The Impact of Peer-To-Peer Banking, Negative Interest Rates and Microfinance Institutions on International Banking and Finance


The Impact of Peer-To-Peer Banking, Negative Interest Rates and Microfinance Institutions on International Banking and Finance

Application of BIM and Virtual and Augmented Reality in The Construction Management of Projects


  • Introduction and Background (1300 words approx. 10% of total Word count)

1.1         Introduction

Research by Harris et al., (2013) shows significant developments in the field of Information and Communication Technology(ICT). One of the primary beneficiaries of this evolution is the Architecture, Engineering, and Construction (AEC) sector. Information and Communication Technology has hatched such results as the Virtual Reality technology as well as Augmented Reality which have both been used in the AEC industry. Be that ass it may, insightful research by (Iskander, 2007) shows significant disparities in the intensity of use as well as the impacts these technologies have on the end user. The disparities are either due to the preservation of trade secrets by individual users for the sake of competition or the lack of a formalized procedure for deciding which standards of the ICT technology are usable across the board. This research seeks to enlighten the Architecture, Engineering, and Construction industry by addressing the cause of limited use of technological breakthroughs in the ICT industry. The specific areas of the researcher’s interest include the training requirements, cost implications, and the effect of ICT on project management regarding efficiency.

1.2         Background to the study

Luppicini (2013) records a series of historical breakthroughs in ICT that have had enormous effects on the development of engineering, architecture, and construction for many decades. The various effects resonate in some disciplines such as communication approach, organizational efficiency, and even employee behavior. Like most industries, the AEC sector seeks to maximize profits and minimize expenses by increasing performance. The most harnessed Information and Communication Technologies include Augmented Reality technology and Virtual Reality.

Virtual Reality finds its use in the provision of extremely immersive experiences to the clientele, personnel, and investors of most industries. Current applications feature three-dimensional models which are quite prominent in the construction sector. The three-dimensional models were developed right about the same time when the drone imagery and 3D laser scanning technologies came to use. In the future, Harris et al., (2013) predicts that virtual reality will find more use in pre-production and production of projections for various design features. Augmented reality has traditionally found used in tracking the progress of prefabricated components of superstructures. It also used to verify construction methodologies in a variety of projects. This form of verification is especially useful in projects involving qualities which require untested methods to create.  However, both technologies equally contribute to collaborative efforts in a project regardless of its size. The design personnel, owners, and constructors benefit from the realistic vision absent in typical plans or drawings.

Seeing that the advancements in ICT only seem to be headed for better results, one can only imagine the next phase in Architectural, Engineering, and Construction sector. Computers are getting faster with current speeds of such machines as the quantum computers promising to be revolutionary. Additional hope for the ICT-AEC collaboration comes from the growth of artificial intelligence able to create virtual environments that are more enhanced and sensitive to factors such as energy efficiency, cost reduction, and environmental sustainability. However, this study was keen to examine both Virtual Reality and Augmented Reality in details seeing that their applications in modern day surpass any other technologies (Iskander, 2007). They were also deemed to form a proper platform because the parameters considered for their use apply to any other ICT technology in the past and probable future.

1.3         Rationale (reason for the study)

Despite the deep penetration of ICT in the modern day personal lives and workplaces, there has been the slow usage of ICT when it comes to the AEC industry. Again, ICT is associated with improvement in efficiency and productivity and demand for it in the AEC industry has been high (Harris et al., 2013). This study is designed and purposed to explore and document the developments in ICT that find their use in the AEC industry. The researcher hopes to accomplish a lot including bridging of visible information gaps that limit adoption of ICT as well as the provision of insight on its current use in industry as immense as the AEC industry.  

1.4         Aims and objectives of the study

  1. To explain the effects of ICT on the design period of projects.
  2. To explore the impact of technology on clashes, procurement, variations, and electronic correspondence.
  3. To examine the impact of technology on the design of projects in the past decade.
  4. To suggest better uses of the technology in the AEC industry for purposes such as design and decommissioning.


1.5         Research questions

  1. How does ICT affect the design period of projects?
  2. What are the effects of technology on clashes, procurement, variations, and electronic correspondence?
  3. What are the documented impacts of technology on design in the past decade?
  4. How can the advancements in ICT be utilized for better results in the AEC industry?

1.6         The relevance of the study

This study is essential to any principal in the AEC industry. The value acquired from the use of technologies such as BIM in the phases of a project can be perceived differently by various parties. However, it is agreeable that the principals require guidance on how to professionalize the project and enhance collaboration (Luppicini 2013). This research makes the perfect orientation for a beginner in project management in this century.

From a client’s perspective, this research is enlightening and insightful regarding the conceptualization of a project in the design phase using technological breakthroughs. This research is also essential in emphasizing the importance of communication of concept in the design process (Stallmeyer, 2011).  The information provided in this study sets the standards for a client’s decision. As such, a customer empowered by the data presented in the research will demand higher quality presentations that give a realistic view of their project. The research is a guideline for a client’s formulation of suggestions, opinions, objections, and compliments.

By investigating the strengths of technologies used such as BIM, the study empowers all persons who wish to optimize the project without interfering with the schedule. The research is significant to all parties that aim for increased open communication and transparency. Additionally, it provides alternative methods and practices in design and implementation of projects in the AEC industry that stakeholders can use to enhance collaboration and minimize the cost of failure (Sui 2009). 

This study is especially useful for human resource management personnel in AEC industry. It provides the best technological solutions for the design of work processes that are optimized for production. The research is essential to those undertaking sensitive projects which require a level of accuracy that is unattainable in traditional methods. In the study, the ICT developments explored provide insight immediately about such variations as cooling and heating of loads or direct energy costs.

The overall impact of this study is to act as a pacesetter for further research on the subject matter. By gathering and integrating traditional, current, and expected technologies, the study builds a body of knowledge that is sufficient to make an upgrade of the subject matter, an adjustment of the current facts, or a projection of the future. Thereby, this study will explore the issue of Information and Communication Technologies’ use in AEC industries comprehensively.



Harris, F., McCaffer, R., & Edum-Fotwe, F. (2013). Modern construction management. Hoboken, N.J: Wiley-Blackwell.

Iskander, M. (2007). Innovations in E-learning, instruction technology, assessment, and engineering education. Dordrecht: Springer.

Luppicini, R. (2013). Handbook of research on technoself: Identity in a technological society. Hershey, PA: Information Science Reference.

Stallmeyer, J. C. (2011). Building Bangalore: Architecture and urban transformation in India’s Silicon Valley. London: Routledge.

Sui, D. Z. (2009). Geospatial technology and the role of location in science. Dordrecht: Springer.


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