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Article
Publication date: 31 December 2004

Kurt R. Padavano

Benchmarking is a tool for analysing a property or portfolio performance against its peers. This paper outlines some of the central components of benchmarking and…

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1049

Abstract

Benchmarking is a tool for analysing a property or portfolio performance against its peers. This paper outlines some of the central components of benchmarking and demonstrates how benchmarking can bring perspective to operating expenses and ultimately positively affect the valuation of a property. Careful benchmarking of operating expenses can reveal much about the value of investment properties and help to identify opportunities to create value or enhance the value of an asset. Examples illustrate how the value of a given asset can vary dramatically, with even small percentage changes in operating expenses. Such information, in turn, provides the basis for facility and asset management decisions, ranging from estimating budgets to planning capital expenditures for upgrades or improvements. Benchmarking can also enable detailed comparative analysis, which in turn, can assist in identifying areas for improving operations and management by trimming costs or adjusting service levels.

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Journal of Facilities Management, vol. 3 no. 2
Type: Research Article
ISSN: 1472-5967

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Article
Publication date: 1 March 1995

Colin Armistead, Cliff Bowman and Julia Newton

Examines the way in which managers perceive the relative importanceof the three costs as applied to professional service firms, financialservices firms and retail…

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1382

Abstract

Examines the way in which managers perceive the relative importance of the three costs as applied to professional service firms, financial services firms and retail distribution and manufacturing. Managers′ perceptions may be determined by the nature of the business, the operational focus and the opportunities for the control of costs. Examines the existing literature for indications of the importance attached to each of these costs. Concludes that managers have more discretion of the control of operating costs where they represent a high proportion of the three types and where supply and overhead costs form a high proportion of total costs, managers can exercise discretion by challenging existing industry recipes through restructuring their operations.

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International Journal of Operations & Production Management, vol. 15 no. 3
Type: Research Article
ISSN: 0144-3577

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Book part
Publication date: 17 February 2011

John A. Brierley

The purpose of this chapter is to identify the most appropriate ways of defining the adoption and non-adoption of activity-based costing (ABC). This chapter uses the…

Abstract

The purpose of this chapter is to identify the most appropriate ways of defining the adoption and non-adoption of activity-based costing (ABC). This chapter uses the responses to a questionnaire survey of management accountants working in British manufacturing industry to test if there are differences across various definitions of adoption and non-adoption in the level of competition, product customization, manufacturing overhead cost percentage and operating unit size. When there are no significant differences between the groups making up each definition this indicates that the definition is appropriate and can be used to define adoption or non-adoption. The results of the research show that the only appropriate definition for ABC adoption is operating units that are currently using ABC. It is possible to define non-adoption in three ways as operating units that are not using ABC, but have considered it; those that are not using ABC, but have considered it except those intending to use it; and those that have rejected ABC, but have never adopted activity-based principles or have never previously used ABC. Comparisons between these two groups show that operating units that have adopted ABC are significantly larger than non-adopters, regardless of how non-adoption is defined. Prior research into the adoption of ABC has used a variety of definitions for the adoption and non-adoption of ABC without examining the appropriateness of these definitions. This chapter overcomes this deficiency by empirically testing the most appropriate definitions.

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Advances in Management Accounting
Type: Book
ISBN: 978-0-85724-817-6

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Book part
Publication date: 30 March 2005

Richard Iles

Abstract

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Public Transport in Developing Countries
Type: Book
ISBN: 978-0-08-045681-2

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Article
Publication date: 1 April 2003

Georgios I. Zekos

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination…

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53983

Abstract

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

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Managerial Law, vol. 45 no. 1/2
Type: Research Article
ISSN: 0309-0558

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Article
Publication date: 1 May 1980

David Ray, John Gattorna and Mike Allen

Preface The functions of business divide into several areas and the general focus of this book is on one of the most important although least understood of…

Abstract

Preface The functions of business divide into several areas and the general focus of this book is on one of the most important although least understood of these—DISTRIBUTION. The particular focus is on reviewing current practice in distribution costing and on attempting to push the frontiers back a little by suggesting some new approaches to overcome previously defined shortcomings.

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International Journal of Physical Distribution & Materials Management, vol. 10 no. 5/6
Type: Research Article
ISSN: 0269-8218

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Article
Publication date: 2 August 2013

Andreas Pfnür and Stefan Armonat

The purpose of this paper is to apply a numerical simulation of stochastic processes to the problem of real estate investment appraisal.

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1402

Abstract

Purpose

The purpose of this paper is to apply a numerical simulation of stochastic processes to the problem of real estate investment appraisal.

Design/methodology/approach

These uncertain operating costs are integrated into an enhanced dynamic simulation. To model the dynamics in the uncertainty of the cost schedule, a range of different types of stochastic processes is used. The operating costs are classified by cost drivers and an appropriate stochastic process is determined for each of the derived cost clusters. To optimise the capital structure in this application, heuristic optimisation with genetic algorithms is used.

Findings

The application of the model to real world investment situations shows that linear and deterministic modelling underestimates the risk‐generating effect of uncertain operating expenses, which often can lead to inefficient investment decisions.

Practical implications

In a further application of the model, the authors demonstrate the effect of uncertain operating costs on the optimal capital structure of real estate investments.

Originality/value

In contrast to models in the literature that are usually focussed on the income side, here the focus is on the uncertain dynamics of real estate operating costs as a key factor affecting return.

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Article
Publication date: 20 February 2009

Thomas Madritsch

The purpose of this paper is the introduction of a best practice tool in order to analyze operating costs in the health care sector. This study presents the findings by…

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1168

Abstract

Purpose

The purpose of this paper is the introduction of a best practice tool in order to analyze operating costs in the health care sector. This study presents the findings by using a new innovative benchmarking tool to analyze operating costs, identify cost drivers and highlight the potential savings.

Design/methodology/approach

The paper focuses on a survey of operating and maintenance costs from 18 residential homes in Tyrol, Austria. In order to determine the volume and to prioritize the cost drivers, CAREB (Computer‐aided Real Estate Benchmarking) software was used, which was developed by the Institute of Real Estate Benchmarking at the University of Applied Sciences KufsteinTirol, Austria. Statistic analysis was conducted to investigate savings potential, determine the best case of the sample and submit recommendations to the decision‐makers.

Findings

Compared to conventional benchmarking methods, this model allows a holistic view on the key factors of cost drivers and reveals the savings potential for each dimension. The key figure which reveals the largest potential gives an indication of whether a residential home has general problems with efficiency (high costs per bed), with occupancy (costs per resident) or with the space efficiency (costs per average space consumption). Furthermore, the study reveals the immense savings potential in the costs of various services.

Research limitations/implications

The paper identifies the volume and structure of the cost drivers of operating costs of buildings in the health care sector by using a new innovative benchmarking tool. This survey is based on the operating costs. Other running costs such as costs for health care personnel as well as quality indicators are not considered in this survey.

Practical implications

The results should help to establish cost benchmarking increasingly and develop it as a strategic planning tool in order to support management in the health care sector in the decision‐making process.

Originality/value

The paper presents a new measuring method which allows a holistic view of the influencing cost factors to investigate weak points in cost efficiency for the health care sector.

Details

Journal of Facilities Management, vol. 7 no. 1
Type: Research Article
ISSN: 1472-5967

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Article
Publication date: 13 August 2018

Hussan Saed Al-Chalabi

The purpose of this paper is to develop a practical economic replacement decision model to identify the economic lifetime of the ventilation system used by Trafikverket in…

Abstract

Purpose

The purpose of this paper is to develop a practical economic replacement decision model to identify the economic lifetime of the ventilation system used by Trafikverket in its Stockholm tunnels.

Design/methodology/approach

The proposed data-driven optimisation model considers operating and maintenance costs, purchase price and system resale value for a ventilation system consisting of 121 fans. The study identified data quality problems in Trafikverket’s MAXIMO database.

Findings

It is found that the absolute economic replacement time (ERT) of the ventilation system is 108 months but for a range of 100–120 months, the total cost remains almost constant. Sensitivity and regression analysis showed that the operating cost has the largest impact on the ERT.

Originality/value

The results are promising; the company has the possibility of significantly reducing the LCC of the ventilation system by optimising its lifetime. In addition, the proposed model can be used for other systems with repairable components, making it applicable, useful and implementable within Trafikverket more generally.

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Journal of Quality in Maintenance Engineering, vol. 24 no. 3
Type: Research Article
ISSN: 1355-2511

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Article
Publication date: 27 February 2009

Leena Aalto and Arto Saari

The goal of this study is to perform an economic comparison of alternative service concepts designed to improve the productivity of nursing care in a refurbishment project…

Abstract

Purpose

The goal of this study is to perform an economic comparison of alternative service concepts designed to improve the productivity of nursing care in a refurbishment project of selected sheltered housing facility.

Design/methodology/approach

Four different service development options were identified for the dining and kitchen facilities: the dining facilities were either decentralised or centralised, and the meals were prepared on site or brought in from outside.

Findings

The form of dining model chosen affected the operating costs more than the spatial costs. The biggest differences in operating costs were attributable to the meal price and to the costs of transferring disabled residents to the dining area. The study showed that the option which had the lowest spatial costs surprisingly had the highest total costs. This was the option in which the meals were conveyed to the decentralised dining rooms located on the different floors by the food supplier. The total costs of this option were 50 per cent higher than the total costs of the decentralised option with on‐site cooking facilities. The centralised dining option with externalised food service had considerably lower renovation costs but 15 per cent higher total costs than the lowest cost option (decentralised dining option with own kitchen).

Originality/value

The paper provides a practical model for taking into account not only remodelling costs but also operating costs in total cost calculations of the remodelling process.

Details

Facilities, vol. 27 no. 3/4
Type: Research Article
ISSN: 0263-2772

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