Tummalapudi, M; Killingsworth, J; Harper, C and Mehaney, M (2021) US construction industry managerial strategies for economic recession and recovery: A Delphi study. Journal of Construction Engineering and Management, 147(11): 04021146, ISSN 0733-9364
Abstract
Economic changes impact the construction industry and the associated stakeholders involved in construction projects. Construction companies are not immune to economic downturns, as evidenced by the sharp decline and long recovery period associated with the Great Recession of 2007-2009. Therefore, construction companies and construction industry stakeholders need to infuse specific economic strategies into their business operations. To determine effective strategies for construction companies to consider for weathering the risks associated with economic downturns, a Delphi study methodology was employed. Three rounds were conducted with qualified construction economic and financial experts representing financial officers, certified public accountants, and sureties to collect and confirm the existence and effectiveness of economic strategies employed by construction firms during economic downturns and recessions. From the Delphi study, 40 strategies were confirmed as highly or moderately effective methods based on the consensus criteria established from the Delphi study across six categories (1) organizational and project management, (2) direct-cost, (3) overhead, (4) financial, (5) preconstruction and marketing, and (6) efficiency strategies. This study contributes to the body of knowledge by providing a roadmap of economic, managerial, and financial strategies that can be implemented by construction companies to improve their financial health during different economic cycles.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | cpas and sureties; Delphi study; economic recessions; economic strategies |
| Index terms: | project management, economic cycle, construction industry, financial strategy, marketing, effectiveness, recession, Delphi method, efficiency, recovery, accountant, body of knowledge, construction economics, construction project, methodology, construction firm, construction company, strategy, surety |
| Subjects: | industry analysis, financial analysis, management, performance management, research methods, warranties, production management, project management theory and practice, operations management, knowledge management, business management, economic analysis, financial and cost management, profession, data collection methods, organization, business |
| Topics: | Contract Administration, Quality Management, Roles and Professions, Business Strategy, Cost Management, Project Management, Research Practice, Information Management |
| Descriptive scope: | 4 PCTE |
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