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1 – 10 of over 74000
Article
Publication date: 4 March 2014

Ekaterina A. Makarova and Anna Sokolova

The aim of this paper is to identify ways for improvement of the foresight evaluation framework on the basis of analysis and systematisation of accumulated experience in the field

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Abstract

Purpose

The aim of this paper is to identify ways for improvement of the foresight evaluation framework on the basis of analysis and systematisation of accumulated experience in the field of project management.

Design/methodology/approach

The paper is based on a detailed literature review devoted to an evaluation of foresight and traditional projects. The approaches to project evaluation in the field of project management were investigated, and the main steps of traditional project evaluation process were determined. The most commonly applied steps of foresight evaluation were identified by the analysis of recent foresight evaluation projects. The comparison of evaluation frameworks for foresight projects and traditional projects allows to provide recommendations for foresight evaluation framework improvement.

Findings

The paper identifies several lessons for foresight evaluation from project management. The elements which can enrich foresight evaluation framework are the following: the development of an evaluation model; the extensive use of quantitative methods; the elaboration of evaluation scales; the inclusion of economic indicators into evaluation; and the provision of more openness and transparency for evaluation results.

Originality/value

Given the importance of foresight evaluation procedures and the lack of a commonly applied methodological approach, the value of this paper consists in identifying a foresight evaluation framework and enriching it with elements of project management.

Details

Foresight, vol. 16 no. 1
Type: Research Article
ISSN: 1463-6689

Keywords

Article
Publication date: 2 March 2020

Antonio Nesticò and Gabriella Maselli

The purpose of the paper is to characterize an evaluation protocol of the social discount rate (SDR). This is based on the social rate of time preference (SRTP) principles…

Abstract

Purpose

The purpose of the paper is to characterize an evaluation protocol of the social discount rate (SDR). This is based on the social rate of time preference (SRTP) principles, according to which the investment selection process must tend to maximize the utility of the community.

Design/methodology/approach

The theoretical reference of the evaluation protocol is represented by the Ramsey formula. It is widely used in many countries with advanced economics for the SRTP estimation, through the maximization of the Social Welfare Function (SWF).

Findings

The protocol structure and the protocol applications to the Italian and US economies explain how the SDR value is influenced by the socio-economic structure of the single nation.

Research limitations/implications

The strong variability of the results of the SDR according to the theoretical approach of reference and the operating path that follows can lead to judgments decidedly divergent on the acceptability of the public project, hence, the important policy implications for the entire allocation process of public resources.

Practical implications

The applications allow to highlight the important operational problems that must be resolved with regard to the choice of the time intervals of the evaluations, as well as logical-operational tools to be used to express estimates of parameters.

Social implications

They are relevant in relation to the effects of a more equitable allocation of the resources.

Originality/value

The protocol for the SDR estimation is based both on solid disciplinary principles and on objective data of non-complex availability and representative of the economic and socio-demographic context of the country in which the decision-making process is implemented.

Details

Journal of Economic Studies, vol. 47 no. 3
Type: Research Article
ISSN: 0144-3585

Keywords

Article
Publication date: 1 May 2006

Carlos A. Arboleda and Dulcy M. Abraham

The purpose of this paper is to present a methodology to evaluate the capital investments in infrastructure projects managed by private operators considering uncertainties in the…

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Abstract

Purpose

The purpose of this paper is to present a methodology to evaluate the capital investments in infrastructure projects managed by private operators considering uncertainties in the operation and maintenance of the infrastructure components.

Design/methodology/approach

The methodology described in this paper is based on two major sources of information: deterioration curves of the infrastructure systems obtained from Markov chain models and the value of flexibility obtained from a real options analysis.

Findings

Using this methodology, it is possible to determine whether there is value if project managers adopt flexible strategies in determining capital investments. These strategies refer to the opportunities of postponing, deferring or canceling capital investments required to maintain the operation of the infrastructure systems.

Research limitations/implications

The model utilizes Monte Carlo simulation and real options analysis to overcome the complexities associated with the solution of the differential equations that represent the variability of the main factors in the project cash flow.

Originality/value

The methodology presented in this paper can be used by public officials, private investors, and asset managers to determine the value of flexibility associated with the strategies required to maintain the operation of infrastructure assets.

Details

Engineering, Construction and Architectural Management, vol. 13 no. 3
Type: Research Article
ISSN: 0969-9988

Keywords

Article
Publication date: 3 July 2017

Antonio Nesticò and Francesco Sica

The decisions taken today relating to urban renewal interventions are rarely supported by logical and operational methodologies capable of effectively rationalising selection…

1195

Abstract

Purpose

The decisions taken today relating to urban renewal interventions are rarely supported by logical and operational methodologies capable of effectively rationalising selection processes. For this purpose, it is necessary to propose and implement analysis models with the aim of promoting the sustainable development of the territory. The purpose of this paper is to define a model for the optimal allocation of scarce resources.

Design/methodology/approach

The Discrete Linear Programming (DLP) is used for selecting investments aimed at achieving financial, social, cultural and environmental sustainability.

Findings

The proposed model lends itself to the construction of investment plans on behalf of both types of decision makers, of both a public and a private nature.

Research limitations/implications

All projects are evaluated according to multi-criteria logics, so that it is possible to find compromise solutions, in accordance with the stakeholders’ different preferences.

Practical implications

The model, written with A Mathematical Programming Language using DLP logics, is tested – case study – so as to define an investment programme finalised for urban renewal of a vast area.

Social implications

The proposed econometric model makes it possible to obtain the optimal combination of projects for urban renewal with a view to achieving the sustainable development of the territory.

Originality/value

Using the proposed model, all projects are evaluated according to multi-criteria logics, so that it is possible to find compromise solutions, in accordance with the stakeholders’ different preferences.

Article
Publication date: 20 April 2015

Francesco Tajani and Pierluigi Morano

The purpose of this paper is to develop an evaluation model to support the decisions made by Public Administrations that influence urban regeneration and social housing to be…

Abstract

Purpose

The purpose of this paper is to develop an evaluation model to support the decisions made by Public Administrations that influence urban regeneration and social housing to be implemented with the involvement of private investors.

Design/methodology/approach

Carried out with reference to an Italian regional territory, the model, subject to the constraint of financial feasibility for the private investor and the conditions of the local real estate market, allows to define: the maximum amount of social housing, as a percentage of the housing planned, to be sustained by the private investors; the administered price of sale and/or lease of the social housing; the exchange-factor of the area to be redeveloped.

Findings

The outcome of the research highlights the utility of the model as a tool to support the decisions made by Public Administrations in relation to urban planning.

Practical implications

The model, in addition to being simple to use, is extremely flexible and can be applied without any major changes in the structure and the type of information required in different spatial contexts.

Social implications

The work intends to contribute to the achievement of the European objectives of Horizon 2020 that, with the initiative named “Smart Cities and Communities”, deals with urban themes and social issues, ensuring a strong economic impact of funded activities.

Originality/value

The proposed methodology allows to monitor the land use transformations and, since it is also applicable to historical and architectural buildings, it is an innovative system for the sustainable protection and promotion of cultural heritage as a driver of social cohesion as well as the creation of jobs.

Details

Property Management, vol. 33 no. 2
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 15 August 2016

Albert Barreda, Kevin Murphy, Amy Gregory and Dipendra Singh

This paper aims to examine the value proposition of developing a vacation ownership project in Florida and Hawaii by analyzing actual company data.

Abstract

Purpose

This paper aims to examine the value proposition of developing a vacation ownership project in Florida and Hawaii by analyzing actual company data.

Design/methodology/approach

The study is based on a net present value model approach that was used for analysis of the company financial data.

Findings

Results suggest that the vacation ownership alternative produces better financial performance than traditional hotel development.

Research limitations/implications

Research is limited to the case of a company in two main destinations.

Practical implications

The paper helps practitioners by presenting a current approach to consider in their understanding and perception of vacation ownership.

Social implications

Research is limited to the case of a company in two main destinations.

Originality/value

This study is one of the few investigations about applying real company data and comparing the main timeshare markets.

Details

Tourism Review, vol. 71 no. 3
Type: Research Article
ISSN: 1660-5373

Keywords

Article
Publication date: 9 January 2020

Živa Kristl, Alenka Temeljotov Salaj and Athena Roumboutsos

The purpose of the paper is to provide a comprehensive overview of the refurbishment of heritage buildings with special emphasis on sustainability and universal design. Findings of

1696

Abstract

Purpose

The purpose of the paper is to provide a comprehensive overview of the refurbishment of heritage buildings with special emphasis on sustainability and universal design. Findings of the study are the basis for further research and development of enhanced strategies for retrofitting and adaptive reuse of heritage buildings in the framework of sustainability and universal design.

Design/methodology/approach

The present research focusses on literature review analysis of specific elements of the refurbishment of heritage buildings with the aim to discover the characteristics/indicators of sustainability and universal design, which are usually used in refurbishment project and the gaps. In this paper, the latest state-of-art in the mentioned fields has been assessed, and the developments along with research gaps and potential future research focusses have been identified. The literature was collected mainly through Science Direct, World Wide Science and Emerald, especially focussed on publications from 2000 to 2019 written in English and the Web for regulatory and recommendation publications. Other sources, such as actual projects, might shed additional light on the specific issues of the studied topics.

Findings

This review shows that the current research related to heritage building renovation and reuse does not address sustainability and universal design issues comprehensively. Typically, in research, the topics of heritage, sustainability and inclusiveness are considered separately. In real situations, however, they are interconnected and influence each other, forming an indivisible whole. The needs of persons with disabilities (PWD) in correlation to the built heritage are not well studied. This is why it is important to consider these topics not only separately but also in an interrelated way.

Research limitations/implications

The need for cross-disciplinary problem-solving method, based on a holistic approach, to form the base for implementation of universal design principles into refurbishing of heritage buildings is seen.

Practical implications

This paper demonstrates the need for usable procedures for various stakeholders in their everyday practice.

Originality/value

The combined subjects of sustainability, heritage buildings and universal design are not well covered by research. Lack of appropriate literature for this specific area is forming a significant gap that hinders the development of relevant information and methods that could be applied in actual projects. This paper, albeit in a partial way, intends to fill this gap and opts to provide a comprehensive summary of the sustainability factors affecting adaptive reuse of heritage buildings with special emphasis on users, specifically PWD.

Details

Facilities, vol. 38 no. 9/10
Type: Research Article
ISSN: 0263-2772

Keywords

Article
Publication date: 24 December 2020

Michel Kalika and Gordon Shenton

The purpose of this paper is to present an example of a fully operational impact assessment system called Business School Impact System (BSIS). It is designed specifically for…

Abstract

Purpose

The purpose of this paper is to present an example of a fully operational impact assessment system called Business School Impact System (BSIS). It is designed specifically for business schools with a particular emphasis on their local and regional impact. Since its creation, the process has been adapted to schools of engineering and indeed to entire universities. The question of its relevance to all organisations is on the table.

Design/methodology/approach

Talking about measurement raises methodological issues that are common to all organisations. The methodology used in this chapter, particularly in its second part, is mainly inductive, based on direct experience in interviewing 44 business schools in 15 countries. The system was designed on the basis of a survey among around 20 actors of the education industries (deans, journalists). First of all, the system involves an extensive self-assessment phase based on the BSIS impact measurement framework consisting of 7 major impact dimensions and about 100 indicators. This is followed up by a two-day visit by two experienced experts (former deans) who engage in challenging discussions with internal practitioners and external stakeholders.

Findings

The question of the relevance of the dimensions used by business schools for companies is systematically asked, and it is argued that the seven dimensions of impact can be applied to all organisations whatever their mission.

Research limitations/implications

The methodology has not yet been tested on private organisations.

Practical implications

The process can be easily adapted to companies and could permit them to assess in a shared framework their impact. So, the practical implications are potentially large.

Social implications

One of the seven dimensions of impact is the social impact of the organisation and indeed the implications are significant in the social field.

Originality/value

To the best of the authors’ knowledge, the transfer of a process of impact measurement from the educational sector to companies is studied for the first time.

Details

Corporate Governance: The International Journal of Business in Society, vol. 21 no. 2
Type: Research Article
ISSN: 1472-0701

Keywords

Article
Publication date: 4 April 2017

Mahsa Montajabiha, Alireza Arshadi Khamseh and Behrouz Afshar-Nadjafi

The principal concern of organization managers in the global rivalry of commerce environment is how to select the project portfolio among available projects. In this matter…

Abstract

Purpose

The principal concern of organization managers in the global rivalry of commerce environment is how to select the project portfolio among available projects. In this matter, organizations should consider the uncertainty intrinsic in the projects regarding an appropriate valuation technique within an optimization framework. In this research, the purpose of this paper is to formulate using a robust optimization algorithm to deal with the complexities and uncertainty inherent in the construction of the project portfolio.

Design/methodology/approach

First, a general mathematical formulation is presented, which in compound real options valuation is highlighted. This formulation gives managerial flexibility by correcting the deficiency of traditional discounted cash flow technique that excludes any form of flexibility. Then, considering a limitation on budget of the organization, an integer programming formulation to maximize the n-fold compound options for project portfolio selection is proposed. Finally, a robust optimization model is developed along with the robust combinatorial optimization algorithm, which is effective for solving problems under uncertainty.

Findings

Sensitivity analysis showed that projects in later phases of development, having survived several phases of pre-clinical and clinical tests, are worth more because they are more likely to pertain to business. However, the investment costs related to each project during development phases limit the number of projects that a company can bring to their final portfolio. Additionally, the analysis of conservatism level represented how project managers can quite easily determine their risk attitude and the corresponding portfolio composition. From a managerial point of view, the proposed framework is very useful because it requires only financial estimates. Hence, the proposed decision support tool can assist research and development (R&D) project managers in the pharmaceutical industry for making decisions.

Originality/value

The first is the application of the n-fold compound options on portfolio of R&D projects and the employment of compound options value of a project portfolio as an objective function. The second one is a mathematical formulation of these concepts and solving it by the robust combinatorial optimization algorithm. The literature is lacking in the application of the robust combinatorial optimization algorithm to R&D project portfolio selection based on the generalized n-fold compound option model of Cassimon et al. (2004). Every framework from calculation of the n-fold compound option to solving robust combinatorial algorithm is programmed in Matlab software, since it can be used as a business support tool.

Details

International Journal of Managing Projects in Business, vol. 10 no. 2
Type: Research Article
ISSN: 1753-8378

Keywords

Open Access
Article
Publication date: 16 April 2020

Elsa Garavaglia, Noemi Basso and Luca Sgambi

This paper aims to present the integrated teaching activity carried out in the Studios of the Master of Science “Architecture-Building Architecture” held at the School of

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Abstract

Purpose

This paper aims to present the integrated teaching activity carried out in the Studios of the Master of Science “Architecture-Building Architecture” held at the School of Architecture Urban Planning Construction Engineering of the “Politecnico di Milano,” Milan, Italy. The integrated teaching activity related to the structural disciplines was in Sgambi et al., 2019; here the structure of the MSc training and its disciplinary synergies will be presented. Indeed, this type of activity characterizes all the Studios of this Master of Science and involves all the disciplines that contribute to the development of an architectural and cultural heritage preservation project.

Design/methodology/approach

In the Studios of the aforementioned Master of Science, teachers of different subjects are involved, working together to guide the student in the development of an architectural project sustainable in all aspects. The fundamentals of each discipline are taught using the best suited teaching methodology and the application phase of each discipline is carried out directly on the students' projects in the form of “learning by making.” The students are thus stimulated to deepen their basic knowledge of each single discipline, making their design choices sustainable.

Findings

This experience, born in 2003 and still active, has also achieved good results in employment. Students train using the “learning by making” method to acquire proficiencies in various disciplines of design, giving them the ability to communicate competently with experts belonging to different construction sectors.

Originality/value

The approach illustrated in this paper does not represent the didactic experimentation of a single discipline, but it is typical of the study program of an entire Master of Science. Although this approach is entirely built on a “learning by making” and “active learning” philosophy, it maintains the teaching of the theoretical contents of disciplines at a significantly high level when compared with the contents of a frontal-taught theoretical course. The development of this structure required a strong commitment on the part of the teaching staff in their search for effective teaching methods in each individual discipline and aimed at the architectural project. The results obtained give an added value to the training of future architects.

Details

Archnet-IJAR: International Journal of Architectural Research, vol. 14 no. 3
Type: Research Article
ISSN: 2631-6862

Keywords

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