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expenses for a contractor are workers’ compensation and general liability insurance, both of whichare directly related to a companies’ safety record. A companies “experience modification rating” haslong term effects on a companies’ profitability, and a credit rating of less than one is that which acompany should strive to achieve. Each company that participated in the research identified having aformal safety plan as a leading factor in a company’s overall safety and rating.2.2.3.5 Communication ManagementCommunication defines the channels for interactions within an organization and betweenorganizations. Such interactions can be identified as either close or distant contacts. Meetings,workshops or visits are examples of close contacts while emails, telephones, and teleconferencing areexamples of distant contacts. According to Gayeski (1993), trust can be enhanced through a clearlydefined system of communication procedures and approaches. Not only does it facilitate convenientand speedy communications, it also reduces arguments that may arise due to distorted interpretations.As suggested by Zaghloul and Hartman (2003) and Wong and Cheung (2004), a good communicationsystem mitigates risks and increases reputation of all concerned parties. An efficient communicationsystem is therefore another indicator of successful organization.2.2.3.6 Financial ManagementFinancial management deals with the concepts of time, money and risk and how they are interrelated.It also deals with how money is spent and budgeted. By developing an understanding of businessfinances, the owner/operator can then avoid the mistake of concentrating simply on the current bankbalance and will be better able to evaluate the company’s overall financial performance and to makesound decisions based on the future instead of immediate needs.2.2.3.7 Risk ManagementRisk Management includes the processes concerned with conducting risk management planning,identification, analysis, responses, and monitoring and control on a construction company; most ofthese processes are updated throughout the process. The objectives of risk management are toincrease the probability and impact of positive events, and decrease the probability and impact ofevents adverse to the company.2.2.3.8 Technology ManagementTechnology management is a very importance source of keeping competitive advantage. Typicalconcepts used in technology management are technology strategy, technology mapping, technologyroad mapping, technology project portfolio and technology portfolio. The role of the technologymanagement function in an organization is to understand the value of certain technology in theorganization, which is to argue when to invest on technology development and when to withdraw, aslong as there is a value for the customer, continuous development of technology is valuable.628