buisness objectives Flashcards
What is a primary financial objective for a commercial construction company?
To make a profit
Profit is essential for financial security for clients and employees.
Name two key objectives a commercial construction company may focus on.
- Growth
- Market opportunities
What is the importance of cash flow in a commercial construction company?
To maintain positive cash flow and decrease banking costs
What does selecting contracts that maximize profit margins entail?
Choosing contracts with the highest potential profit
True or False: Non-profits do not have financial objectives.
False
Non-profits also have financial objectives, but profits are reinvested.
List two financial objectives important for private companies.
- Profit
- Market leadership
What social objective might a non-profit organization pursue?
Providing increased access to services like housing and healthcare
Fill in the blank: A construction company might promote _______ by hiring locally.
[social objectives]
What is an example of a behavior that reflects organizational culture?
Encouraging staff to have a customer-focused approach
Define quality objectives in the context of a construction company.
To ensure successful completion of projects against client standards
What are two methods a company can use to ensure quality?
- Testing regimes
- ISO standards
What does innovation in a business context involve?
Generation of new creative ideas, processes, or technologies
True or False: Innovation always guarantees success.
False
Innovation may involve risks and not always lead to successful outcomes.
What is a compliance requirement for construction companies in the UK?
Adherence to building regulations
List two aspects of sustainability that a company can promote.
- Using sustainable materials
- Reducing energy use
What does BREEAM stand for?
Building Research Establishment Environmental Assessment Method
Fill in the blank: A company can achieve sustainability by practicing _______ administration.
[paperless]
What is one objective related to careful and responsible waste management?
Promoting eco-friendly processes
