Examining The Problems Of Delayed Payments

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Examining The Problems Of Delayed Payments

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Examining The Problems Of Delayed Payments

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Question:
Discuss about the Examining The Problems Of Delayed Payments In Context Of Large Projects In Sydney.

Answer:
The delay in large project can be happened for various reasons. One of the main reasons for the delay of the project is lacking of fund or payment. This paper discusses about the problems related to the payment in the management of large projects. Different aspects regarding the problem related to the payment has been discussed based on the findings from the various articles in this study.
Financial issues are one of the main causes of delay of the project. It has been observed that the financial issues may arise due to the financial condition of the project and the country. The chosen paper has described the delays related to the financial issues (El Razek et al. 2014) . It has been observed that the financial delays happen in most of the large project management. The objective of the selected articles is to find the major issues for the happening of the payment delay and its impact on project management.
There are several causes for the delays in the payment in large project management. One of the main issues is lack of cash flow and poor financial condition of the client and lack proper management in the business, problems in getting loan from banks and the financer. In order to identify these factors the surveys have been conducted and it has been found out that client plays an important role in payment issues in the business.
The payment is considered one of the most important thing for the projects in large scale. However, there are several causes for the delay of the project (Lu, Won and Cheng 2016) . The paper has given emphasis on the impact of payment delay in construction project. The main objective of this paper is to find out the main causes of payment delay and its impact on compilation of the construction project. The ways to mitigate these issues has been discussed in an effective way (Birrell and McCloskey 2016) . The paper concludes that it has been able to identify the certain payment issues in the construction project. However, these are the primary factors. There may be other functional and non functional factors which are needed to be discussed.
The payment issue has been considered as an important factor for the projects in the industries other than the construction industry (Legacy, Curtis and Scheurer 2017). The large projects in renewable energy industry also face payment issue problem. Certain projects get delayed due to the payment issues (Locatelli and Mancini 2014). The paper discusses about the issues related to the monitory factors and their effect on the compilation of the project.

Critical evaluation of the article:
The article describes the impact of the payment delay in the large project management. Initially, the main causes of the financial delays have been discovered. This finding has been done on the basis of different surveys and interviews of the workers and the project management team (Webster 2016). It has been found by the research that the client is most important factor in case of making payment in the project.
The compilation of the project follows a certain life cycle . In order to complete each stages of the life cycle, certain amount of money is needed. Success of the project depends on the cash flow for the project. The cash flow of the money is dependent on different matters like the economic condition of the market and the assigned budget for the project. Apart from these constrains from taking loan from the banks is also a problem in maintaining the cash flow.
The effect of delay in the payment also effects the time for the compilation of the project. The compilation of the project revolves around the different stages of the project life cycle. In this case, funding is important as the resources and the equipments for the development of the project needs (Cardew 2017) . In case, if there is a lack of financial resources the progress of the project may get restraint. In this case, the delivery of the final product or the service is delayed which is not desirable.
The finding of the paper indicates that the main issue regarding the payment is a problem which generates mainly by the client of the project. Some cases, the client has the lack of resources or they may find it difficult to get the loan for the development of the project.
Primary questions regarding the discussion of the article:
There are several questions arise from the discussion regarding the delay in payment for the large projects and the consequences of the delay in the payment of the project. However, the main question regarding this discussion is that whether there is any significance of the delay of the payment in the delivery of the project (Owolabi et al. 2014). The other concern regarding this discussion is that if there is any consequence of the delay of the project and identification of the cause of the delay. The paper gives an insight to the techniques and the ways for the mitigation of the payment delay in the project. Further recommendations have been made in order to avoid the negative consequences of the delay of the payment in the large project.
Reflection
I have understood the importance of the making the payment for the development stages of the project. It can be seen that the delay in the payment of the project can have various negative consequences. Some of the consequences include the delay in the delivery of the project and can affect the client base and reputation of the team members of the project. On the other hand there are various factors for the lack of cash flow. Some of these factors include constraints in the taking loan from the bank, financial crisis in the market and financial resources for the business management of the project. There are various ways for the mitigation of the financial issues in the project development. The delay in the delivery of the project outcome is considered one of the major risks in the development of the project. Delay in the payment or failure of the payment in the project management can have negative consequences and can affect the whole supply chain management in the development of the project. The interruption in the supply chain management in the project may cause the unavailability of the resources required for each steps in the project development life cycle. The chosen article has discussed about the payment failure and payment delay in the large projects. Some of these large projects are the projects regarding construction and the projects in the field of renewable energy. Some of the ways have described in the discussion that will help to mitigate then lack of cash flow in the development of the project. The recommendations can be applied in order to mitigate the consequences of the delay in the payment of the projects.

References
Birrell, B. and McCloskey, D., 2016. Sydney and Melbourne’s housing affordability crisis report two: No end in sight. Canberra: The Australian Population Research Institute.
Cardew, R., 2017. Privatisation of infrastructure in Sydney, Australia. In Infrastructure Provision and the Negotiating Process (pp. 129-146). Routledge.
El Razek, M.A., Hosny, H.E.D. and El Beheri, A., 2014. Risk Factors in Construction Projects Cash-Flow Analysis. International Journal of Computer Science Issues (IJCSI), 11(1), p.199.
Legacy, C., Curtis, C. and Scheurer, J., 2017. Planning transport infrastructure: examining the politics of transport planning in Melbourne, Sydney and Perth. Urban Policy and research, 35(1), pp.44-60.
Locatelli, G. and Mancini, M., 2014. Controlling the delivering of projects in mega-events: An application on EXPO 2015. Event Management, 18(3), pp.285-301.
Lu, Q., Won, J. and Cheng, J.C., 2016. A financial decision making framework for construction projects based on 5D Building Information Modeling (BIM). International Journal of Project Management, 34(1), pp.3-21.
Owolabi, J.D., Amusan, L.M., Oloke, C.O., Olusanya, O., Tunji-Olayeni, P.F., Dele, O., Peter, N.J. and Omuh, I.O., 2014. Causes and effect of delay on project construction delivery time. International journal of education and research, 2(4), pp.197-208.
Webster, R., 2016. Payment by results: Lessons from the literature. Online. Retrieved September, 6, p.2017.

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