Please use this identifier to cite or link to this item: https://doi.org/10.1080/01446190701393026
Title: Classification of innovation for strategic decision making in construction businesses
Authors: Lim, J.N.
Ofori, G. 
Keywords: Innovation
Profit maximization
Systems thinking
Willingness to pay
Issue Date: 2007
Source: Lim, J.N.,Ofori, G. (2007). Classification of innovation for strategic decision making in construction businesses. Construction Management and Economics 25 (9) : 963-978. ScholarBank@NUS Repository. https://doi.org/10.1080/01446190701393026
Abstract: Innovations in construction may be classified in several different ways. To encourage construction firms in Singapore to innovate, a practical approach is provided for the classification of innovations, in order to guide construction firms in their development of innovation strategies. A qualitative systems model, portraying the innovation behaviour of contractors, is developed and validated through Pearson correlation analysis and interviews. From interviews with 21 construction practitioners, the profit maximization goals of construction firms are shown to be a major driving force of innovation. Construction innovation should be classified in accordance with the types of benefits and returns that emerge from them, which makes the investment of money and effort in innovation worthwhile. Three classes of innovations were identified: innovations that consumers are willing to pay for; innovations that reduce contractors' construction costs; and innovations that encompass intangible benefits, thus providing contractors with competitive advantage.
Source Title: Construction Management and Economics
URI: http://scholarbank.nus.edu.sg/handle/10635/45597
ISSN: 01446193
DOI: 10.1080/01446190701393026
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