Strategic planning practice of construction firms in Ghana
In Ghana, the operating environment for construction firms is constantly changing in the face of a volatile economic environment, shifting political climate and a highly competitive market. Confronted with such instability, companies need strategic planning to combat the threat to their survival. A survey was conducted to determine how widespread strategic planning is used as a management tool by contractors in Ghana. Construction firms with classification A1B1, A2B2, D1 and D2 were used in the survey. Only 8.5% of D2 firms use strategic planning. The other firms have a combined average of 86.7%. Civil engineering contractors are far ahead of the building contractors in the practice of strategic planning. Strategic plans are drawn to cover an average of three years. There is an urgent need for contractors in the D2 class to be encouraged to seek insight into strategic planning and employ the technique to enhance their chances of surviving risks in the business environment.
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Volume (Year): 23 (2005)
Issue (Month): 2 ()
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