Contemporary organizational theory in the management of construction projects

The level of insolvencies in the construction industry is high, when compared to other industry sectors. Given the management expertise and experience that is available to the construction industry, it seems strange that, according to the literature, the major causes of failure are lack of financial control and poor management. This indicates that with a good cash flow management, companies could be kept operating and financially healthy. It is possible to prevent failure. Although there are financial models that can be used to predict failure, they are based on company accounts, which have been shown to be an unreliable source of data. There are models available for cash flow management and forecasting and these could be used as a starting point for managers in rethinking their cash flow management practices. The research reported here has reached the stage of formulating researchable questions for an in-depth study including issues such as how contractors manage their cash flow, how payment practices can be managed without damaging others in the supply chain and the relationships between companies" financial structures and the payment regimes to which they are subjected.

Cash flow management in construction firms

The level of insolvencies in the construction industry is high, when compared to other industry sectors. Given the management expertise and experience that is available to the construction industry, it seems strange that, according to the literature, the major causes of failure are lack of financial control and poor management. This indicates that with a good cash flow management, companies could be kept operating and financially healthy. It is possible to prevent failure. Although there are financial models that can be used to predict failure, they are based on company accounts, which have been shown to be an unreliable source of data. There are models available for cash flow management and forecasting and these could be used as a starting point for managers in rethinking their cash flow management practices. The research reported here has reached the stage of formulating researchable questions for an in-depth study including issues such as how contractors manage their cash flow, how payment practices can be managed without damaging others in the supply chain and the relationships between companies’ financial structures and the payment regimes to which they are subjected.

'Operation motorway': landscapes of construction on England's M1 motorway

Recent years have seen an increasing number of academics attempt to write more process-oriented and 'nonrepresentational' accounts of landscape. Drawing upon this literature, I discuss a number of the movements, materialities, and practices entailed in constructing England's M1 motorway in the late 1950s. The performances, movements and durability of a diverse range of things-including earth-moving machines, public relations brochures, maps, helicopters, senior engineers, aggregate and labourers-are shown to be important to the construction and ordering of the motorway and spaces of the construction company in different times and spaces, with people's experiences or understandings of construction, both now and in the past, emerging through memories, talk and embodied encounters with architectures, texts and artefacts which are assembled, circulated and/or archived. Aerial perspectives assumed a prominent role in depictions of construction, while journalists and engineers frequently drew upon a military vocabulary and alluded to the military nature of the project when discussing the motorway. (c) 2005 Elsevier Ltd. All rights reserved.

The 'glial' glutamate transporter, EAAT2 (Glt-1) accounts for high affinity glutamate uptake into adult rodent nerve endings

The excitatory amino acid transporters (EAAT) removes neurotransmitters glutamate and aspartate from the synaptic cleft. Most CNS glutamate uptake is mediated by EAAT2 into glia, though nerve terminals show evidence for uptake, through an unknown transporter. Reverse-transcriptase PCR identified the expression of EAAT1, EAAT2, EAAT3 and EAAT4 mRNAs in primary cultures of mouse cortical or striatal neurones. We have used synaptosomes and glial plasmalemmal vesicles (GPV) from adult mouse and rat CNS to identify the nerve terminal transporter. Western blotting showed detectable levels of the transporters EAAT1 (GLAST) and EAAT2 (Glt-1) in both synaptosomes and GPVs. Uptake of [3H]D-aspartate or [3H]L-glutamate into these preparations revealed sodium-dependent uptake in GPV and synaptosomes which was inhibited by a range of EAAT blockers: dihydrokainate, serine-o-sulfate, l-trans-2,4-pyrrolidine dicarboxylate (PDC) (+/-)-threo-3-methylglutamate and (2S,4R )-4-methylglutamate. The IC50 values found for these compounds suggested functional expression of the 'glial, transporter, EAAT2 in nerve terminals. Additionally blockade of the majority EAAT2 uptake sites with 100 micro m dihydrokainate, failed to unmask any functional non-EAAT2 uptake sites. The data presented in this study indicate that EAAT2 is the predominant nerve terminal glutamate transporter in the adult rodent CNS.

Adapting to climate change impacts on water resources in England - an assessment of draft Water Resources Management Plans

Climate change is expected to produce reductions in water availability in England, potentially necessitating adaptive action by the water industry to maintain supplies. As part of Ofwat's fifth Periodic Review (PR09), water companies recently released their draft Water Resources Management Plans, setting out how each company intends to maintain the balance between the supply and demand for water over the next 25 years, following Environment Agency guidelines. This paper reviews these plans to determine company estimates of the impact of climate change on water supply relative to other resource pressures. The approaches adopted for incorporating the impact in the plans and the proposed management solutions are also identified. Climate change impacts for individual resource zones range from no reductions in deployable output to greater than 50% over the planning period. The estimated national aggregated loss of deployable output under a “core” climate scenario is ~520 Ml/d (3% of deployable output) by 2034/35, the equivalent of the supply of one entire water company (South West Water). Climate change is the largest single driver of change in water supplies over the planning period. Over half of the climate change impact is concentrated in southern England. In extreme cases, climate change uncertainty is of the same magnitude as the change under the core scenario (up to a loss of ~475 Ml/d). 44 of the 68 resource zones with available data are estimated to have a climate change impact. In 35 of these climate change has the greatest impact although in 10 zones sustainability reductions have a greater impact. Of the overall change in downward pressure on the supply-demand balance over the planning period, ~56% is accounted for by increased demand (620 Ml/d) and supply side climate change accounts for ~37% (407 Ml/d). Climate change impacts have a cumulative impact in concert with other changing supply side reducing components increasing the national pressure on the supply-demand balance. Whilst the magnitude of climate change appears to justify its explicit consideration, it is rare that adaptation options are planned solely in response to climate change but as a suite of options to provide a resilient supply to a range of pressures (including significant demand side pressures). Supply-side measures still tend to be considered by water companies to be more reliable than demand-side measures.

Interest in Medieval accounts: examples from England, 1272-1340

The charging of interest for borrowing money, and the level at which it is charged, is of fundamental importance to the economy. Unfortunately, the study of the interest rates charged in the middle ages has been hampered by the diversity of terms and methods used by historians. This article seeks to establish a standardized methodology to calculate interest rates from historical sources and thereby provide a firmer foundation for comparisons between regions and periods. It should also contribute towards the current historical reassessment of medieval economic and financial development. The article is illustrated with case studies drawn from the credit arrangements of the English kings between 1272 and c.1340, and argues that changes in interest rates reflect, in part, contemporary perceptions of the creditworthiness of the English crown.

Accounts of the English Crown with Italian merchant societies, 1272-1345

The credit arrangements between the three Edwards and Italian merchants were crucial for financing England’s ambitious foreign policies and ensuring the smooth running of governmental administration. The functioning of this credit system can be followed in detail through the well-kept but mostly unpublished records of the English Exchequer. This volume combines a transcription of the most important surviving accounts between the merchants and the Crown, with a parallel abstract presenting the core data in a double-entry format as credits to or debits from the king's account. This dual format was chosen to facilitate the interpretation of the source while still retaining the language and, as far as possible, the structure of the original documents. The wealth of evidence presented here has much value to add to our understanding of the financing of medieval government and the early development of banking services provided by Italian merchant societies. In particular, although the relationship between king and banker was, for the most part, mutually profitable, the English kings also acquired a reputation for defaulting on their debts and thus 'breaking' a succession of merchant societies. These documents provide an essential basis for a re-examination of the 'credit rating' of the medieval English Crown.