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Article: Improved SWOT approach for conducting strategic planning in the construction industry

TitleImproved SWOT approach for conducting strategic planning in the construction industry
Authors
KeywordsConstruction companies
Strategic planning
Strategy management
SWOT
Issue Date2010
PublisherAmerican Society of Civil Engineers. The Journal's web site is located at http://www.pubs.asce.org/journals/co.html
Citation
Journal Of Construction Engineering And Management, 2010, v. 136 n. 12, p. 1317-1328 How to Cite?
AbstractStrength, weakness, opportunity, and threat (SWOT) analysis has been in use since the 1960s as a tool to assist strategic planning in various types of enterprises including those in the construction industry. While still widely used, the approach has called for improvements to make it more helpful in strategic management. The project described in this paper aimed to study whether the process to convert a SWOT analysis into a strategic plan could be assisted with some simple rationally quantitative model, as an augmented SWOT analysis. By using the mathematical approaches including the quantifying techniques, the "maximum subarray" method, and fuzzy mathematics, one or more heuristic rules (HRs) are derived from a SWOT analysis. These HRs bring into focus the most influential factors concerning a strategic planning situation, and thus inform strategic analysts where particular consideration should be given. A case study conducted in collaboration with a Chinese international construction company showed that the new SWOT approach is more helpful to strategic planners. The paper provides an augmented SWOT analysis approach for strategists to conduct strategic planning in the construction industry. It also contributes fresh insights into strategic planning by introducing rationally analytic processes to improve the SWOT analysis. © 2010 ASCE.
Persistent Identifierhttp://hdl.handle.net/10722/125357
ISSN
2015 Impact Factor: 1.152
2015 SCImago Journal Rankings: 1.219
ISI Accession Number ID

 

DC FieldValueLanguage
dc.contributor.authorLu, Wen_HK
dc.date.accessioned2010-10-31T11:26:35Z-
dc.date.available2010-10-31T11:26:35Z-
dc.date.issued2010en_HK
dc.identifier.citationJournal Of Construction Engineering And Management, 2010, v. 136 n. 12, p. 1317-1328en_HK
dc.identifier.issn0733-9364en_HK
dc.identifier.urihttp://hdl.handle.net/10722/125357-
dc.description.abstractStrength, weakness, opportunity, and threat (SWOT) analysis has been in use since the 1960s as a tool to assist strategic planning in various types of enterprises including those in the construction industry. While still widely used, the approach has called for improvements to make it more helpful in strategic management. The project described in this paper aimed to study whether the process to convert a SWOT analysis into a strategic plan could be assisted with some simple rationally quantitative model, as an augmented SWOT analysis. By using the mathematical approaches including the quantifying techniques, the "maximum subarray" method, and fuzzy mathematics, one or more heuristic rules (HRs) are derived from a SWOT analysis. These HRs bring into focus the most influential factors concerning a strategic planning situation, and thus inform strategic analysts where particular consideration should be given. A case study conducted in collaboration with a Chinese international construction company showed that the new SWOT approach is more helpful to strategic planners. The paper provides an augmented SWOT analysis approach for strategists to conduct strategic planning in the construction industry. It also contributes fresh insights into strategic planning by introducing rationally analytic processes to improve the SWOT analysis. © 2010 ASCE.en_HK
dc.languageengen_HK
dc.publisherAmerican Society of Civil Engineers. The Journal's web site is located at http://www.pubs.asce.org/journals/co.htmlen_HK
dc.relation.ispartofJournal of Construction Engineering and Managementen_HK
dc.rightsJournal of Construction Engineering and Management. Copyright © American Society of Civil Engineers.-
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.subjectConstruction companies-
dc.subjectStrategic planning-
dc.subjectStrategy management-
dc.subjectSWOT-
dc.titleImproved SWOT approach for conducting strategic planning in the construction industryen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0733-9364&volume=136&issue=12&spage=1317&epage=1328&date=2010&atitle=Improved+SWOT+approach+for+conducting+strategic+planning+in+the+construction+industry-
dc.identifier.emailLu, W: wilsonlu@hku.hken_HK
dc.identifier.authorityLu, W=rp01362en_HK
dc.description.naturepostprint-
dc.identifier.doi10.1061/(ASCE)CO.1943-7862.0000240en_HK
dc.identifier.scopuseid_2-s2.0-78649313351en_HK
dc.identifier.hkuros174906en_HK
dc.identifier.volume136en_HK
dc.identifier.issue12en_HK
dc.identifier.spage1317en_HK
dc.identifier.epage1328en_HK
dc.identifier.isiWOS:000284273300008-
dc.publisher.placeUnited Statesen_HK

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