StudentShare solutions
Triangle menu

Financial and Human Resources Management - SEEN EXAMINATION - Essay Example

Not dowloaded yet

Extract of sample
Financial and Human Resources Management - SEEN EXAMINATION

These documents seek to show the possible cost of successfully carrying out the construction project, if it is awarded. In contrast, tendering refers both to the refinement of conditions in order to arrive at the final and most rational price, and the, contractual terms that must be submitted to promoters or their representatives. The second phase (also referred to as bid adjudication), entails evaluation of the probable margins of error in established cost estimates, potential risks, as well as the likely financial impacts of completing the project. Decisions that are made by executive personnel in regard to bid adjudication are usually confirmed at a formal convention as Gray and Larson, (2003) notes. Such a formal meeting to make decisions in regard to bid adjudication occurs several days prior to placement of the final bid. This provides adequate time for clear assessment of bid credentials before actual tendering. The formal meeting also ensures that all the relevant information is taken into account before a contractor is chosen, thus avoiding selecting a contractor that cannot fully deliver on project requirements. The considerations made by managers include factors such as acute competition, uncertainty in cost estimates, inadequate or poor information regarding a particular project, and risks associated with production or project implementation. These aspects must be sufficiently analyzed, since, as Akintoye and Fitzgerald (2000, p. 164) suggest, “the most significant factors resulting in inaccurate estimates include insufficient time for tender preparation; poor tender documentation; insufficient analysis of the documentation by the estimating team and lack of review of cost estimates by company management.” Despite the wide assortment of challenges, executive personnel have to make appropriate adjudication decisions based on these factors. The aspects that influence management’s decisions during the crucial tendering process and adjudication in particular can be classified, according to Betts (1990, pp. 402-408), into three categories including job, market, and company related factors. The first class of job-related aspects, accounts for elements that are directly linked to the specific project or project type. Most of these factors are evaluated in the course of preparing bids and an analysis of these aspects is conveyed to relevant parties in the adjudication convention. Market-related decision making factors, account for the external influences, such as competition from other contractors. Analysis of aspects like external competition may enable the respective firm to formulate strategies that would aid in increasing competitive advantage. Finally, as Betts (1990, p. 403) states “company-related factors that influence decision making in the adjudication process, include: the business’ goals and objectives, as well as, its corporate policy on bidding.” Adjudicators, usually comprised of senior directors or managers, are supposed, as Young, (2003), notes, to evaluate the aforementioned factors and related information, in reviewing project cost estimates and finalizing the price of the contract. As shown in the assessment above, there are numerous considerations in the tendering process. Therefore, decision makers must fully comprehend the stipulated objectives and goals of the process, in addition to estimated project costs, in order to ensure that tendering is fair and that it is aligned with the ...Show more

Summary

SECTION B # Question 3 Virtually every construction job is given to a contractor based on the placement of competitive bids as Cooper, Grey, Raymond, and Walker, (2004) notes. It follows that the project is awarded to the bidder who proposes the lowest price and is proven to have the highest capacity to deliver effectively…
Author : millermay
Financial and Human Resources Management - SEEN EXAMINATION essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Financial and Human Resources Management - SEEN EXAMINATION"
with a personal 20% discount.
Grab the best paper

Related Essays

Labour Law seen examination
The Allan’s decision must satisfy the requirements of the Employment Equality (Religion or Belief) Regulations 2003 and the treatments received by the shortlisted applicants must not have been subject to indirect discrimination on grounds of religion or belief within as defined by the Regulations.
5 pages (1250 words) Essay
International Human Resource Mnaagemnt - Examination
Answer: Developing nations demonstrate great competition in the labor market and the unemployment rates in such nations also remain high. Under such conditions an incentive based system of pay would be effective in resulting into improved performance and making use of the high competition in the market.
4 pages (1000 words) Essay
Human Resources Management
HRM process is the intensely embedded, company centric, active schedules through which a company attracts, meet people, educates, encourages, appraises, and recompenses its workers. This point of view incorporates financial concerns with relative public authority features.
3 pages (750 words) Essay
Financial Resources Management Assignment
The common room is to provide social work area for the students when they are not in class. This plan intends to redevelop the already existing vacant room in the university. This will make a better common room where student of Manchester University can spend their time and relax.
3 pages (750 words) Essay
Financial Resources Management
These help in strengthening the management of financing and avoid common mistakes like miscalculating or underestimating the cost. Financing is of two types, equity financing and debt financing. When you are in need of money or looking for capital, company's debt-to-equity-ratio should be considered.
8 pages (2000 words) Essay
Management of Financial Resources
Finance and accounting functions are closely related in such a manner that accounting provides information needed for managing finance. Management of finance varies according to its nature, that is, short term or long term. Financial resources refer to the availability of money in the form of cash, securities, creditors, loan facilities, etc possessed by an organization.
12 pages (3000 words) Essay
Stragegic management of human resources
Increasing attention to human resources has recently called into being a new set of methods, principles, techniques, and practices known as Human Resource Management (HRM), Human Resource Planning (HRP) and Human Resource Development (HRD) (Beardwell, Claydon & Holden, 2003; Reid, Barrington & Brown, 2004).
26 pages (6500 words) Essay
Financial Issues, Marketing Function and Human Resources in Management
A few important issues that a Manager should consider before planning for developments are Financial Issues, Marketing Function, and Human Resources. These issues are very much important, whether one is starting a new Business or expanding a well-running business, these issues are very much important.
7 pages (1750 words) Essay
Managing Financial Resources for Human Services Organizations
More specifically it examines the purpose of a budget for a human services organization and will differentiate between line-item, functional, and program budgeting. It helps
2 pages (500 words) Essay
Financial resources management
So, corporate governance functions within the framework of openness, accountability and integrity, since there are certain expectations of the shareholders. Therefore, it can be deduced that the management of a company is trusted to supervise its activities and
10 pages (2500 words) Essay
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT
Comments (0)
Rate this paper:
Thank you! Your comment has been sent and will be posted after moderation