Property cash flow studies : focusing on model consistency and data accuracy

The high degree of variability and inconsistency in cash flow study usage by property professionals demands improvement in knowledge and processes. Until recently limited research was being undertaken on the use of cash flow studies in property valuations but the growing acceptance of this approach for major investment valuations has resulted in renewed interest in this topic. Studies on valuation variations identify data accuracy, model consistency and bias as major concerns. In cash flow studies there are practical problems with the input data and the consistency of the models. This study will refer to the recent literature and identify the major factors in model inconsistency and data selection. A detailed case study will be used to examine the effects of changes in structure and inputs. The key variable inputs will be identified and proposals developed to improve the selection process for these key variables. The variables will be selected with the aid of sensitivity studies and alternative ways of quantifying the key variables explained. The paper recommends, with reservations, the use of probability profiles of the variables and the incorporation of this data in simulation exercises. The use of Monte Carlo simulation is demonstrated and the factors influencing the structure of the probability distributions of the key variables are outline. This study relates to ongoing research into functional performance of commercial property within an Australian Cooperative Research Centre.

The impact of unique characteristics of projects and project-based organisations on knowledge transfer

Knowledge has been recognised as an important organisational asset that increases in value when shared; the opposite to other organisational assets which decrease in value during their exploitation. Effective knowledge transfer in organisations helps to achieve and maintain competitive advantage and ultimately organisational success. So far, the research on knowledge transfer has focused on traditional (functional) organisations. Only recently has attention been directed towards knowledge transfer in projects. Existing research on project learning has recognised the need for knowledge transfer within and across projects in project-based organisations (PBOs). Most projects can provide valuable new knowledge from unexpected actions, approaches or problems experienced during the project phases. The aim of this paper is to demonstrate the impact of unique projects characteristics on knowledge transfer in PBO. This is accomplished through review of the literature and a series of interviews with senior project practitioners. The interviews complement the findings from the literature. Knowledge transfer in projects occurs by social communication and transfer of lessons learned where project management offices (PMOs) and project managers play significant roles in enhancing knowledge transfer and communication within the PBO and across projects. They act as connectors between projects and the PBO ‘hub’. Moreover, some project management processes naturally facilitate knowledge transfer across projects. On the other hand, PBOs face communication challenges due to unique and temporary characteristics of projects. The distance between projects and the lack or weakness of formal links across projects, create communication problems that impede knowledge transfer across projects. The main contribution of this paper is to demonstrate that both social communication and explicit informational channels play important role in inter-project knowledge transfer. Interviews also revealed the important role organisational culture play in knowledge transfer in PBOs.

Cholesterol-lowering management of stroke : inconsistencies of evidence and practice

Cholesterol-lowering treatment by statins is an important and costly issue; however, its role in stroke has not been well documented. The aim of the present study was to review literature and current practice regarding cholesterol-lowering treatment for stroke patients. A literature review was conducted on lipids in stroke and their management with both statins and diet, including the cost-effectiveness of medical nutrition therapy. Qualifying criteria and prescription procedures of the Pharmaceutical Benefits Scheme (PBS) were also reviewed. Data on lipid levels and statin prescriptions were analysed for 468 patients admitted to a stroke unit. The literature shows that management with both medication and diet can be effective, especially when combined; however, 60% of patients with an ischaemic event had fasting total cholesterol measures ≥4 mmol/L (n = 231), with only 52% prescribed statins on discharge (n = 120). Hypercholesterolaemia is an underdiagnosed and undertreated risk factor within the stroke population. It appears that the PBS has not kept pace with advances in the evidence in terms of statin use in the stroke population, and review is needed. The present review should address the qualifying criteria for the stroke population and recommendations on referral to dietitians for dietary advice. Cholesterol-lowering treatment for both stroke patients and the wider population is an area that needs awareness raising and review by the PBS, medical practitioners and dietitians. The role of dietary and pharmacological treatments needs to be clearly defined, including adjunct therapy, and the cost-effectiveness of medical nutrition therapy realised.

Attitudes towards American brands and brand America

A study of 556 students at colleges and universities in Australia, Hong Kong and Singapore explored the relationship between attitude towards the United States and brand attitudes and preferences. Singaporean student attitudes towards both the US Government and US people were higher than were those of the Australian and Hong Kong students. Coke, Nike and McDonald's were among both the most-liked and disliked US brands among the international students, a finding suggesting that brands may possess both a 'lovemark' status, as described in the literature, and its opposite — 'loathemark' status — within the same demographic group. US brand preference scores did not offer support for the belief that international consumers 'vote with their pocketbooks' by refusing to purchase US brands if they have a negative attitude towards the United States. Among Hong Kong and Singaporean students, favourable attitudes towards the purchase of US brands was found to be positively related to favourability towards the US Government.

Marketing unions to young people : recruiting and ‘rusting on’

In light of declining trade union density, specifically amongst young workers, this paper explores how trade unions are servicing and organising young people. Our specific focus is the way in which trade unions market their services to the young. We use, as a lens of analysis, the services marketing literature and the concept of an ‘experience good’ to explore trade union strategies. Based on interviews with a number of Queensland union officials, it is clear unions see the issue of recruitment of young people as significant, and that resources are being targeted on the development of innovative strategies at least in some unions.

How should a vocational education and training course be evaluated?

The course evaluation process used by a large VET provider was evaluated using guidelines suggested by the course evaluation literature and feedback obtained from multiple stakeholders. A modified model is presented as an exemplar for course evaluation in the VET sector.

Enhancing research and development: designing collaborative environments for innovation

Work environments have previously been studied to identify the strategies, structures and processes which increase the likelihood of creativity, innovation and collaboration for productive workplaces. A number of perspectives have emerged which identify social and cognitive factors known to contribute to or to restrict innovation and collaboration. Recently more attention has been given to designing physical environments to encourage processes relevant to innovation such as creativity (McCoy & Evans, 2002) knowledge sharing (Hemlin, Allwood & Martin, 2008) and collaboration (Bozeman & Corley, 2004). Some attention has been given specifically to research and development environments (Boutellier et al, 2008) but little integration of this research has occurred. In the context of the construction of new purpose-built premises which will bring together under one roof separate public sector agencies engaged in research and development in agriculture, natural resource systems and the environment, this paper examines the extant literature and develops initial propositions for research relevant to the transition, collaboration and performance of research and development in new organizational environments where traditional boundaries have been redrawn.

The role of decision-maker preferences in tenancy selection of CBD office accommodation – preliminary literature review

The literature and anecdotal evidence suggests that that there is more to tenancy selection (firm location) than the profit maximisation drive that traditional neo-classical economic location theory suggests. In the first instance these models assume property markets are rational and perfectly competitive; the CBD office market is clearly neither rational nor perfectly competitive. This fact alone relegates such models to the margins of usefulness for an industry that seeks to satisfy tenant demand in order to optimise returns on capital invested. Acknowledgment of property market imperfections are universally accepted to the extent that all contemporary texts discuss the lack of a coherent centralised market place and incomplete and poorly disseminated information processes as fundamental inadequacies which characterise the property market inefficiencies. Less well researched are the facets of the market which allow the observer to determine market activity to be significantly irrational. One such facet is that of ‘decision maker preferences’. The decision to locate a business operation at one location as opposed to another seems ostensibly a routine choice based on short, medium and long term business objectives. These objectives are derived from a process of strategic planning by one or more individuals whose goal is held to be to optimise outcomes which benefit the business (and presumably those employed within it). However the decision making processes appear bounded by how firms function, the institutional context in which they operate, as well as by opportunistic behaviour by individual decision makers who allow personal preferences to infiltrate and ‘corrupt’ the process. In this way, history, culture, geography, as well as institutions all become significant to the extent that these influence and shape individual behaviour which in turn determine the morphology of individual preferences, as well as providing a conduit for them to take effect. This paper exams historical and current literature on the impact of individual behaviour in the decision making process within organisations as a precursor to an investigation of the tenancy decision making process within the CBD office market. Literature on the topic falls within a number of research disciplines, philosophy, psychology and economics to name a few.

Knowledge channelization and innovation

This paper examines knowledge management and innovation in the Australian Construction Industry. A conceptual model is presented, based upon analysis of the literature and a series of preliminary construction industry interviews. Extensive knowledge management (KM) research has focused upon types of knowledge contained within specific organizational settings. However, we argue that a crucial missing link in KM research concerns the interface between flows of knowledge from external sources of innovations and its channelization in and out, and between organizations. This interface, regulating and facilitating knowledge from external sources of innovation into the organisation, operates under the influence of two main forces visualized as “pulling” and “pushing” forces in the model presented in this paper. The premise of the model lies in a hypothesis that as an organization changes itself into a more mature, learning organization (LO) over time, knowledge flows into it through “pull” rather than “push” forces. We conclude that a successful knowledge management initiative installs a learning and knowledge sharing culture, which is easily adaptable to new learning offering little resistance to new knowledge that flows into the organisation. The model bridges the gap between research and its application in construction practice.

PEPA workshops for allied health professionals : outcomes and directions for the future

The Program of Experience in the Palliative Approach (PEPA) started in 2003 as an initiative of the Australian Government, Department of Health and Ageing. The overall aim of PEPA is to improve the quality, availability and access to palliative care for people who are dying, and their families, by providing high quality learning experiences for primary care providers, including allied health professionals. As part of the program, an allied health workshop program has been developed following an extensive review of the literature and in consultation with experts in the field. The PEPA allied health workshops are offered across all states/territories.

Power over, with and through : another look at micropolitics

Understanding micropolitics has become an important part of understanding leadership and power relations within schools. In this paper we review some of the pertinent literature and writing in the field, particularly as it relates to school leadership. Drawing on a couple of existing models, we present a new model that highlights three central power-based leadership approaches—‘power with’, ‘power through’ and ‘power over’. We put forward two contrasting vignettes that reveal a variety of micropolitical strategies used by school principals in the governance of their schools. These strategies range from favouritism and control at one end to empowerment and collaboration at the other. The vignettes are analysed in the light of the model and micropolitical literature presented in this article.

Brand placements in computer and video games : an overview and research questions

Despite the size and growth of the computer and video gaming industry – as well as the increasing use of the medium for the placement of advertising and product placement – researchers have neglected this area. By drawing on existing literature and research in similar and related areas of film product placement, sponsorship and interactivity, the authors present a conceptual overview and identify areas for research.

Response efficacy : the key to minimizing rejection and maximizing acceptance of emotion-based anti-speeding messages

This study sought to improve understanding of the persuasive process of emotion-based appeals not only in relation to negative, fear-based appeals but also for appeals based upon positive emotions. In particular, the study investigated whether response efficacy, as a cognitive construct, mediated outcome measures of message effectiveness in terms of both acceptance and rejection of negative and positive emotion-based messages. Licensed drivers (N = 406) participated via the completion of an on-line survey. Within the survey, participants received either a negative (fear-based) appeal or one of the two possible positive appeals (pride or humor-based). Overall, the study's findings confirmed the importance of emotional and cognitive components of persuasive health messages and identified response efficacy as a key cognitive construct influencing the effectiveness of not only fear-based messages but also positive emotion-based messages. Interestingly, however, the results suggested that response efficacy's influence on message effectiveness may differ for positive and negative emotion-based appeals such that significant indirect (and mediational) effects were found with both acceptance and rejection of the positive appeals yet only with rejection of the fear-based appeal. As such, the study's findings provide an important extension to extant literature and may inform future advertising message design.

Beyond the inner city : real and imagined places in creative place policy and practice

As the economic and social benefits of creative industries development become increasingly visible, policymakers worldwide are working to create policy drivers to ensure that certain places become or remain ‘creative places’. Richard Florida’s work has become particularly influential among policymakers, as has Landry’s. But as the first wave of creative industrial policy development and implementation wanes, important questions are emerging. It is by now clear that an ‘ideal creative place’ has arisen from creative industries policy and planning literature, and that this ideal place is located in inner cities. This article shifts its focus away from the inner city to where most Australians live: the outer suburbs. It reports on a qualitative research study into the practices of outer-suburban creative industries workers in Redcliffe, Australia. It argues that the accepted geography of creative places requires some recalibration once the material and experiential aspects of creative places are taken into account.

BIM : expectations and a reality check

BIM (Building Information Modelling) is an approach that involves applying and maintaining an integral digital representation of all building information for different phases of the project lifecycle. This paper presents an analysis of the current state of BIM in the industry and a re-assessment of its role and potential contribution in the near future, given the apparent slow rate of adoption by the industry. The paper analyses the readiness of the building industry with respect to the product, processes and people to present an argument on where the expectations from BIM and its adoption may have been misplaced. This paper reports on the findings from: (1) a critical review of latest BIM literature and commercial applications, and (2) workshops with focus groups on changing work-practice, role of technology, current perceptions and expectations of BIM.