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on Project, Program and Portfolio Management |
| By: | Harun Tanrivermis; Yesim Aliefendioglu; Akin Ozturk; Yunus Emre Kapusuz |
| Abstract: | Although it is well known that there are many sources of risks in real estate investments, particularly in commercial real estate investments, the works are frequently commenced without consideration of risk resources and uncertainties in the project evaluation and investment decision making processes. The nature and impact on investment value of environmental, economic, real estate sector, and project risks are observed to vary from the beginning of the project development process until the end of it. Dynamic methods are often used in commonplace feasibility studies and integration of risks to calculations and periodically updating feasibility analyses are found to be usually neglected. However, project-specific risks such as the ownership of land, land development rights, and demands of the owners of neighboring parcels and economic risks directly affect the feasibility of the investment and can be major sources of failure.In this study, risk perceptions of upper middle managers of large-scale real estate development companies were evaluated and risk management approaches implemented within the companies were discussed. The scope of the study was limited to companies that are members of the Turkish Contractors Association (TCA), to which only the biggest real estate firms of Turkey can be members, and members of other important associations. In the construction and real estate market, two of the most important sectors in the Turkish economy, members of the TCA realize 70%of construction works within the country and 90%of the works undertaken by Turkish contractors abroad and have the ability to represent the industry. In this study, the impact of risk according to its resources on the preparation and implementation of real estate projects and risk perceptions of managers were examined based on the responses received to the questions electronically sent to the members of the TCA and other important associations. The study results revealed that that developers carry out risk management and decision support system activities, use intuitive risk analysis methods, utilize risks in integrated decision-making processes and the risk items that the developers consider are identified. According to the study results, sales forecasts, and the changes in foreign exchange and interest rates are significant in risk management in line with academic studies. |
| Keywords: | Decision Support Systems; real estate development projects; risk analysis and risk management; Risk dynamics; Risk perceptions |
| JEL: | R3 |
| Date: | 2017–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2017_390&r=ppm |
| By: | Jørgen Skatland; Ole Møystad |
| Abstract: | A distinct feature that characterise the building project as a cognitive process is the transformation of thoughts into built physical objects. Being a complex human activity, this process typically involves several influential actors, each driven in different ways by their own aims, competencies and goals. A critical challenge to the value potential of the project development, is that of retaining a shared goal across the influential actors and their different agendas.This paper investigates modalization as it unfolds in a collaborative project process as the cognitive feature of qualifying and disseminating input (information) towards a project`s development from concept to physical object. The case study furthermore goes to demonstrate how certain modalities carry on as affordances between the new built environment and its users.By mapping the information content of the cognitive process of early phase concept development in an empirical case study of an actual, built project, we aim to re-engineer the synthetic process of concept development. In doing so we gain an analytic viewpoint on the cognitive process, and furthermore provide some new insights into the problem of retaining the built object as a shared goal across the project organisation and through the construction process.Our findings indicate that a large share of conceptual concerns were diverted towards processual concerns such as "how to get it built" as opposed to a focus on "what to build" – as in the future affordances of the physical product of the development. Upon uncovering this difference between the cognitive modalities of process VS product concerns, we aim to contextualise this dynamic by comparing the metaphysical and pragmatic difference, reflected by the ontological transformation from concept to physical object. It is this transformation that produces the affordances that represent the value of the architectural object.By connecting modalities of information to physical modalities, we aim to make a direct connection between distinct features of cognition and the added value potential embedded in the affordances of the product in a project development. This production of added value, in the life of the user, depends on directing the cognitive labour of a project team towards a shared object of thought, which in the case of a building project must be the physical object, as this is the cognitive joint which enables continuity between design, (production) and use. |
| Keywords: | Added Value; case studies; Cognition; Information Theory; Project Development |
| JEL: | R3 |
| Date: | 2017–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2017_342&r=ppm |
| By: | Peter de Jong; Louis Lousberg; John Heintz |
| Abstract: | The challenges facing project managers and real estate practitioners are increasingly characterised by their high degree of complexity, involving unexpected, uncertain, unstable or unique situations. Sustainable projects increase this complexity due to the need to integrate an even wider range of criteria and stakeholders. It is therefore necessary that students are trained to deal with these problems. For many years these skills are taught through The Management Game. Groups of students are assigned complex problems which require a multi-disciplinary design approach. The Game has evolved through time, and is now taught in different forms at both BSc and Master’s levels. The intention is to provide students with an opportunity to apply design thinking and managerial knowledge to contemporary complex urban problems, and to learn from their own experience in dealing with them. This paper re-establishes theoretical foundations for the game in contemporary theories of design, reflection and learning.A conceptual framework is developed to explicate the design process. The 5 contributing elements are distinguished:generic elements in the design process,concepts of reflection-in-action,design-thinkingmanaging as designingpolicy gamingThe management game not only bridges design and built environment management education, but also exemplifies the advantage teaching built environment management in an architectural context. Students learn to develop solutions for the contemporary complex challenges facing obsolescent and unsustainable urban areas, for which a proper understandings of building design and the market are essential.The education of managers of building projects should focus in increasing the effectiveness of individual actors within the broader social context. This focus on personal awareness, design, performance and reflection makes the approach ideal for the education of students and professionals. By focusing on the higher level actions we avoid losing ourselves in chasing the ever changing body of management tools and techniques which will face anyone in the field, and concentrate on those cognitive and social skills that will be required for making sustainability in building projects possible.The Management Game is a highly valued element in our curriculum. By making this design approach more explicit, and providing a contemporary theoretical framework, we intend to make the course more valuable to the academic community at large. |
| Keywords: | Design school; Design-thinking; Policy gaming; Real Estate Education; Reflection-in-action |
| JEL: | R3 |
| Date: | 2017–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2017_135&r=ppm |
| By: | Dilek Pekdemir |
| Abstract: | The healthcare sector is expanding in the world in parallel to changing medical challenges, growing populations and also increasing number of senior citizens are creating higher demand for healthcare services. The Turkish healthcare market has also been shaping by the very same drivers and is expected to continue its growth with growing population and upsurge in healthcare spending. The healthcare providers are the Ministry of Health, universities and the private sector, with the Ministry accounting for two-thirds of country's hospitals in Turkey. A large majority of health infrastructure in Turkey is old and out of date and is no longer appropriate to meet healthcare needs considering large and increasing population. Furthermore, the budgetary pressures on the government is forcing to explore alternatives to traditional public sector provision. In response to the need for large capacity investments in healthcare systems, the Turkish government launched its Health PPP Program in 2010. The aim of the program is to develop new healthcare facilities and to improve service delivery. The government is also seeking private sector participation in the hospital infrastructure sector in Turkey. The Health PPP Program will consist of 50 projects with an estimated EUR 20 billion investment value. Around 15 projects under the Program are at various stages of tender, financing and construction. PPP is a common model to finance such public facilities in Turkey with various applications such as Build-Operate-Transfer, Build-Operate-Own or Transfer of Operation Rights. The Build-Lease-Transfer model was introduced into Turkish legislation in 2013, commonly known as the City Hospitals/Medical Campuses Law, and it was specifically introduced to support healthcare PPP's. Under the Build-Lease-Transfer model, the private sector finances and builds a facility and then leases it to the relevant public authority, with the state providing the public service. The infrastructure facility is leased for a maximum of 30 years and the public authority pays a lease fee to the private investor and operates the facility during the lease period. This paper is aimed to investigate the new financing model in healthcare facilities in Turkey. Turkey's medical campus programme, also known as hospital PPP's, has been one of the most discussed topics in the country's infrastructure sector and legal environment. The healthcare facilities projects are structured on a Build-Lease-Transfer model with strong demonstration effects for the rest of Turkey by promoting the use of PPP contracting, and demonstrating good practice in international PPP standards. This new financing model is attracting not only participation of Turkish private sector, but also international financing institutions, such as ICF and EBRD. |
| Keywords: | built-lease-transfer model; Healthcare; medical campus; Ppp; Turkey |
| JEL: | R3 |
| Date: | 2017–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2017_306&r=ppm |
| By: | Thomas M. Fraker; Kelli T. Crane; Todd C. Honeycutt; Richard G. Luecking; Arif A. Mamun; Bonnie L O’Day |
| Abstract: | The evaluation documented the design and implementation of Broadened Horizons, Brighter Futures, a transition project in Miami-Dade County, Florida, and assessed its impacts on outcomes for youth three years after they enrolled in the study. |
| Keywords: | Youth transition demonstration, Miami, Florida |
| JEL: | I J |
| URL: | http://d.repec.org/n?u=RePEc:mpr:mprres:f9b5c541ceb349bd83c2db3be4b156ff&r=ppm |
| By: | Thomas Coen; Arif Mamun; Claudia Ringler; Ephraim Nkonya; Kristen Velyvis; Hua Xie; Helen Powell; Jeremy Brecher-Haimson; Anca Dumitrescu; Matt Sloan |
| Abstract: | The Environmental and Natural Resources Management (ENRM) Project works to reduce costly disruptions and increase the efficiency of hydropower generation in Malawi by mitigating aquatic weed growth and sedimentation in the Shire River Basin. It is comprised of three main activities: (1) The Weed and Sediment Management (WSM) activity; (2) the ENRM activity; and (3) the Social and Gender Enhancement Fund (SGEF) activity. |
| Keywords: | ENRM, Malawi, land management, hydropower, conservation agriculture |
| JEL: | F Z |
| URL: | http://d.repec.org/n?u=RePEc:mpr:mprres:659f67a392b34b92833dce1c0a521edf&r=ppm |
| By: | Theresa Katharina Kotulla |
| Abstract: | The demand for residential housing in Europe has increased in recent years. In Germany, affordable housing space in growing regions is becoming scarce. This results in many household types hardly being able to provide themselves with adequate living space. Although there is a high demand for housing with rental control, the relevant housing stock has declined in recent years. Considering the rising demand and the simultaneously declining stock of subsidized housing, the underlying conditions for the profitability of housing projects with rental control must be optimized. In 2006, there was a redistribution of responsibilitiesbetween the federation and the states in Germany. As a result, the responsibility for subsidized housing was transferred from the federation to the single states. This has the advantage that the laws can correspond to regional needs, but the different underlying conditions are hardly comparable. With regard to the population and the economy, there is an increased interest in research and there are numerous publications concerning publicly subsidized residential housing. Although, currently there is nocertainty regarding the influence of the nation-wide framework conditions on the typology of subsidizedhousing projects. Therefore, there is a need for a critical investigation of the aforementioned uncertainty.This paper is part of a PhD at the Chair for Real Estate Development at the RWTH Aachen University, within which the regional and local differences between the laws and regulations are examined. The overall objective is to analyze to what extent the realized types of dwellings vary in selected federal states. Furthermore, it will be proven if this variation can be justified by differences in the funding guidelines. Within this paper the named issues and results are exemplary described for the federal state North-Rhine-Westphalia. The aim is to investigate the conditions of subsidized housing and to determine whether they influence the realized housing typologies.The state-specific conditions as well as the various regional regulations of the state North Rhine-Westphaliawere analyzed. Additionally, this examination was supplemented by a real estate analysis of recently built residential housing projects in the German region. Various project partners support the examination. Thehousing types of the individual case studies were empirically examined. Empirical data of subsidized residential units was therefore determined and the influence of the various conditions for publicly subsidedresidential construction on the typology of the accommodations was investigated.Based on this investigation, it seems that there is a strong influence of the laws and offers for social housing projects on the realized apartments in North-Rhine-Westphalia |
| Keywords: | Accommodation typologies; Housing Policy; Real Estate Development; Social Housing; Subsidized housing |
| JEL: | R3 |
| Date: | 2017–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2017_56&r=ppm |