APPROPRIATE STRATEGIC MANAGEMENT APPROACHES FOR ENHANCING PROJECT PERFORMANCE THROUGH THE ADOPTION OF THE INDUSTRIALIZED BUILDING SYSTEM IN THE MALAYSIAN CONSTRUCTION SECTOR
Keywords:
Industrialized Building System (IBS), Strategic Management Approaches, Strategy Formulation, Management Practices, Project Performance, Business Performance, Malaysian Construction IndustryAbstract
The construction industry has a great impact on national socio-economic development. The prevailing competitive forces compel Malaysian construction firms to modernize the construction process through industrialization with the aim of improving efficiency, and lowering costs by reducing construction time, improving site management, reducing wastage and enhancing building quality. Several studies have highlighted the application of Industrialized Building Systems (IBS) as one of the options to solve the construction problems and modernize the industry. Nonetheless, there is a need for the Malaysian construction firms to overcome the competitive pressures. This underlines the need to achieve competitive advantage by adopting and implementing appropriate strategic approaches. This study will be undertaken from the perspective of dynamic capabilities which offers new insights on how competitiveness can be operationalized by construction firms by exploring an integrated approach between strategic approaches and management practices in order to improve the project performance and business performance of construction firms. It is therefore, the aim of this research to develop a theoretical framework on how a clear and specific strategic approaches will be built on the configuration of the construction firms’ management practices such as value-adding activities and resources form the input to these practices or activities, whereas competences and core competences provide the skills and knowledge required to undertake IBS. With the development of this theoretical model, the Malaysian construction firms will have more guidelines in practice and their efforts in adopting and implanting IBS will be more structured towards successful project delivery and improvement in business performance.
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