Delay in Payment in Construction Project - Literature Review
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This literature review discusses the issues related to delay in payment in construction projects, their causes, and mitigation strategies. It also provides a critical assessment of the most relevant article and preliminary research questions.
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Running head: DELAY IN PAYMENT IN CONSTRUCTION PROJECT Delay in payment in Construction Project Name of the Student Name of the University Author note
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1 DELAY IN PAYMENT IN CONSTRUCTION PROJECT Table of Contents Literature review matrix.............................................................................................................2 Journal Articles.........................................................................................................................2 Summary of the most relevant article....................................................................................4 Critical assessment of the article:...............................................................................................5 Preliminary research questions..................................................................................................6 Personal reflection......................................................................................................................6 Conclusion..................................................................................................................................7 References..................................................................................................................................8
2 DELAY IN PAYMENT IN CONSTRUCTION PROJECT Literature review matrix Journal Articles Keywor ds Issues related to delay in paymentinconstruction site in Australia Problemsthat arise due to lack ofpaymentin timeduring processingof construction projects Legal problems createdby workers in constructio n sites Issuescreated bytheclients due to the delay incompletion of the task CitationCoggins, J., Teng, B. and Rameezdeen,R.,2016. Construction insolvency in Australia:reininginthe beast.Construction Economicsand Building,16(3), p.38. Shehu, Z., Endut, I.R. and Akintoye, A., 2014. Factors contributingto projecttimeand hencecost overruninthe Australian construction industry.Journal ofFinancial Managementof Propertyand Construction,19( 1), pp.55-75. Amoatey, C.T., Ameyaw, Y.A., Adaku,E. and Famiyeh, S.,2015. Analysing delay causes and effectsin Australian state housing Chancellor,W. and Abbott, M., 2015.The Australian construction industry: is the shadow economy distorting productivity?. Construction Management and Economics,33( 3), pp.176-186.
3 DELAY IN PAYMENT IN CONSTRUCTION PROJECT constructio n projects.I nternation al Journal of Managing Projects in Business, 8(1), pp.198- 214. Retriev ed from Google scholarGoogle scholarGoogle scholar Google scholar
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4 DELAY IN PAYMENT IN CONSTRUCTION PROJECT Summary of the most relevant article βShehu, Z., Endut, I.R. and Akintoye, A., 2014. Factors contributing to project time and hencecostoverrunintheAustralianconstructionindustry.JournalofFinancial Management of Property and Construction,19(1), pp.55-75.β Authors of the journal is selected as the best book to refer as it provides a detail scenario update of the process major issues that are present during the processing of the construction projects. This journal also states the impacts that the project manager faces due to delay in the payment of the systems. This journal also explains different payment methods and their both positive and negative aspects of the models. This journal also states that in case of using traditional payment, all the issues that are created due to processing of delay management are mitigated in the end of the project completion period. This journal also discuss the fact that traditional payment method is not very useful and impactful in the processing of delay management. This journal also states the framework that the fair value model states the processing of acquisition and distribution cost is initially paid in this process. This journal also helps in understanding the fact that the cost of substitutes re initially paid during the starting of the project, which helps in proper understanding of the project management system. This journal also helps in mitigating issues that are caused due to the processing of payment with an extensive delay in time. This journal closely elaborated the instances like real time scenario depicting the fact that employees who have been working under the project gets suffered. This journal also states the fact that the employees of the organization gets demotivated due to delay in payment during processing of the project. This journal elaborates the issues that might arise in case the employees who are working in this project gets demotivated. This journal also states the methodologies that must be incurred by the project manager in order to keep the employees of the project motivated. This journal gets
5 DELAY IN PAYMENT IN CONSTRUCTION PROJECT such high rating because this journal does not only state the problems but also states the mitigation methodologies. Critical assessment of the article: This journal has been very distinctive in nature. This leads to the fact that the readers of the journal gets benefitted from the journal as the efficiency of the journal increases due to this. Proper compartmenting of the book helps the readers to classify the sections they need to research about. This also acts as the major reason that increases the speed of the research. By increasing the speed of research they can complete the entire project before time and with better accuracy. Proper compartmenting of the journal also attracts researchers of several genre. This is what makes the journal so popular among the project managers that takes active part in the processing of construction business. This journal also suffers from literature gap. This literature gap is due to the fact that the journal is very much specific in nature and only discusses about the problems that arise due to the delay in payment but this journal never discusses about the reasons due to which the this problem arises. This also acts as the major reason that the project manager does not get any idea regarding the processing and handling of situations that might affects the efficiency of work function handling. Another literature gap that this journal on issues regarding delay in payment faces is that it does not provide distinctive real life examples of issues that are created due to delay in the processing of payment. Another aspect that deserves appraisal is that the processing of data is that the data that are present in the journal is not referenced properly. This is the major reason why this journal has not gained global acceptance. Despite its disadvantages, the major aspect of going through this journal is that the data that is present in this journal is very specified in nature.
6 DELAY IN PAYMENT IN CONSTRUCTION PROJECT Preliminary research questions In the review, we study the following research questions: ο·RQ1: What are the issues that are caused due to the delay in payment in construction sites? ο·RQ2: How to mitigate the issues that are caused due to delay in payment ο·RQ3: what are the project management models that must be implemented in order to complete the project without any kind of issues and conflicts? ο·RQ4: Why is it really important to complete the payment on time? ο·RQ5: which payment strategy must be followed to efficiently perform the payment system? ο·RQ6: Disadvantages of traditional payment system. Personal reflection According to me this project has helped me in understanding the importance of payment in proper time, leading to the fact that in case any issues related to the delay in payment of the employees in any part of the society can be easily handled by me. I will be capable enough to use my experience and get out of the situation with proper mitigating technique. This project also provided me an in depth learning, leading to the fact that data analytics of this kind of issue mitigation will also be provided. I have also learned from this journal that performing project management in any sector of the organization will be possible and easier for me as I will be having a conceptual as well as practical knowledge. This journal is s special to me due to the fact that the data that is present in this journal is very precise in nature. This journal also provides a compartmentalised data section which helps me in increasing the research speed and allows me to avoid the sections of the journal that is not
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7 DELAY IN PAYMENT IN CONSTRUCTION PROJECT of my use. This journal also helps us by describing all the payment models and suggests the best payment strategy that helps in mitigating payment related issues in the building sector. Conclusion To conclude with the topic I would like to say that the processing that was required to complete the project was very much learning in nature. This project might also helps me to be a successful project manager in near future and deal with problems that I might mitigate with the help of the knowledge present in the journal
8 DELAY IN PAYMENT IN CONSTRUCTION PROJECT References Amoatey, C.T., Ameyaw, Y.A., Adaku, E. and Famiyeh, S., 2015. Analysing delay causes andeffectsinAustralianstatehousingconstructionprojects.InternationalJournalof Managing Projects in Business,8(1), pp.198-214. Chancellor, W. and Abbott, M., 2015. The Australian construction industry: is the shadow economy distorting productivity?.Construction Management and Economics,33(3), pp.176- 186 Coggins, J., Teng, B. and Rameezdeen, R., 2016. Construction insolvency in Australia: reining in the beast.Construction Economics and Building,16(3), p.38. Shehu, Z., Endut, I.R. and Akintoye, A., 2014. Factors contributing to project time and hence cost overrun in the Australian construction industry.Journal of Financial Management of Property and Construction,19(1), pp.55-75.