporate goals.
Conclusion and recommendation
“Balfour Beatty” is primarily recognized as one of the highest-selling companies in the entire UK. Hence it is primarily concluded that the, in this article the brand value of the interrelation between the organization and the nature of the company is significant in this specifically mentioned topic. “Project construction” is a general process, which is initially required to analyze and gather important project data to keep the important business schedule and cost effects properly. Hence it is primarily concluded that the four major types of projects controls are “monitoring, reporting, controlling process and analyzing” and “Project control management”. “Planning, initiation, closeout phase and monitoring of the project are defined as the crucial responsibilities of the construction-based project control. The control process and monitoring are primarily based on the “Scope, time and budget” of the project (Choudhary et al. 2019). However, if the above mentioned three types of requirements are fulfilled properly, then the outcome of the project is initially proceeding with minimum amounts of risk. Planning and initiation are other most important aspects of the constitutional “project control”. The proper planning can make sure to the proper “project control” management. The microeconomic factor, operational value, competitiveness and different types of challenges are included in this topic; hence, the economic, political, social, legal and technological factor is also primarily concluded in this given topic.
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