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This content is taken from the Coventry University's online course, Business Strategy: The Art of Looking into the Future. Join the course to learn more.

Skip to 0 minutes and 12 secondsHello and welcome to the course. During this module, we will cover the principles of strategic management to help give you the competitive advantage. Ever since the beginning of time, both technology and culture have evolved, but the methodologies used in the construction industry have always faced resistance to change, as those in the industry are generally risk averse. When construction methodologies have worked successfully in the past, there's been little desire to change them. This approach is not sustainable. How can the construction industry keep up and how can we predict the future to better protect ourselves against an ever changing environment? The construction industry currently sits inside a bubble, making itself vulnerable to external threats such as competitors and technological advancements.

Skip to 0 minutes and 57 secondsThe company may not be doing anything wrong, but they will collapse if they failed to invest in the future. As the global market faces unexpected challenges, the construction industry must adapt in order to ensure the bubble does not burst.

Skip to 1 minute and 17 secondsBeing aware of these aspects means that we can ensure innovative thinking and by the end of this module, you will have the tools to rediscover your business in the future. The future is in your hands. What will you do with it?

Welcome to the course

We look forward to exploring strategy and strategic management approaches for construction organisations with you over the next week, as well as providing you with the tools to understand how you might improve your own area of practice.

This week we will:

  • Introduce and discuss what is meant by strategy, strategic planning and strategic management
  • Give an overview of strategy and the 5Ps
  • Discuss the differences between strategic planning and strategic management
  • Look at where construction should be positioned by 2025
  • Identify trends in construction for construction organisations, and highlight headline strategies, ie Construction 2025

This short course is an introductory two-week course for a program in Strategic Management for Construction and Engineering, which forms part of the MSc in Construction Project and Cost Management online degree at Coventry University, delivered on FutureLearn.

Meet the team

This module was created by:

Balan Venkatramani, an experienced lecturer in Construction Project Management with more than three decades of industry and teaching experience.

Picture1 of lead educator Balan Venkatramani

Pauline, a construction industry expert, who is also your associate lecturer and will guide you through the program and help you make sense of it

You can ask them questions and reply to their posts.

You can ‘follow’ them by selecting the links to their FutureLearn profile pages and selecting ‘follow’. That way, you’ll be able to see all the comments they make.

Checking your progress

Don’t forget, you can check your progress page by selecting the icon at the top of the step, where you’ll see what percentage of the course steps you’ve marked as complete.

And finally…

As you make your way through the course, don’t forget to share your thoughts in the comments area and like or reply to posts you find useful or interesting.

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This video is from the free online course:

Business Strategy: The Art of Looking into the Future

Coventry University