Management Style & Profitability in the Construction Industry Assessment Answer

1. Introduction

1.1. Background

In a dynamic realm, the construction industry revolves around maintaining an effective management style and enhanced profitability. It has become a part of discussion among most scholars as the dias of a construction industry depends on effective strategies and decision-making. Adopting an accurate management style allows the company to determine the loopholes and improve the financial outcome of a construction project. As stated by Best & Meikle (2022), effective financial strategies and concepts can help in controlling costs, and resources, as well as improve performance in the construction industry (Best & Meikle, 2022). However, most journals have focused on finding the loopholes in financial strategies and concepts that failed construction projects; most of them fail to focus on the role of managers or leaders in improving them.

1.2 Research gap

Leadership plays a critical part in the construction industry by determining whether the projects are fulfilling the quality standards and enhancing profitability. Most journals have discussed the efficacy of financial strategies in achieving success while very few have focused on exploring the nuances of the correlation between leadership dynamics, standard quality management, and their collective impact on financial performance (Thangaraj & Chan, 2012). Further, previous work was mostly related to exploring locally owned or public-listed firms and their financial aspects. Less focus was given to analysing the impact of leadership of family-owned constructions on the financial aspect of the firm (Murray & Kulakov, 2022). It has become a substantial challenge for project stakeholders to gather a comprehensive understanding of how leadership styles, strategic planning, and effective decision-making affect the quality standards in the family-owned construction sector (John Laing Ltd, 2023). Further, understanding the impact of leadership styles in heightening profitability has also become a major concern.

1.3 Aims and Objectives

Aim: The study aims to investigate the role of leaders in influencing quality standard management as well as profitability in the family-owned construction industry.

Objectives: The research study carries various objectives which are-

• To investigate leadership and standard quality management Nexus in a family-owned construction company.
• To explore the influence created by leaders for maintaining profitability in the family-owned construction company.
• To explore the factors that affect standard quality management as well as leadership in the family-owned construction company.
• To provide suggestive measures at an individual as well as the organisational level to improve the profitability of the family-owned construction company.

1.4 Scope of the study

The scope of the research revolves around exploring different leadership styles and attributes that can help to achieve excellence in the construction industry, especially in family-owned companies. The scope also includes examining how leaders of family-owned construction companies can engage stakeholders effectively and satisfy them by fulfilling their demands and offering them high profitability.

2. Research problem

The construction industry faces inherent complexities that need to be mitigated through effective leadership styles. For instance, Dewan et al. (2021) revealed that 57% of people working in the construction industry are unaware of quality management programs while 62% of construction companies do not have a total quality management program (Dewan et al., 2021). However, this type of situation demands the role of leaders in establishing quality standards while achieving profitability in the construction industry. The gap in understanding how leaders of family-owned construction companies balance the connection between achieving quality standards and driving financial success affects the industry’s ability to imply leadership strategies (Ing, 2023). Therefore, this research will fill the knowledge gap by achieving a strong leadership structure that will achieve superior quality standards as well as improve their bottom line.

3. Methodology

3.1 Research approach

The research approach offers an overview of the procedure that is going to be followed throughout the research study. Among qualitative, quantitative, and mixed-method approaches, the study can opt for a qualitative approach. The qualitative research approach aims to investigate the participants' viewpoints or collect historical data that offer different viewpoints (Afzal et al., 2022). Collecting qualitative data can be beneficial for the study as the purpose of the research is to identify the impact of leaders in a family-owned construction company in improving quality standards and improving profitability.

3.2 Data collection method

This research study can investigate the study by collecting qualitative data. By collecting information from magazines, articles, publications, articles, and many more., the participation of leaders in accelerating the productivity of the family construction business and maintaining its quality standards can be analyzed (Khaw et al., 2023). One of the rationales behind choosing the secondary method is its cost-effective nature as well as the time it takes to offer results as compared to primary methods. 

3.3 Sampling method

The sampling method can be integrated using an exclusion and inclusion strategy. This is because the inclusion and exclusion strategy help in shortlisting important journals that will help in investigating the leadership practices in handling quality standards and profit margin in a family-owned construction company. The inclusion strategy includes a variety of keywords related to this study and much more. 

3.4 Data analysis

For dissecting the information, the thematic investigation will be way better as auxiliary subjective information will be collected for the consider (Khaw et al., 2023). The thematic investigation will offer assistance to recognize different designs and create topics that will portray the part of pioneers in presenting compelling quality guidelines and proficient productivity within the family-owned construction company.

4. Significance of the study

This investigation offers assistance to pioneers and development companies to coordinate significant experiences and key choices to move forward the quality measures and accomplish in general productivity of the firm. At a hierarchical level, this investigation will offer assistance to get how pioneers can offer assistance to fortify their connections with partners (Thangaraj & Chan, 2012). It will moreover offer assistance to investigate how a development industry can accomplish long-term flexibility by actualizing different approaches and authority styles. At an instructive level, this study can offer assistance in investigating administration flow within the development segment. It will act as existing information in understanding the relationship between quality administration, authority, and benefit subsequently including the inquiry about the study.

5. Expected outcomes

The study will give a viable outline of different administration styles, and practices and their effect in keeping up standard quality administration as well as progressing benefits within the development industry. The study will also investigate quantifiable or key execution measurements that can be utilized to degree the viability of specific administration strategies in improving productivity as well as keeping up quality measures. Moreover, this research will also offer bits of knowledge related to the improvement of administration practices. This will incorporate fundamental abilities, competencies, and preparation required to make a person an effective pioneer to exceed expectations within the development division.

6. References

Afzal, N., Hanif, A., & Rafique, M. (2022). Exploring the impact of total quality management initiatives on construction industry projects in Pakistan. Plos one, 17(9), e0274827. https://doi.org/10.1371/journal.pone.0274827

Best, R., & Meikle, J. (Eds.). (2022). Describing Construction: Industries, Projects and Firms. Taylor & Francis. https://doi.org/10.1201/9781003102403

Dewan, R., Patel, A. S., & Kuraishy, M. O. (2021). Implementation of Total Quality Management in Construction Industry. In Advances in Environment Engineering and Management: Proceedings of the 1st National Conference on Sustainable Management of Environment and Natural Resource Through Innovation in Science and Technology (pp. 251-266). Springer International Publishing. https://doi.org/10.1007/978-3-030-79065-3_21

Ing, W. (2023). Laing O’Rourke plunges to £288m loss. https://www.constructionnews.co.uk/sections/contractors/laing-orourke/laing-orourke-plunges-to-288m-loss-30-11-2023/

John Laing Ltd. (2023). John Laing Limited.: https://www.laing.com/assets/John-Laing-Sustainability-Report-2022.pdf

Khaw, K. W., Sadaa, A. M., Alnoor, A., Zaidan, A. S., Ganesan, Y., & Chew, X. (2023). Spurring sustainability commitment strategy of family-owned SMEs: A multi-analytical SEM & ANFIS perspective. The Journal of High Technology Management Research, 34(1), 100453. https://doi.org/10.1016/j.hitech.2023.100453

Murray, A., & Kulakov, A. (2022). Using financial concepts to understand failing construction contractors. In Describing Construction (pp. 249-275). Routledge. https://doi.org/10.1201/9781003102403-11

Thangaraj, R. K., & Chan, T. K. (2012). The effects of the global financial crisis on the Australian building construction supply chain. Australasian Journal of Construction Economics and Building, The, 12(3), 16-30. https://search.informit.org/doi/10.3316/informit.757792549839085     
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