Le, Y; Wang, Y; Luo, C and Peng, Y (2013) Integration of financial and contract management on the Shanghai Expo construction program. Journal of Construction Engineering and Management, 139(6), pp. 738-748. ISSN 0733-9364
Abstract
The management of facility construction for hallmark events is critically important for their financial viability. However, little knowledge has been produced regarding the management of this type of construction. Based on the construction program for the Shanghai Expo 2010 and other cases reported in the literature, this paper provides an analysis of the common characteristics of construction for hallmark events, the challenges of financial management due to these characteristics, techniques to address these challenges, and lessons learned from the Expo construction. It is believed that one critical factor that contributes to the success of the Expo construction program is the integration of the financial management and contract management processes, assisted by a specifically designed computer program. The techniques used to integrate the two processes involve (1) mapping the program's work breakdown structure, cost breakdown structure, and contract breakdown structure; (2) integrating the information flow between the two processes; and (3) automation in information generation, dissemination, and storage. Areas that may be further improved in managing construction programs of a similar nature are also discussed.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | computer software; construction costs; contracts; international development; project management |
| Index terms: | financial management, critical factor, financial viability, construction cost, computer program, project management, automation, contract management, international development, information flow, Shanghai, integration, mapping, dissemination, program, lessons learned |
| Subjects: | knowledge translation, project management theory and practice, contract management, professional development, Geography, automation and robotics, software systems, spatial and geospatial analysis, information systems, organizational analysis, strategic management, risk assessment, economic analysis, financial and cost management, business management |
| Topics: | Business Strategy, Cost Management, Information Management, Research Practice, Project Management, Geographical Context, Risk Management, Digital Applications, International Construction, Contract Administration, Organizational Design |
| Descriptive scope: | 2 PC |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here