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Strategic Management Concepts and Practices in Pakistan: A Construction Industry Perspective

Construction industry is generally regarded as project based industry. Construction Project Management places large emphasize on planning and execution of the projects due to this project based nature of industry. Construction firms only consider project performance, the parameter to measure success, neglecting importance of strategic planning and management for higher profitability and quality business operations. Rapidly changing social and technological issues are creating such a professional environment that will enhance the need of strategically defining organization’s goals in the construction industry in coming decades. To meet such a challenge, requires identification of current industry level practices. This study tries to identify the current nature of strategic management concepts and practices by the construction firms in Pakistan. Results have shown that strategy evaluation, research and development and use of management information system as a decision tools lacks in the construction industry. It is recommended that construction industry should join hands with the academia to undertake certain research & development projects that can benefit both of the parties.