UPA20101 Creativity and Innovation : Shortages and Surpluses

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UPA20101 Creativity and Innovation

Task:

Based on the question given,” Issues that are related to creativity and innovation within construction management that are faced by the field of contractors. The question that was given was very general, so we had to specify the question with the issues. The issue that our team selected is about Covid-19 pandemic. So questions formed like,“Covid-19 related to creativity & innovation within construction management of a contractor.
 To know more specifically about the question, we have to separate it’s form one by one. The first element that we can see is the issue of the question. The issue of the question is about Covid-19. Coronavirus disease (COVID-19) is a viral infection caused by the SARS-CoV-2 virus. The majority of those infected with the virus will develop mild to moderate respiratory disease and will recover without the need for specific treatment. Some, though, will get very ill and require medical treatment.
  People over the age of 65, as well as those with underlying medical diseases such as cardiovascular disease, diabetes, chronic respiratory disease, or cancer, are at a higher risk of developing serious illness. Anyone of any age can become very ill or die as a result of COVID-19. This Covid-19 disease has closed many economic sectors of the country and still causes conflict in all the countries around the world.
 The second element of the question is about creativity and innovation. To understand creativity and innovation more, we should separate it. Creativity Creativity is defined as the use of one’s imagination to generate new ideas, solve issues, and consider options that no one else has considered. The extent of one’s imagination is only limited by one’s capacity to think beyond the box. Because of the nature of creativity, the production of an idea is unique and original to the creative thinker.
 Innovation is the process of taking creative ideas and turning them into commercial and financial success. An innovator creates an invention. Because innovation is the application of creative ideas, it is inextricably linked to creativity, and the two function in tandem. An invention might be a physical product or a notion to enhance or establish a new process.
The third element of the question is about construction management. Construction management is a professional service that provides successful management of a project’s time, cost, quality, safety, scope, and function to the project’s owner(s). All project delivery techniques are compatible with construction management. A Construction Manager’s (CM) obligation is to the owner and to the success of the project, regardless of the location. The CM represents the owner’s interests and personally supervises the whole project for the owner. His/her mandate is to collaborate with all partners to complete the project on schedule, on budget, and to the owner’s desired quality, scope, and function.
 The last element is about the contractor. A contractor is in charge of the planning, directing, executing, overseeing, and inspecting of a building construction project. Regardless of the project’s breadth, accountability extends from the beginning to the finish. Contractors carry out their responsibilities by organising operations, overseeing personnel, and ensuring that the project complies with local norms and laws. 
All together the question brings the meaning that what are the challenges that are brought by Covid-19 pandemic in the form of creativity and innovation in construction management to a contractor. This will be a final question that will be answered by our team by the end of the research.

The word “cash flow” refers to a company’s net and equivalent cash inflow and outflow. Inflows are represented by cash, whereas outflows are represented by money spent. Positive cash flow or maximising long-term free cash flow determines a company’s ability to produce value (FCF). After deducting any money spent on capital expenditures, FCF is cash generated from typical business operations. The word ‘cash flow’ in construction refers to the examination of the expenditures incurred as well as the total costs during the project’s lifetime. Forecasting financial flows is critical for ensuring adequate levels of financing and production capacity.
The organisation will experience a cash flow effect as a result of inaccurate project bidding. The management calculates the project’s cost, income, and profit margin during the bidding phase, and then adjusts the bid amount accordingly. This amount will be the contract’s worth as well as the project’s maximum cash flow if it is received. Errors in project cost estimation have a significant and negative impact on cash flow because the Contractor will not be paid an additional amount regardless of the actual cost of performing the work. This will put the company under unnecessary financial strain. Due to tight competition and limited bidding chances, a few number of owners may take on projects with minimal revenues. They had to give up profits in order to take on more work, which resulted in negative cash flow. With limited profits, there are two options: the project may only be able to break even or have negative cash flow.
Cash flow predictions can show you where you have cash shortages and surpluses. This can assist organisations in properly forecasting and managing cash flow. Cash flow predictions also assist businesses in determining the impact of future investments on cash flow as well as the amount of additional cash required to make payments. Furthermore, all construction contracts must include payment terms. The length of time the customer has to pay the invoice is determined by the payment terms. To avoid payment delays, the billing agreement should also specify the project’s required documentation.

UPA20101 Creativity and Innovation

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