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.

Improving the Flexibility of Active Grids through Web Services

Active Grids are a form of grid infrastructure where the grid network is active and programmable. These grids directly support applications with value added services such as data migration, compression, adaptation and monitoring. Services such as these are particularly important for eResearch applications which by their very nature are performance critical and data intensive. We propose an architecture for improving the flexibility of Active Grids through web services. These enable Active Grid services to be easily and flexibly configured, monitored and deployed from practically any platform or application. The architecture is called WeSPNI ('Web Services based on Programmable Networks Infrastructure'). We present the architecture together with some early experimental results on using web services to monitor data movement in an active grid.