Microsoft Word SHALINI NAIR FINAL WORD DOC docm CASH FLOW DEFINING THE CONSTRUCTION INDUSTRY A Thesis by SHALINI NAIR Submitted to the Office of Graduate and Professional Studies of Texas AM Universi.
INTRODUCTION
Despite extensive research highlighting the issue of company failures linked to inadequate cash flow management in the construction and other volatile industries, the implementation of effective cash flow strategies remains a significant challenge within the construction sector.
Cash flow is crucial in the construction industry, similar to its importance in other sectors Recent research at Texas A&M University has explored the application of Game Theory to address issues and opportunities in Reverse Auction Bidding This research has inspired a study focused on cash flow management within the construction industry Case studies on Reverse Auction Bidding revealed that personality type significantly affects returns The long-term objective of this research is to assess how trained construction specialists manage standard cash flow scenarios Future studies will aim to quantify the statistical performance of these specialists and analyze the factors that influence their effectiveness.
Effective cash flow control is essential at three levels: the company management team, individual managers, and individual productivity measures While cash flow management at the company level is well-established, there is significant potential for further research into how individual superintendents perform in managing cash flow.
2 decisions that affect the company cash flows This problem is one of microeconomics (Lennox, 1999), the cash flow must in the end be positive for job success
• Chapter II Literature Review, where the basic problem concepts are outlined in some detail
• Chapter III Game Method, provides the conceptual idea for the development of the game and game rules
• Chapter IV Game Development, outlines a summary of the game play and intended analysis methods
• Chapter V Conclusions provides conclusions and recommendations for the use of the game
• Appendix A provides the game sheets
A new game has been designed to assess cash flow control performance, aiming to uncover insights through future case studies These studies will explore the interplay of various factors that impact the measurement of cash flow performance, particularly focusing on the foundational elements relevant to new field superintendents.
The major research objectives are:
Develop a set of guidelines for a game designed to evaluate individual performance in cash flow management for entry-level superintendents in a construction company This innovative approach will help new field superintendents enhance their financial skills and decision-making abilities, ultimately contributing to the company's overall financial health and project success.
• Outline the game development and methods
This study will be focused on the factors of construction Industry in United States The study assumptions are:
• Game play is expected to model real world scenarios
• Limited to one player at a time
• The players act in an honest and fair manner
LITERATURE REVIEW
The construction industry is a vital component of the U.S economy, alongside agriculture, and is recognized as one of the most significant yet risky sectors (Eisdorfer, 2007; Wong & Ng, 2010) It encompasses a wide range of projects, from simple residential homes to complex government initiatives tied to national security Despite advancements in technology, the fundamental methods of building homes have remained largely unchanged since the 1920s, as illustrated by a typical small home from that era on the east coast Modern builders would find themselves well-equipped to construct such homes, although updates in fittings and alternative uses for spaces like boiler rooms are now common.
This home embodies the ideal aspiration of the typical American family in the 20th century, symbolizing a significant life investment and a hopeful future for their children Viewed as both a retirement asset and a legacy for the next generation, the house must be built efficiently and economically to fulfill the needs of both the homeowner and the builder Achieving a cost-effective, high-quality structure is essential for the owner, while the builder aims for maximized returns These objectives are ethical and highlight the importance of effective cash flow management in the construction process The entire endeavor revolves around the successful creation of such a dwelling.
Only about half of startup businesses remain operational after the first four years of operation Although this may not always be due to cash issues, cash flow is a significant
Cash flow problems can significantly impact a company's market position and are often a precursor to financial failure, as highlighted by Eisdorfer (2007) These issues may arise from the inability to reassure creditors and potential lenders that cash flow inadequacies are temporary and won't lead to bankruptcy To mitigate future challenges, accurate forecasting of cash requirements is crucial (McCaffer & Harris, 2001) Discrepancies in cash flow can stem from various factors, including financial issues, supplier and subcontractor problems, and communication breakdowns throughout the project (Al-Issa & Zayed, 2007) Ultimately, delays in cash flow can severely affect project outcomes and damage the entity's reputation due to communication failures.
The construction industry is often viewed as unique, catering to both small and large-scale projects; however, it fundamentally functions as a manufacturer of unit items A significant challenge in this sector is the inability to learn from repetitive tasks, which hinders efficiency and productivity Although concepts like subcontracting and specialized suppliers aim to streamline the process towards mass production, the constant changes in contracts, stakeholders, sites, and clients necessitate relearning for each project For instance, a house built multiple times in the 1920s in the USA would still be treated as a new endeavor by the construction crew on each occasion.
Effective cash flow control is essential for maximizing company profits and ensuring a strong return on investment Proper planning allows a business to manage funding from the project's initiation until the first payment is received.
• assuming invoices submitted monthly at the end of the month
• the average cost item is not billed for 15 days
• the average payment period is 45 days
• assuming a ten percent reduction on the amount as withholding,
• the remaining ten percent is not obtained until the end of the contract payments
A company operating with a ten percent profit margin experiences neutral cash flow from initial payments To effectively fund such contracts, it is advisable to postpone payments to subcontractors, often resulting in contract stipulations that require all subcontractor accounts to be settled before invoicing This creates a dynamic interplay of cash flow management, where the velocity of money becomes a crucial indicator of economic health.
Research indicates that only 10% of companies earning $10 million or less engage in cash flow forecasting, significantly contributing to high failure rates (Strugs, 2015) In the construction industry, complexity is inherent, and even the most profitable companies can face collapse without effective cash flow management.
8 effective (Central Computer and Telecommunication Agency., 1993; Liu, Zayed, & Li,
Cash flow, as defined by Cooke B and Jepsen (1986), refers to the movement of money into and out of a business Positive cash flow indicates that more money is coming into the business, while negative cash flow signifies money leaving the business The net cash flow is the difference between these two amounts, highlighting the overall financial health of the business.
Cooke and Jepsen (1986) define positive cash flow as the income received through monthly payments, while negative cash flow represents expenditures on materials, wages, and overheads This relationship can be expressed in the equation n = i - o, where 'i' is inflow cash flow, 'o' is outflow cash flow, and 'n' is the net cash flow Cash flow operates as a simple cycle, making it suitable for analysis through game theory, with the goal of maximizing returns for builders while adhering to legal contracts The functions for input and output are time-based and can be represented in a Dirichlet Delta Function format, facilitating strategic gameplay.
Many other factors can affect a company and cause issues with cash flow These factors include:
• The indirect costs often exceed the direct costs (Wong & Ng, 2010) and control over indirect costs can be difficult in a time of market volatility
• More than 80% of company failures are due to budgetary and macroeconomic issues within the construction industry (Arditi, Koksal, & Kale, 2000)
• The construction industry is a very competitive industry, and during periods of intense competition, control of cash flow can be critical
Effective cash flow management is essential for the survival and sustainability of construction projects, as a lack of liquidity is a significant factor contributing to project failures Surveys indicate that financial and budgetary issues are primary causes of failures in the construction industry, highlighting the importance of addressing these challenges to ensure project success.
Ineffective financial management, especially concerning cash flow oversight, is the primary factor contributing to the construction industry's high bankruptcy rates compared to other sectors of the economy.
For a construction company to thrive, a clear understanding of profit and loss is essential, as highlighted by Strugs (2015) However, the industry is often hindered by poor cash flow and ineffective management, leading to a high rate of financial failures A significant challenge arises from the payment cycle, where clients typically pay invoices 45 days after billing, while vendors expect payment within 30 days, and employees need to be compensated even sooner This mismatch creates negative cash flow, which, without adequate financial resources, can lead to severe capital outflow Additionally, during economic downturns, a decrease in workload exacerbates these financial challenges.
In the construction industry, companies often face significant financial challenges, with 71% of peak workload and returns aligning with peak prices, resulting in a potential income drop to 50% of previous levels This situation necessitates immediate and strategic actions to realign company assets, personnel, and costs Effective financial management is crucial, especially given the sector's high insolvency rates Additionally, accurate cash flow predictions can mitigate unexpected financial demands, simplifying decision-making by clarifying cash sources and flow structures within the organization (El Din Hosny & El Beheri, 2014).
Effective financial planning is crucial for the survival of the construction industry, as inadequate funding has historically been a leading cause of project failures According to Al-Issa and Zayed (2007), contractors cannot thrive in this sector without proper cash flow management, a principle that applies universally across all industries and organizations.
The capital system aims to equip companies with adequate equity to initiate and sustain operations, while cash flow is essential for attracting returns in the capital equity market, enabling businesses to secure loans In the construction industry, failures and defects are prevalent, significantly affecting project costs and timelines Without proper precautions, these issues can lead to severe challenges in the future.
GAME METHODS
This chapter outlines the methods and background used in the study The concept for the game is simple:
• A builder has a new Superintendent who needs to be trained in the company cash flow methods
The company specializes in a select range of homes within a niche market, guided by a chief financial officer (CFO) who maintains strict oversight of finances and timelines This disciplined approach has enabled the company to sustain profitability for three decades.
New Superintendents undergo consistent training within the same organization, enabling the CFO to assess their ability to manage cash flow effectively If a Superintendent fails to meet these expectations, the CFO has the option to provide additional training or terminate their employment.
The company supplies the Superintendent with essential training information, including a detailed schedule for each item (excluding an overall timeline), comprehensive plans, itemized costs, a start date designed to ensure that the games are engaging and non-repetitive, and sheets for participants to record their decisions.
The CFO is responsible for meticulously recording data on designated sheets, enabling thorough review and ensuring that the Superintendent has successfully mastered all standard company techniques.
• Game play is condensed to provide a reasonable limit on the time required from the participants, limited to 4 hours
The primary goal of the game is to enhance the company's cash flow returns by reducing the delay between payments and invoices, minimizing total expenditures at any given moment, maximizing overall company profits, and lowering borrowing costs.
The basic goal is the development of a simple game rules that provides an insight into the methods and problems with a new field superintendent controlling a simple residential cash flow
The company, Scotia Homes, has an annual turnover of $60,000,000 in construction work mainly related to single-family homes in the price range of $300,000 to $600,000
32 per house The graph of the company turnover in the last twenty years is shown in Figure
During the economic recession from 2007 to 2011, the company experienced a significant decline in work, mirroring the challenges faced by the entire construction industry in the USA However, the company has successfully recovered and is on track to achieve turnover levels comparable to those before the recession.
Scotia Home, headquartered in Highland Park on Mockingbird Lane in Dallas, features a selection of display homes at its site.
Figure 5 Highland Park location (from Google Earth, 2015)
The CFO utilizes a house design from the 1921 Building Plan Holding Corporation competition to train new superintendents This simple and easily constructed home exemplifies the current market trend favoring colonial-themed dwellings Scotia Homes reports selling approximately three of these popular small homes each month, making it their top-selling model.
Figure 6 shows the perspective view of the small house The house is termed the
Dise Plan for the purposes of this study The plan, whilst for a wooden house, would be easily recast in stone or masonry
Figure 6 Perspective View of the Typical Small House
In 1921, the total US income was 63 billion dollars (National Bureau of
According to Economic Research Inc (1926), the current average income stands at $53,819, reflecting a ratio of approximately 40 In comparison, the estimated cost of a house in 1921 was $9,500, corresponding to an average income of $1,357 Based on this 40 ratio, the adjusted value of the house today is approximately $380,000.
In 2014, the median sales price of homes in the USA was $280,000, reflecting a typical range for housing prices when considering relative increases Figure 7 illustrates a standard small house plan, complete with detailed room dimensions.
Figure 8 shows a larger scale plan for the house
Figure 7 Small House Floor Plan
Figure 8 Building used for game play
Table 1 lists the dimensions, areas, and volumes for the first floor of the Dises home Table 1
Dises Home - First Floor Dimensions, Areas, and Volumes
Rooms Depth Length Area Height Volume
Figure 9 shows the Revit model for the house
Figure 9 Revit model of the Dises house
Table 2 shows the construction costs and the program says for each component of the construction
Cost and Construction Schedule Data
Cost Breakdown Average Cost Program Days
First Floor Joist and Decking $10,000 3
Figure 10 presents a graphical representation of the costs associated with key items, emphasizing the critical expenses that the new Superintendent must monitor to achieve the CFO's objectives for maximizing the return on each property.
Figure 10 Costs for each item
Building permits are essential for various construction activities, including water and sewer inspections, excavation, foundation pouring, and basement wall construction Compliance with regulations is crucial during backfilling, sill plate installation, and first-floor joist and decking work Additionally, the erection of first-floor stud walls, roof truss installation, and exterior sheathing must adhere to established standards Proper installation of vapor barriers, HVAC systems, and plumbing is vital, alongside the finishing touches such as garage fit-outs, cabinetry, countertops, interior doors, and painting Lastly, the addition of a wood deck enhances the overall aesthetic and functionality of the property.
Table 3 shows the material delivery time from the date of placement of the order with the vendor
Material Purchase Time Taken (Days)
Figure 11 shows the time for delivery for the major purchases on the house
Figure 11 Material Purchase Delivery Time
FoundaWon offers a comprehensive range of precast basement materials, including joists and decking, stud walls, and roof truss installation Our services extend to exterior sheathing materials, vapor barrier installation, and essential utilities such as electrical, HVAC, and plumbing Additionally, we provide garage fit-out solutions, along with cabinets, countertops, and interior door installations To enhance your space, we also offer painting services and options for wood decking or patios.
The company has a simple set of rules to follow:
Rule 1 all payments are made at 30 days
Payments are due within 30 days, with a 10% interest charge applied to all outstanding accounts after this period, starting from the invoice date The company constructs six homes, offering limited customization options that include variations in paint color, brick type, bathroom fixtures, and kitchen units.
Cost control is implemented through a specialized program provided by management consultants, enabling daily tracking of expenses Additionally, each house has been thoroughly analyzed to develop a comprehensive program, schedule, and construction order, accompanied by a detailed manual that specifies essential materials, such as nail quantities.
Rule 6 The employee who monitors the progress of each house is termed the House Superintendent (HS)
GAME DEVELOPMENT
Cash flow is essential for maintaining the financial stability of both businesses and individuals While negative cash flow can be tolerated temporarily, it is not a sustainable situation This chapter discusses the creation of the Cash Flow Game (CFG), details its rules, and presents various models for gameplay.
The purpose of the CFG is to develop a methodology to study human behavior in relation to management of a cash flow for a theoretical company
The game design components are:
Each house has a complete order catalog so that all parts are uniquely numbered and ordered by a central clerk based on the master schedule for each house The
Superintendent has to decide when to order the materials
New employees are assigned the most basic house constructed by the company, with their daily work closely monitored by the senior superintendent to ensure it meets company standards, adheres to established rules, and follows the specific timeline for each house project.
After completing the house's earthworks, the company follows a schedule established by the scheduling clerk, considering the upcoming workload and available personnel The company handles all tasks internally, except for septic tank installation Each specialty has a crew chief who allocates work to team members based on the provided schedule The preferred team structure consists of two members: one junior and one senior The Superintendent must request work teams in advance to ensure proper scheduling by the scheduling clerk.
You are the newest house Superintendent and have been given the company one week introduction course, you graduated from TAMU with a Construction Science Degree
Every morning at 7 am, you will meet with the Main Superintendent (MS) for a 20-minute briefing before heading to the job site Initially, you will work on one house, but as you gain experience, you will progress to managing three homes, eventually increasing to six homes after two years This structured approach aims to provide long-term training that aligns with the company's quality and progress standards Daily, you will review completed work and issue requests necessary for advancing to the next stages of construction.
1 The activity breakdown for construction is provided in the earlier chapter
2 The total cost and days required to complete each activity has been determined
At the project's outset, a superintendent will be appointed to oversee the completion of the work Upon their arrival on site, they will establish the schedule and ensure that cost invoices are submitted monthly The superintendent will align their completed tasks with the pre-established task schedule, aiming to optimize the company's returns by minimizing delays between work completion and billing Additionally, team members will receive an activities handout as detailed in Appendix A, which will be distributed at the beginning of the project.
At the completion of the game, the sheets are used to determine a score in relation to:
1 Lost money or gained money from the standard schedule in terms of dollar days saved
2 Period to compete the contract
3 Deviation from the standard program
CONCLUSIONS
Effective cash flow management is crucial for the survival of any business This study introduces a theoretical game designed for construction specialists to manage cash flow in a simplified house construction scenario Participants will receive detailed sheets outlining tasks, timelines, costs, and a construction plan for a two-story house The game's objective is to evaluate participants' performance by comparing their ability to maximize company returns, minimize necessary bank loans, and expedite billing processes.
The game's scoring system evaluates three key areas: the schedule, financial gains or losses compared to a standard schedule created by the research team, and billing errors The goal is to assess whether participants can effectively reduce the company's loan needs while demonstrating a solid understanding of cash flow fundamentals.
Future research will involve case studies to create a dataset of performance results, focusing on master's students in the Construction Science program at Texas A&M University These participants, who have backgrounds in civil engineering or architecture, will be assessed on their performance in a simple task to identify any gaps in their knowledge.
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The initial game has been developed using paper sheets to allow the main superintendent to write the summary of the tasks performed
A total of twenty game sheets provide the mechanism to capture the moves by the participant in the game
The building permit sheet, illustrated in Figure 12, includes designated spaces for participants to input necessary information and track game scores.
• It is a license which grants a legal permission to start a building construction
• Usually it should not take more than a week or 10 days to get the permit once the paperwork is submitted
• The player will have to record the start date as of when he filed the paper to actually getting the permit
Figure 12 Game sheet 1 - Building Permit
Figure 13 shows the game sheet for the impact fee The impact fee is the payment to the local government authority for permission to build the house
Figure 13 Game sheet 2 – Impact Fee
The water and sewer inspection fee, illustrated in Figure 14, encompasses the expenses incurred by local government authorities for water and sewer connections It is important to allocate four days for the water connection and up to a week for the sewer connection.
Figure 14 Game sheet 3 – Water and Sewer Inspection Fees
Figure 15 shows the worksheet for the excavation
Figure 16 shows the worksheet for the foundation
Figure 17 shows the worksheet for pouring the basement walls
Figure 17 Game sheet 6 – Pouring Basement Walls
Figure 18 shows the worksheet for the back fill for the house
Figure 18 Game sheet 7 – Back Fill
Figure 19 shows the worksheet for the foundation sill plate
Figure 19 Game sheet 8 – Foundation Sill Plates
Figure 20 shows the work sheet for the first floor joists and decking
Figure 20 Game sheet 9 – First Floor Joists and Decking
Figure 21 shows the worksheet for the first floor framing
Figure 21 Game sheet 10 – First Floor Framing
Figure 22 shows the worksheet for the roof truss installation
Figure 22 Game sheet 11 – Roof Truss Installation
Figure 23 shows the work sheet for exterior sheathing and sheetrock
Figure 23 Game sheet 12 – Exterior Sheathing and Sheetrock
Figure 24 shows the work sheet for plumbing
Figure 25 shows the game sheet for utilities
Figure 26 shows the worksheet for heating, ventilation and air conditioning for the house
Figure 26 Game sheet 15 – Heating, Ventilation, and Air Conditioning
Figure 27 shows the garage fit out for the house
Figure 27 Game sheet 16 – Garage Fit Out
Figure 28 shows the worksheet for cabinets and countertops
Figure 28 Game sheet 17 – Cabinets and Countertops
Figure 29 shows the work sheet for the interior doors, of course one adds the exterior doors at this stage
Figure 29 Game sheet 18 – Interior Doors
Figure 30 shows the work sheet for painting for the house