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Science Construction Plc Essay

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Use of Financial Data to Analyze Operational Problems – A Case Study of Science Construction PLC Financial data plays a crucial role in analyzing the performance of a company. Synthesizing the data provides management teams with crucial information that guides decision-making, by enabling managers to decide between possible alternatives, and estimate how changes will affect the financial performance of the company (Heisinger & Hoyle, 2012). In this assignment, I will utilize financial data to analyze the improvement project of Science Construction PLC, identify the problems, diagnose the causes, propose possible solutions, and recommend a plan of action. Case Study Science Construction PLC offers services and equipment for construction of highways, …show more content…

Firstly, the global financial crises resulted in decreased business for the company, reduced financial sources, and increased interest rates. Secondly, the company is not efficient at collecting its dues from the different authorities. Receivables are collected seven to nine months after the work, requiring the company to seek additional short term loans to finance its ongoing operations. On the other hand, if the company delays to pay its suppliers, the prices increase resulting in a losses for the company. Finally, the contract prices do not always reflect the final price of the job. Contracts are issues in the first quarter of the year, and construction done in the last half of the year. Often, the prices of the commodities have increase, and the allowed price adjustment does not cover the increase (Erer, …show more content…

I suggest that the company utilizes the Define-Measure-Analyse-Improve-Control (DMAIC) model to implement the changes (Knowles, 2011). Through this model, the company will define what it needs to improve as well as a measure of success, providing a means to control the change process and make corrections as soon as possible. In this case, a suitable measure of success will be a reduction in the production costs and the general administrative costs. The company would need to set realistic targets and budgets, which will be reviewed regularly. The suggestion is quarterly, which provides sufficient time for the effect of the changes to be visible. The managers must be careful to define clear goals of what it wants to do and gain commitment and engagement from its employees through adequate communication on why the changes are necessary, if the implementation is to

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