Advanced Nabteb Business Construction Management 2022

Advanced Nabteb Business Construction Management 2022

Advanced Nabteb Business Construction Management 2022

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(i) Supervising departmental heads: This often includes areas such as hiring, training and managing the performance of each employee
(ii) Developing and maintaining budgets: This can include budgets for individual departments or overall areas of the organisation.

(i) McClelland’s Theory of Needs
(ii) Vroom’s Theory of Expectancy

(i) Recruitment Planning
(ii) Strategy Development


(i) Lump-Sum Contracts
(ii) Cost-Plus-Fee Contracts

Goal Orientation: These goals define responsibilities of different parts of the organisation and help to integrate the organisation with its parts and with its environment.

(ii)Participation: provides the opportunity to influence decisions and clarify job relationships with superiors, subordinates and peers.

(i) Cost-plus pricing
(ii) Competitive pricing

Net present value is a method used to determine the current value of all future cash flows generated by a project, including the initial capital investment. It is widely used in capital budgeting to establish which projects are likely to turn the greatest profit.

(i) Minimum level of stock refers to the minimum quantity of inventory that should be always maintained within the business premises. It is also termed as safety level or precautionary level of inventory as this quantity is must to be maintained always to keep the organization functioning.

(ii) Safety stock is the extra quantity of a product that a company keeps in inventory to lower the risk of running out of stock for that product. It acts as a buffer in case the sale of a product is more than the estimates or if a supplier is unable to deliver the product in the expected time.

(i) Emotional Attitude:
Barriers may also arise due to emotional attitude because when emotions are strong, it is difficult to know the frame of mind of other person or group. Emotional attitudes of both, the communicator as well as the communicate, obstruct free flow of transmission and understanding of messages.

(ii) Language barriers: Difficulties in communication arise when the sender and the receiver of the message use words or symbols in different senses. The meaning intended by the sender may be quite different from the meaning followed by the receiver. People interpret the message in terms of their own behaviour and experience. Sometimes, the language used by the sender may not at all be followed by the receiver.

Also Read: Nabteb Nov/Dec Commerce Questions And Answers 2022

(i) Availability of Raw Materials:
Raw materials are the basic components of finished products. This is one of the most important considerations when selecting a factory site.

(ii) Proximity to Market:
Every finished product needs to go to the market for consumer consumption. Here also transportation overhead increases the cost of the finished product.

Span of control is the optimum number of subordinates managed by a single supervisor. It is a primary factor that determines the shape of the organization. It also involves all the management activities than just supervision and control.

(i) Degree of decentralisation: An executive who personally takes many decisions is able to supervise fewer people than an executive who merely provides encouragement and occasional direction

(ii) Nature of the work: If the work is simple and repetitive, the span of control can be wider. However, if the work requires close supervision the span of control must be narrow.

(iii) Efficiency of the organisation: Organisations with efficient working systems and competent personnel can have larger span of control.

(iv) Ability of the subordinates: Fresh entrants to jobs take more of a supervisor’s time than trained persons who have acquired experience in the job. Subordinates who have good judgement, initiative, and a sense of obligation seek less guidance from the supervisor.

A budget is an annual financial statement which outlines the estimated government expenditure and expected government receipts or revenues for the forthcoming fiscal year.

(i) Master Budget: It is a culmination of various lower-level budgets prepared for different areas of business operations. It is a consolidated business plan.

(ii) Zero-based budget: It is a budgeting technique in which all expenses must be justified for a new period or year starting from zero, versus starting with the previous budget and adjusting it as needed.

(iii) Capital budgeting: This involves identifying the cash in flows and cash out flows rather than accounting revenues and expenses flowing from the investment

Performance appraisal is defined as a process that systematically measures an employees personality and performance usually by managers or immediate supervisors against the predefined attributes like skillset, knowledge about the role, technical know-how, attitude, punctuality etc.

(i) PERFORMANCE IMPROVEMENT; Performance feedback allows the employee, manager and personnel specialists to intervene with appropriate actions to improve performance.

(ii) COMPENSATION ADJUSTMENTS; Performance evaluations help decision makers determine who should receive pay raises. Many firms grant part or all of their pay increases and bonuses based upon merit, which is determined mostly through performance appraisals.

(iii) PLACEMENT DECISIONS: Promotions, transfers and demotions are usually based on past or anticipated performance. Often promotions are a reward for past performance.

Management is a set of principles relating to the functions of planning, organizing, directing and controlling, and the application of these principles in harnessing physical, financial, human, and informational resources efficiently and effectively to achieve organizational goals.

(i) Planning: This is the continuous process of making present entrepreneurial decisions systematically and with best possible knowledge of their futurity, organizing systematically the efforts needed to carry out these decisions and measuring the results of these decisions against the expectations through organized and systematic feedback.

(ii) Organizing:
This requires a formal structure of authority and the direction and flow of such authority through which work subdivisions are defined, arranged, and coordinated so that each part
relates to the other part in a united and coherent manner so as to attain the prescribed objectives.

(iii) Staffing:
This is the function of hiring and retaining a suitable work-force for the enterprise both at managerial as well as non-managerial levels. It involves the process of recruiting, training, developing, compensating, and evaluating employees and maintaining this workforce with proper incentives and motivations.

(iv) Directing:
This function is concerned with leadership, communication, motivation, and supervision so that the employees perform their activities in the most efficient manner possible, in order to achieve the desired goals.

A well-crafted construction plan is important to keep the project on schedule and within budget. It can also help ensure the overall quality of the project meets your client’s standards. Finally, having a construction plan can increase your team’s productivity and efficiency by streamlining communication. in other words Without proper planning, it’s nearly impossible to make sure an organization allocates and uses resources in the most cost-effective and appropriate way. Different project tasks often compete for limited resources, so project planners must make decisions in advance about how best to assign those resources.

(i)Thorough estimates; All of the cost control techniques in the world will fail if you don’t do the proper work when planning the project. Your cost estimates and cost control budget planning must be thorough you cannot rush through this phase of the project and expect not to pay dearly for it.

(ii)Strong communication; The better you communicate with your team, and vice versa, the more likely you are to stay on budget. If your team understands what they need to do and when, and you provide them with the resources they need when they need them, you can avoid busting the budget.

(iii)Daily reports and continuous updates; As a corollary to that, have your team provide you with daily reports on what is happening at the job site and continuously update the plan.

A bill of quantities is a document created by a quantity surveyor or cost consultant that contains information on the quantity of materials, labour, and their costs in a construction project.

(i) Prepare a Spreadsheet
(ii) Break Down the Work
(iii) Estimate Labor

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