Editorial

Citation

Akintoye, A. and Birnie, J. (2011), "Editorial", Journal of Financial Management of Property and Construction, Vol. 16 No. 2. https://doi.org/10.1108/jfmpc.2011.37616baa.001

Editorial

Article Type: Editorial From: Journal of Financial Management of Property and Construction, Volume 16, Issue 2

This issue of the journal contains papers which cover a diverse range of topics which have a bearing on the efficient financial management of property and construction. One of the papers looks back to the origins of cost planning and analysis of buildings: a development, which established the role of the quantity surveyor as the key person in financial management of construction within the UK and elsewhere. Another paper looks to a possible greater future role for the property management professions in the assessing the eco-friendliness of property. These papers remind us that research must look both to its historic roots of a subject but also to adapt and consider the changing nature of the society within which it operates.

Readers may note that the editorial comments on the papers contained in this issue are of a more general nature related to the topic. It is considered that the abstracts supplied by authors provide sufficient technical and research detail about their papers.

The first paper by Srinath Perera, Carolyn S. Hayles and Stephen Kerlin looks at the effectiveness of using value management in construction projects in Northern Ireland. That it is used and promoted by various professional consultants, but particularly by the quantity surveyor should come as no great surprise. However, the finding that a skill gap exists resulting in non-formal usage should be of some concern. The authors suggest should be a matter for action by academic institutions and also the professional bodies. Other matters highlighted are the need to use value management at an early stage of project, a reminder of comments made about cost planning when it was first introduced; the other matter of need for more thought is the format of the workshop and how it is carried out.

The second paper by Thomas A. Musil from the USA looks at shopping centres/malls. As those type of buildings have become the late twenty century shrines of the public in many developed countries, research into the indirect benefits of these buildings to the local communities and not just the economics of the benefits to the owners, tenants and the retail industry provide a useful area of research. The authors highlight the contribution these buildings make to the well being, social life, tourism and pleasure activities of those who use them. Based on findings of a case study from a large shopping mall in the USA, the paper presents findings showing the potential benefits to the existing and future redevelopment of town centres.

The third paper by Austin C. Otegbulu examines the importance of an efficient, reliable and fairly priced electricity supply industry to a developing country. The paper is based on research relating to Nigeria. The author shows how important this is to individual persons, and particularly those in small businesses who rely on an efficient electric supply for their livelihood. Without an efficient electricity supply industry, which is properly managed and supplies electricity to its customers at an affordable price the country cannot develop properly to achieve its full potential. The paper is also a useful reminder to those involved in property and construction management that the development of the necessary infrastructure is as important as the buildings themselves.

The fourth paper by Michail Soutos and David J. Lowe investigate the current use of cost planning and analysis methods in the UK. That the system of elemental cost planning introduced over half a century ago is still widely used is perhaps both a tribute and a pause for reflection by the quantity surveying profession. It shows that the original concept was a well thought out and effective cost planning and control technique. That little practice development by the profession has taken place to consider current effectiveness and possible changes to suit current needs should make the profession reflect on research interest in this key academic base of good financial management of construction.

If the last paper looked at a past professional procedure to efficient financial management of construction, the final paper by Franz Fuerst, Patrick McAllister, Jorn van de Wetering and Peter Wyatt consider a mater of likely future significance to the financial management of property namely, the examination of buildings/property in terms of their energy efficiency and environmental performance The authors examine the data available relating to both public and private property, the problems of access to data, information availability, cost, etc. The authors conclude that eco-labelling of property whilst desirable has many problems to its successful implementation. The considerable extent of existing legislation may help in this respect.

Akintola Akintoye, Jim Birnie