Search results

1 – 10 of over 10000
To view the access options for this content please click here
Article
Publication date: 1 April 2004

Anthony Andrew and Michael Pitt

In 2003 HM Treasury published a revised “Green Book”, otherwise known as The Green Book Appraisal and Evaluation in Central Government – a technical guide, which is…

Abstract

In 2003 HM Treasury published a revised “Green Book”, otherwise known as The Green Book Appraisal and Evaluation in Central Government – a technical guide, which is designed to help decision makers appraise and evaluate capital expenditure decisions more effectively. Coincidentally, the RICS brought out its revised edition of the “Red Book”, now called The Appraisal and Valuation Standards, in March 2003. This paper looks at the development and recent changes to these documents particularly from the viewpoint of a public sector property practitioner involved in day‐to‐day appraisal.

Details

Journal of Property Investment & Finance, vol. 22 no. 2
Type: Research Article
ISSN: 1463-578X

Keywords

Content available
Article
Publication date: 1 July 2006

Michael Pitt

Abstract

Details

Journal of Facilities Management, vol. 4 no. 3
Type: Research Article
ISSN: 1472-5967

To view the access options for this content please click here
Article
Publication date: 2 August 2013

Francesco Baldi

Real options available to developers and leading to an active and dynamic development of real estate assets are numerous. The purpose of the article is twofold. First, a…

Abstract

Purpose

Real options available to developers and leading to an active and dynamic development of real estate assets are numerous. The purpose of the article is twofold. First, a conceptual framework is proposed as a practical aid for recognizing and understanding some frequently recurring combinations of options (such as deferral and expansion options). Based on the definition and classification of real options available in real estate markets, a comprehensive valuation tool for quantifying the value of those options embedded in a real estate development project is thus developed using a portfolio view.

Design/methodology/approach

Based on standard option pricing techniques, the proposed conceptual methodology is validated by applying it to an actual case of an investment for the construction of a new, multi‐purpose building in the semi‐central zone of the urban area of Rome (Italy).

Findings

Based on a static land value of €34.7 million, a waiting mode (deferral option) at an early stage of developing a property accounts for 16 percent of the expanded land value of the project, with 8 percent of such value being contributed by the expansion option. A real options valuation of the options portfolio available to a real estate developer enables increasing the project value by 31.1 percent as opposed to a traditional DCF analysis. In line with financial options theory, values of real options increase as volatility rises.

Practical implications

The case‐based analysis highlights that: flexibility in real estate development may create additional value enabling real estate developers or funds to react to market trends as new information arrives and uncertainty on fundamental factors (e.g. property prices) unfolds; the extra value added by managerial flexibility is neglected by DCF/NPV techniques; contrary to the common criticism on its lack of rigor, option valuation theory is suitable for appraising real estate assets; a portfolio approach is crucial when multiple real options exist.

Originality/value

Active management of real estate investments in response to changing property market and technology conditions confers operating flexibility and strategic value to appraisal of development projects beyond what is traditionally captured by a DCF model. An options approach to valuing and managing real estate development may change the developer's perspective altogether. Based on the combination of an original classification and a portfolio view of options existing in real estate markets, a real options framework for assessing the value of strategic flexibility incorporated in a greenfield development project (also accounting for potential option interactions) is designed.

Details

Journal of European Real Estate Research, vol. 6 no. 2
Type: Research Article
ISSN: 1753-9269

Keywords

To view the access options for this content please click here
Article
Publication date: 10 April 2017

Brit Anak Kayan

Sustainability encapsulates economic, environmental and societal domains. In order to conform to these domains, the efficiency of maintenance and repair of heritage…

Abstract

Purpose

Sustainability encapsulates economic, environmental and societal domains. In order to conform to these domains, the efficiency of maintenance and repair of heritage buildings is no exception. Emergently, environmental considerations for sustainable heritage buildings repair have become increasingly important. The purpose of this paper is to present a decision-making process based on “Green Maintenance Model” – an appraisal approach based on life cycle assessment (LCA) of paint repair options for heritage buildings.

Design/methodology/approach

Calculation procedures of Green Maintenance model within selected boundaries of LCA enable evaluation of carbon emissions, in terms of embodied carbon expenditure, expended from paint repair for heritage buildings during maintenance phase.

Findings

“Green Maintenance” model could be understood as a carbon LCA of paint repair and has been recognized in reducing carbon emissions. Significantly, the model underpins decision-making for repair options for heritage buildings.

Practical implications

It must be emphasized that the calculation procedures of Green Maintenance model is not limited to heritage buildings and can be applied to any repair types, materials used and building forms. More importantly, this model practically supports environmentally focused conservation and promotes sustainable repair approach.

Social implications

The implementation of Green Maintenance model highlights the efficiency of repairs options that may be adopted.

Originality/value

Green Maintenance shows that generated environmental maintenance impact from repair options relays the “true” embodied carbon expenditure contextualized within the longevity of repair and its embodied carbon. This will consequently allow rationale in appraisal of repair options.

Details

International Journal of Building Pathology and Adaptation, vol. 35 no. 1
Type: Research Article
ISSN: 2398-4708

Keywords

To view the access options for this content please click here
Article
Publication date: 2 February 2015

Kwaku Agyen-Gyasi and Michael Sakyi Boateng

The purpose of this study is to discuss the impact of performance appraisal on the productivity levels of professional and para-professional librarians in selected…

Abstract

Purpose

The purpose of this study is to discuss the impact of performance appraisal on the productivity levels of professional and para-professional librarians in selected academic and research libraries in Ghana, namely, Kwame Nkrumah University of Science and Technology Building and Road Research Institute, Crop Research Institute and the Forestry Research Institute of Ghana of the Council for Scientific and Industrial Research and the Kumasi Polytechnic.

Design/methodology/approach

Both primary and secondary sources of data were used for the study. The primary data involved the use of a structured questionnaire to 60 respondents, but 50 of them, representing 83.3 per cent, responded. This was supplemented by secondary sources such as records on file, journals, books and Internet sources.

Findings

The survey revealed that these institutions practice performance appraisal on an annual basis as a way of promoting team work, reducing grievances, identifying employees’ strengths and weaknesses and their training needs. It was observed that these institutions do not have a common appraisal format for appraising their staff. Furthermore, only the Head Librarians carry out the appraisals instead of the Line Mangers who are always in touch with these employees on a daily basis.

Originality/value

The paper will be of significant value to policymakers and administrators in academic and research institutions in the planning and implementation of performance appraisal systems. Challenges facing these institutions in implementing effective performance appraisal have been highlighted and appropriate recommendations have been made to ensure quality service delivery.

Details

Library Review, vol. 64 no. 1/2
Type: Research Article
ISSN: 0024-2535

Keywords

To view the access options for this content please click here
Article
Publication date: 2 August 2011

Julia Hall and Conor Murphy

This paper aims to develop a framework to assist the identification of robust adaptation options that account for uncertainty in future climate change impacts for the water sector.

Abstract

Purpose

This paper aims to develop a framework to assist the identification of robust adaptation options that account for uncertainty in future climate change impacts for the water sector.

Design/methodology/approach

The water evaluation and planning (WEAP) tool, is to identify future water resource vulnerability in the Glore sub‐catchment within the Moy catchment in the West of Ireland. Where water stress is evident, a detailed hydrological modelling approach is developed to enable an assessment of the robustness to uncertainty of future adaptation decisions. WEAP is coupled with a rainfall runoff model (hydrological simulation model), and forced using climate scenarios, statistically downscaled from three global climate models to account for the key sources of uncertainty. While hydrological models are widely applied, they are subject to uncertainties derived from model structure and the parameterisation of the catchment. Here, random sampling of key parameters is employed to incorporate uncertainty from the hydrological modelling process. Behavioural parameter sets are used to generate multiple future streamflow series to determine where the bounds within future hydrological regimes may lie and the ranges within which future adaptation policy pathways need to function.

Findings

This framework allows the identification of adaptation options that are robust to uncertainty in future simulations.

Research limitations/implications

Future research will focus on the development of more site‐specific adaptation options including soft and hard adaptation strategies. This approach will be applied to multiple water resource regions within Ireland.

Originality/value

A robust adaptation assessment decreases the risk of expensive and/or mal‐adaptations in a critical sector for society, the economy and the aquatic environment.

Details

International Journal of Climate Change Strategies and Management, vol. 3 no. 3
Type: Research Article
ISSN: 1756-8692

Keywords

To view the access options for this content please click here
Article
Publication date: 24 March 2011

Eddie Chaplin, Jill Lockett, Lynette Kennedy, Steve Hardy, Lisa Seaburne‐May and Jane Sayer

Monitoring care quality is integral to modern health service delivery. This paper describes how a specialist mental health assessment and treatment inpatient service for…

Abstract

Monitoring care quality is integral to modern health service delivery. This paper describes how a specialist mental health assessment and treatment inpatient service for people with intellectual disabilities put in place a process to improve and reprovide the service, following an audit, in partnership with local stakeholders. In describing the process the paper highlights the need for transparent and honest working relationships with stakeholders, along with the role of audit and monitoring of quality to determine the ‘health’ and effectiveness of services. This included evaluating the continuing need for service and maintaining an agenda driven by needs rather than beds, based on best practice.

Details

Advances in Mental Health and Intellectual Disabilities, vol. 5 no. 2
Type: Research Article
ISSN: 2044-1282

Keywords

To view the access options for this content please click here
Article
Publication date: 1 June 1999

Tony Bovaird and Paul Davis

This article sets out the main conclusions of a research project into how UK local authorities are managing within limited resources (MLR). Frameworks are developed to aid…

Abstract

This article sets out the main conclusions of a research project into how UK local authorities are managing within limited resources (MLR). Frameworks are developed to aid authorities to plan their approaches to MLR and to situate what they have already done and what they plan to do within a wider portfolio of tactics and strategies. An evaluation is made of how well local government is learning its way through to getting “more from less” and of what local authority support agencies need to do to help authorities to accelerate their learning. Finally, the authors argue that existing learning systems like benchmarking and quality management, while developing rapidly in local government, need further, significant refinement if the costs and benefits of resource management strategies are to be systematically evaluated.

Details

International Journal of Public Sector Management, vol. 12 no. 3
Type: Research Article
ISSN: 0951-3558

Keywords

To view the access options for this content please click here
Article
Publication date: 30 September 2013

Sarah-Anne Munoz

Current policy context in the UK promotes the “co-production” of health and care services – with service users and providers working in partnership. However, the…

Abstract

Purpose

Current policy context in the UK promotes the “co-production” of health and care services – with service users and providers working in partnership. However, the assumption that all individuals and communities have the personal resources, skills and willingness to get involved in co-produced services may have implications for social and geographical equity of access to health and care services. The paper presents the results of a nine-month action research project with a remote and rural community in Scotland to discuss the implications of co-produced health and care services for remote and rural community members – particularly those with ageing populations.

Design/methodology/approach

The research project worked with community members, health care providers and commissioners to develop a community social enterprise model for home care delivery. Textual resources collected during this action research process were subject to thematic analysis in order to explore community perceptions and experiences of service co-production development in the remote and rural context.

Findings

The qualitative analysis showed that community members identified some positive aspects of being involved in service co-production relating to sense of community, empowerment and personal satisfaction. However, negative impacts included increased feelings of pressure, strain and frustration among those who took part in the co-production process. Overall, the community was reluctant to engage with “transformative” co-production and traditional provider-user dynamics were maintained.

Originality/value

The example is used to demonstrate the types of resources that rural individuals and communities draw on in order to create social enterprises and how the potentially negative impacts of co-produced services for different types of social and geographical community may be overlooked in contemporary policy and practice.

To view the access options for this content please click here
Article
Publication date: 11 October 2018

Courtney Suess and Makarand Amrish Mody

The study aims to examine how features that foster a sense of control, create positive distractions and provide access to social support influence patients’ well-being…

Abstract

Purpose

The study aims to examine how features that foster a sense of control, create positive distractions and provide access to social support influence patients’ well-being and, subsequently, their likelihood to choose hotel-like hospital rooms and their willingness to pay higher out-of-pocket expenses for such rooms. While there is increasing evidence to suggest the importance of the provision of hospitality in healthcare settings, research on these developments remains under-represented, particularly in the hospitality literature. In response, the present study builds on Ulrich’s (1991) theory of supportive design to examine patient responses to hotel-like features in a hospital room.

Design/methodology/approach

Using data from a survey of 406 patients, the authors used structural equation modeling to test the model.

Findings

Consistent with supportive design principles, the infusion of hotel-like features that foster a sense of control for patients, create positive distractions and provide access to social support was found to positively impact patients’ physical and mental well-being, which, in turn, increased their likelihood to choose a hospital room with hotel-like features and their willingness to pay for such rooms.

Practical Implications

Findings attest to the need for healthcare providers to make the necessary investment in hotel-like features and to leverage the communicative power of these environmental cues. Social support in the form of hospitality-trained and certified healthcare staff was found to be the most important hotel-like feature, which also presents significant commercial opportunities for hospitality companies and professionals.

Originality Value

The study represents one of the first attempts to empirically develop a structured model to examine the infusion of hospitality into healthcare. It provides researchers with a theoretically supported framework for future inquiry into the domain. It also makes a significant contribution to advancing the research on patient well-being in healthcare settings and demonstrates the importance of hospitality to such endeavors.

Details

International Journal of Contemporary Hospitality Management, vol. 30 no. 10
Type: Research Article
ISSN: 0959-6119

Keywords

1 – 10 of over 10000