A decision support model for construction cash flow management

The excessive level of construction business failures and their association with financial difficulties has placed financial management in the forefront of many business imperatives. This has highlighted the importance of cash flow forecasting and management that has given rise to the development of several forecasting models. The traditional approach to the use of project financial models has been largely a project-oriented perspective. However, the dominating role of “project economics” in shaping “corporate economics” tends to place the corporate strategy at the mercy of the projects. This article approaches the concept of cash flow forecasting and management from a fresh perspective. Here, the use of forecasting models is extended beyond their traditional role as a guideline for monitoring and control of progress. They are regarded as tools for driving the project in the direction of corporate goals. The work is based on the premise that the main parties could negotiate the terms and attempt to complement their priorities. As part of this approach, a model is proposed for forecasting and management of project cash flow. The mathematical component of the model integrates three modules: an exponential and two fourth-degree polynomials. The model generates a forecast by potentially combining the outcome of data analysis with the experience and knowledge of the forecaster/organization. In light of corporate objectives, the generated forecast is then manipulated and replaced by a range of favorable but realistic cash flow profiles. Finally, through a negotiation with other parties, a compromised favorable cash flow is achieved. This article will describe the novel way the model is used as a decision support tool. Although the structure of the model and its mathematical components are described in detail, the data processing and analysis parts are briefly described and referenced accordingly. The viability of the model and the approach are demonstrated by means of a scenario

Performance measurement in the service business: the facilities management function

The nature of performance measurement has changed over the past few decades. Generally performance measurement indicates successful management in the fulfilment of organisation goals. In service businesses measuring customer satisfaction and service quality has become an industry standard and as FM is becomes more widely recognised as a component in the business value chain and corporate strategic objectives, the adoption of performance indicators that relate directly to the core business driver is key to success. This paper examines the state of knowledge of performance measurement in a facilities management context, expounds and reveals the role that performance measurement plays in the overall efficiency of the FM service function in relation to service business operation. The paper suggests that a fully developed performance measurement solution can deliver as a business tool whilst acting as a driver in the innovation process of service organisation

A model to distribute mark-up amongst quotation component item

The outline of a proposed new unbalanced bidding model is discussed. Background is provided as regards the role of item price loading, otherwise known as unbalanced bidding. Three types of loading are described, namely those of ‘front-end loading’, ‘back-end loading’ and ‘quantity error exploitation’ (otherwise known as ‘individual rate loading’). It is proposed that one single mathematical model could embrace all three of the above types and that the aspect of risk may be addressed partially by means of using the quadratic programming techniques employed within the field of Modern Portfolio Theory. MPT is a field pioneered by Markowitz in 1959 and was developed to identify optimum portfolios of investments, typically equities. It is hypothesized that MPT presents a basis by which to distinguish Efficient Item Pricing combinations from inefficient ones and thereby provide a scientific tool by which rational contractors may optimally price a project’s items. A brief history of unbalanced bidding describes the field that was pioneered in the 1960’s by Marvin Gates and Robert Stark, as well as the subsequent contributions by the leading researchers in the field.unbalanced bidding, bidding models, item price loading, modern portfolio theory, construction industry, mathematical models, bidding strategies

Classroom Culture in the Social Studies Classroom: The Abilities of Preservice Teachers

The purpose of this study was to explore how secondary students interpret the classroom culture that preservice social studies teachers create during their student teaching semester. This question was answered by examining results of a survey of secondary social studies students that allowed them to evaluate the classroom culture their social studies preservice teacher created. A Student Perception Survey was used for the study, which loaded four main indicators of classroom culture. Through descriptive statistical analysis of the survey results, this study found that secondary social studies students believed their preservice teachers were most adept at creating a student-centered classroom, while they experienced cultivation of a classroom community the least. The potential implications of the latter are wide and varied, especially when considering the nature of the social studies discipline and the issues discussed in those classes

An Auto-Ethnographical Study of Integration of Kanuri Traditional Health Practices into the Borno State Health Care Stystem

There are many forms of traditional health practices in Nigeria, many of which are at odds or conflict with orthodox western biomedical practices. Yet they are hightly patronized, especially by rural dwellers who make up about 80 percent of the country’s population. The objective of this thesis is to consider the traditional health practices of the Kanuri people of Borno, NE Nigeria, and the extent to which they may harm and endanger the lives of people especially mothers and children. The context of the study is the high rates of maternal and infant mortality in the state. I occupy a dual role as both an upholder of the traditions of the Kanuri people (including their health traditions) and a public health professional. The dissonance and paradox inherent in this dual role is illustrated with firsthand examples throughout the thesis. It gave me the motivation to undertake this piece of research with a view to reducing the rhetorical gap between theory and practice which pertains in the state in regard to integrating the two systems, the co-existence and integration of which is promoted by the health policy of the country as a whole. Formal ethnographic research was conducted during a five year period from 1999 to 2005. The philosophy of reflexivity was adopted, drawing on my earlier experiences in an auto-ethnographic manner. Data triangulation was employed due to the complex nature of the research. Focus group discussions, interviews and questionnaire administration were employed with different categories of research subjects – traditional and orthodox health workers, urban and rural mothers. The results show that western-trained health professionals in the state stand between their own culture, which is of course changing, and the global professional identities they have acquired through professional development and training. At the same time the traditional healers can no longer operate in a context separate from official western-based systems which co-exist with the traditional practices and are widely known to the general public in Borno. Historically, the systems have been in opposition. Now there is supposed to be collaboration and overlap

The effect of micro-credit on poverty reduction in Northeast Nigeria

Micro-credit is a financial service offered to the poor to start an enterprise or to expand an existing one. Poverty is the inability of individual households to command sufficient resources to meet socially acceptable standard of living. Thus, this study sought to establish the effect of micro-credit on poverty reduction in Northeast Nigeria. The study employed an intensive research design over an extensive period of time, a 24- weekly visit, for a period of 6 months. The population for this study consisted of a sample of 87 respondents, which involved 53 beneficiaries of the Development Exchange Centre micro-credit institution and 34 non-beneficiaries in the Lere and Bombar districts in Bauchi state, Northeast Nigeria. Stratified random sampling was employed in selecting the respondents for the study. Qualitative and quantitative data were collected by the use of interview questionnaire and in-depth interview. The data was processed using Stata. Ordinary Least Square was used to determine whether a group of variables together could predict a given dependent variable, mean difference between the beneficiaries and non-beneficiaries was conducted to assess the real effect of micro-credit on business income and expenditure. The three independent variables (credit, savings and supervision) considered in this study were relevant and significant in explaining the effect of micro-credit on business income and expenditure. The study discovered that the mean analysis showed a highly significant difference in the mean value of the beneficiaries as compared to the non-beneficiaries on income and expenditure. The study concluded that micro-credit could increase income and expenditure and hence, reduce poverty among DEC micro-credit beneficiaries

Covid-19 and Auditing

COVID-19 has affected the way and manner financial statements are prepared, and audit engagement, information gathering and reporting. the aim of the paper is to highlights some of the practical challenges auditors may face in auditing financial statements of an organization in the light of COVID-19 and areas to put more emphasis on their audit reports. The documentary research design was employed and secondary data were collected and used for this research. The paper found out that professional associations, accounting, and auditing bodies are monitoring issues and situations as they unfold that may affect the financial statements and audit reports due to the impact of COVID-19. Moreover, they are ready all the time to issue out additional guidelines as new developments unfold, and continue to update professional accountants on issues pertaining to the continuity of the organization businesses, workforce, economic impacts, and other resources to help their members serve their clients better in this period of the pandemic. The paper recommends that auditors are expected to display enough professional skepticisms and judgments and be focus on public interest and ethical responsibilities bestowed on them, and continue to apply the principles contain in the auditing standards fully, as well as comply with the fundamental principles of competence, independence, integrity, objectivity, confidentiality, care and skills, and behave professionally, as keys that will preserve and expands auditors trust in the face of the public

Payment Mechanisms for Integrated Teams in Construction

The overwhelming consensus for process andteam integration has emerged as an enabler tomanage construction projects. Theperformance of integrated teams is highlyaffected by the adopted payment mechanism.However, the payment mechanisms availablefor a project may need the team tocompromise in order to agree on a fairmechanism for as many members as possible.This paper introduces a methodology tosimulate the profiles of alternative paymentmechanisms. The methodology aims to helpproject teams define the most appropriatemechanism for each member. The proposedmethodology is therefore novel and superior toexisting cash flow models where the focus hasbeen limited to main contractors only. Topromote its use as a performance enablingmechanism, the methodology utilizes “theproject process map”, “the stakeholders &supply chain”, “the pricing method” and “thepayment mechanism”. This will act as an aid todesign or “fine-tune” payment mechanisms toindividual projects characteristics consideringpayment for off-site materials andcomponents, which always concerns projectfabricators and supply chain

TINJAUAN YURIDIS TENTANG FORMULASI PENGUPAHAN BERDASARKAN PERATURAN PEMERINTAH NOMOR 78 TAHUN 2015 TENTANG PENGUPAHAN

P Permasalahan tenaga kerja di Indonesia merupakan masalah nasional yang sangat kompleks. Salah satu permasalahan yang sangat perlu untuk diperhatikan adalah mengenai pengupahan terhadap buruh. Pengupahan menjadi sebuah permasalahan dikarenakan adanya perbedaan penafsiran pada penghitungannya yang seringkali dianggap tidak sesuai dengan harapan para pekerja/buruh, pemberi kerja, bahkan pemerintah sekalipun yang seharusnya menjadi penentu dan pengawas antara kedua belah pihak. Permasalahan tersebut muncul dapat berasal dari perbedaan pengaturan mengenai pengupahan. Terlihat dalam Pasal 44 Peraturan Pemerintah Nomor 78 Tahun 2015 Pengupahan yang secara khusus mengatur mengenai penetapan upah kepada buruh mempunyai semangat yang berbeda dengan Pasal 88 Undang-Undang Nomor 13 Tahun 2003 Tentang Ketenagakerjaan. Penelitian ini mempunyai tujuan untuk mengetahui penetapan upah minimum yang berdasar pada formula penetapan pada PP Pengupahan bertentangan dengan UU Ketenagakerjaan dan mengetahui akibat hukum pertentangan formula pengupahan antara PP Pengupahan dengan UU Ketenagakerjaan. Penelitian hukum ini merupakan penelitian hukum normatif. Pendekatan yang digunakan dalam penelitian ini adalah pendekatan undang-undang, dan konseptual. Jenis bahan hukum yang digunakan adalah sumber hukum primer dan sekunder. Analisis yang digunakan dalam penelitian ini secara preskriptif. Hasil penelitian, bahwa pengaturan mengenai penetapan upah minimum yang didasarkan pada formula upah minimun dalam Pasal 44 Peraturan Pemerintah Tentang Pengupahan tidak dapat dilaksanakan karena bertentangan dengan Pasal 88 Undang-Undang Ketenagakerjaan yang menetapkan upah minimum berdasarkan komponen hidup layak. Hal tersebut diakibatkan karena kedudukan undang-undang yang lebih tinggi dari peraturan pemerintah jika dilihat dalam hierarki perundang-undangan. Kata Kunci: Upah Minimum, Pekerja/Buruh, Ketenagakerjaan   Abstract Labor problems in Indonesia is a highly complex national problem. One of the problem that desperately needs to be noticed is the wage of workers. It has become a problem because of differences in interpretation on calculations that are often considered incompatible with the expectations of the workers/laborers, employers, even thoght the goverment should be determined and supervisory between the two sides. Those probles can arise from differences emerged about the wage regulations. Seen in Article 44 of Government Regulation No. 78 of 2015 the wage that specifically regulates the regulation of wages to the workers has a different spirit to Article 88 of Law Number 13 Year 2003 on Labor. Causing a further legal issues to be studied in this research. This study to intends determine the minimum wage determination based on the determination formula with Government Regulation of Wages conflict with the Labour Laws and knowing the legal consequences of contention wage formula between government regulation Wage with Labour Laws. This research is normative legal research. The approach used in this research is legislation and conceptual approach. There are two type of material used law is the law of primary and secondary resources. This research is using prescriptive technique. The results of this research, that the regulation regarding the determination minimum wage which is based on the formula of the minimum wage in Article 44 of Goverment Regulations about Wage can’t be implemented as contrary to the Labor Laws which sets the minimum wage based on the needs of decent living. That is caused the position of the act is more higher that goverment regulation when viewed on the hierarchy of legislation. Keywords: Minimum wage, Workers/Laborers, Employment     &nbsp

Effect of Promotional Strategies on Customer Loyalty and Repeat Purchase on the Soft Drink Bottling Industry in Ghana with Special Emphasis on Coca Cola’s (Coke)

This paper attempts to critically demonstrate the effect that promotional strategies have on the operation of the soft drink bottling industry with emphasis on Coca Cola’s (coke) in Ghana. This area of study was chosen to know if a huge promotional budget brings about retaining customer loyalty and stimulate customers to make repeat purchases. The data were collected via the use of questionnaires since primary data was needed for the research. The questionnaires were administered to the respondents using the simple random sampling technique and the data was then analyzed using SPSS. A total of 400 questionnaires were administered, 375 were received, whereas 25 was not answered properly and therefore omitted. By virtue of this, 350 questionnaires were left to be analyzed. This research is purely qualitative and descriptive. The result of the findings indicated that customer satisfaction has a greater effect on customer loyalty and repeat purchases as compared to promotional strategies. Since promotional strategies do not bring about customer loyalty but instead affect customer repeat purchases. As a result of these findings, organizations ought to focus more on improving their products in order to satisfy customers. Keywords: Promotional Mix, Promotion, Advertising, Personal Selling, Sales Promotion, Public Relations, Publicity, Customer Loyalty, and Repeat Purchases