Appraiser behaviour and appraisal smoothing: some qualitative and quantitative evidence

There is a substantial literature which suggests that appraisals are smoothed and lag the true level of prices. This study combines a qualitative interview survey of the leading fund manager/owners in the UK and their appraisers with a empirical study of the number of appraisals which change each month within the IPD Monthly Index. The paper concentrates on how the appraisal process operates for commercial property performance measurement purposes. The survey interviews suggest that periodic appraisal services are consolidating in fewer firms and, within these major firms, appraisers adopt different approaches to changing appraisals on a period by period basis, with some wanting hard transaction evidence while others act on "softer' signals. The survey also indicates a seasonal effect with greater effort and information being applied to annual and quarterly appraisals than monthly. The analysis of the appraisals within the Investment Property Databank Monthly Index confirms this effect with around 5% more appraisals being moved at each quarter day than the other months. January and August have significantly less appraisal changes than other months.

Benchmarking and valuation issues in measuring depreciation for European office markets

Purpose – The paper addresses the practical problems which emerge when attempting to apply longitudinal approaches to the assessment of property depreciation using valuation-based data. These problems relate to inconsistent valuation regimes and the difficulties in finding appropriate benchmarks. Design/methodology/approach – The paper adopts a case study of seven major office locations around Europe and attempts to determine ten-year rental value depreciation rates based on a longitudinal approach using IPD, CBRE and BNP Paribas datasets. Findings – The depreciation rates range from a 5 per cent PA depreciation rate in Frankfurt to a 2 per cent appreciation rate in Stockholm. The results are discussed in the context of the difficulties in applying this method with inconsistent data. Research limitations/implications – The paper has methodological implications for measuring property investment depreciation and provides an example of the problems in adopting theoretically sound approaches with inconsistent information. Practical implications – Valuations play an important role in performance measurement and cross border investment decision making and, therefore, knowledge of inconsistency of valuation practice aids decision making and informs any application of valuation-based data in the attainment of depreciation rates. Originality/value – The paper provides new insights into the use of property market valuation data in a cross-border context, insights that previously had been anecdotal and unproven in nature.

Individual assets, market structure and the drivers of return

Much UK research and market practice on portfolio strategy and performance benchmarking relies on a sector‐geography subdivision of properties. Prior tests of the appropriateness of such divisions have generally relied on aggregated or hypothetical return data. However, the results found in aggregate may not hold when individual buildings are considered. This paper makes use of a dataset of individual UK property returns. A series of multivariate exploratory statistical techniques are utilised to test whether the return behaviour of individual properties conforms to their a priori grouping. The results suggest strongly that neither standard sector nor regional classifications provide a clear demarcation of individual building performance. This has important implications for both portfolio strategy and performance measurement and benchmarking. However, there do appear to be size and yield effects that help explain return behaviour at the property level.

Avaliação de desempenho de cadeias de suprimento: um estudo exploratório em uma cadeia de carne de frango no Brasil

Dentro dos diversos setores e atividades econômicas, o agribusiness vem se desenvolvendo com grande força no mundo, impulsionado, sobretudo, pelo aumento da população e a crescente demanda por alimentos. A idéia e o estudo de cadeias já é há algum tempo difundido na literatura sobre Agribusiness, mas com origens, conotações, referenciais teóricos e metodologias específicas ao setor e diferentes das que vem marcando e definindo as pesquisas sobre Supply Chain Management (SCM). Enquanto os estudos sobre cadeias ou sistemas agroindustriais são marcados pela influência da economia e por preocupações com políticas públicas, estruturas de governança e competitividade da indústria e do setor, as pesquisas sobre SCM, como o próprio nome indica, possuem um cunho mais gerencial, seja este direcionado por uma preocupação maior com questões de eficiência e eficácia operacionais ou de atendimento às necessidades dos clientes. Entretanto, embora diferentes quanto à origem, um fundamento é comum ao SCM e aos estudos de sistemas e cadeias agro-industriais, a base sistêmica, ou seja, a visão sistêmica de todo o processo produtivo, desde a produção de insumos até a entrega do produto final ao consumidor. O propósito deste projeto é o de avançar nos estudos sobre cadeias, utilizando os conceitos e abordagens gerenciais desenvolvidos na literatura sobre SCM, mas tendo como unidade de análise uma cadeia agroindustriais, mais especificamente uma cadeia agroalimentar de carne de frango no Brasil. O enfoque principal serão as questões sobre avaliação e medição do desempenho de cadeias.

A gestão do poder judiciário uma análise do sistema de mensuração de desempenho do judiciário brasileiro

Esta dissertação traz uma análise do atual sistema de mensuração de desempenho do Poder Judiciário brasileiro, mais especificamente no tocante ao processo que visa à disseminação e a incorporação da prática da mensuração na cultura organizacional das unidades judiciárias de todo o país. Após análise bibliográfica e documental, é tomada a experiência de mensuração do desempenho judiciário dos países europeus como referência comparativa ao sistema brasileiro, bem como são consideradas percepções de gestores deste sistema com relação a seus entendimentos acerca da gestão e mensuração de desempenho no Judiciário, aos esforços políticos e administrativos adotados, ao possível futuro do sistema, dentre outras. Uma vez que esta representa uma primeira experiência no sentido da adoção da mensuração de desempenho judiciário enquanto política nacional, o estudo também discute a natureza de problemas estruturais e organizacionais a serem trabalhados no Judiciário brasileiro visando à prática da mensuração, além da necessidade de uma padronização em processos administrativos ligados a esta prática nas heterogêneas organizações judiciárias brasileiras.

Assessing the performance of private equity investments

This study presents an alternative investment projection model to estimate the future values of Private Equity (PE) investments. The performance of PE investments is assessed by analyzing the risk-return relationship relative to simulated Public Market (PM) investments that mimic the cash flow patterns of PE investments. The model allows for a quantified analysis of the underlying inputs that outline the PE performance and risks, and accounts for survivorship bias. These inputs include the fund manager’s decisions regarding the selection, leverage, size, duration and timing of investment and divestments.

Um sistema de metas como ferramenta de gestão pública: "O Programa de Metas da Cidade de São Paulo 2013-2016" sob a perspectiva de seus implementadores

This work, developed within the Master's Degree Program in Public Administration and Government of Eaesp-FGV, consists of an exploratory study on performance measurement in the public sector. It is focused on the identification of complexity elements embedded in the implementation of public policies, to which the goals and targets of a target-oriented system relate, and especially on the implementation of this system as a management tool itself, from the case study of the then ongoing "Programa de Metas da Cidade de São Paulo 2013-2016". All information was obtained from municipal managers, in Government Departments responsible for strategic support activities to the implementation of the system, and sectoral Government Departments whose scope also included crosscutting actions, through interviews conducted from a starting question, and then followed by the free talk of the respondents. Through discourse analysis, an assortment of information was conducted, concerning to: 1) the impacts on management, articulation, and governance of the use of performance measurement and result-oriented management; 2) the flow and publicity of information on performance, produced within the monitoring process of this given target-oriented system, and also concerning the use given to this information; 3) the recording and register of experiences and learning related to the Programa de Metas, and its potential to result as a legacy for the public administrative structure of the City of São Paulo. Assuming that the stories managers tell, in this field of Applied Social Sciences, are as valid as Science or the theoretical constructs on the subject, all information gathered from the point of view of the interviewed public officials was segmented and problematized under the light of the literature on performance measurement. The main objective of this research is to contribute to the creation of parameters for qualitative analysis of the information generated in the implementation of a target-oriented system in Public Management at the local level. It is, from then on, expected that these parameters may help managers and researchers on the monitoring and evaluation of performance of a given government, by favoring the translation of merely arithmetic data on percentage of fulfillment of specific commitments, into eloquent elements more enabled to express the evolution of a mandate. Keywords: result-oriented system, Programa de Metas, management for results, performance measurement, government planning, public policy evaluation, monitoring, implementation, transparency, information legacy.

Sistemas de medição de desempenho para projetos de PD&I no Setor de Petróleo e Gás Natural

Organizations are seeking new ideas, tools and methods aiming to improve management process and performance. On the other hand, system performance measurement needs to portray organizational changes and provide managers with a set of true and more appropriate information for the decision-making process. This work aims to propose a performance measurement system in the academic field regarding Research, Development and Innovation (RDI) in the oil and gas industry. The research performed a bibliographic review in a descriptive exploratory manner. A field research was conducted with an expert focus group in order to gather new indicators. As for the validation of these indicators, a survey with experienced professional was also realized. The research surveyed four segments in and outside of the Federal University of Rio Grande do Norte-Brazil such as oil and gas project coordinators, staff at Academic Planning Offices, FUNPEC employees as well as coordinators from Petrobrás. The performance measuring system created from this study features three interrelated performance indicators pointed out as: process indicators, outcome indicators and global indicators. The proposal includes performance indicators that seek to establish more appropriate strategies for effective institution management. It might help policy making of university-industry interaction policies

Construção e implementação do Balanced Scorecard em uma organização educacional: o caso do Serviço Nacional de Aprendizagem Comercial do Rio Grande do Norte SENAC RN

The changes that have taken place in the organizational environment in recent decades have led to new performance measurement systems being proposed, given the inadequacy of traditional models. The Balanced Scorecard (BSC) emerged as an instrument to translate financial and non-financial assets into real values for all interested parties in the organization, allowing the introduction of strategies to achieve the desired goals. Research shows that most errors committed with the use of this method are related to the implementation process. Thus, the aim of this dissertation is to analyze the process of building and implementing the BSC in an organization. This empirical exploratory study is based on the classic case study method, which enables the researcher to work with a set of evidence, including direct observation, interviews and document analysis. The results show that the use of BSC in the company investigated posed problems during the process of building and implementing the method. These problems were caused mainly by the lack of involvement on the part of upper management and the team s scant knowledge of Balanced Scorecard. One of the gains obtained from adopting the system was the introduction and/or consolidation of a culture of strategic planning and participative management. The continuous implementation phase was highlighted in the monitoring program, created by the organization in an attempt to reverse existing problems, using the BSC as a third generation strategic management system, which led to significant gains, better use of the system and stronger management practices

Proposta de um modelo de medição e avaliação de desempenho como ferramenta de gest ão - um estudo de caso num órgão público

The public sector performance has received much attention in the literature and due to that the purpose of this work is to develop a proposal for a model of performance measurement for a higher education institution unit. First, we performed a theoretical research on public organizations and private institutions of higher education, followed by a literature review on performance measurement and evaluation. This review presents some performance models that are quite frequent in the literature: Total Quality Management (Total Quality Management) - TQM and the PDCA cycle, SMART System, Balanced Scorecard and Môdef Ouanturn. In order to verify the possibility of implementing a performance measurement model for Higher Education Institutions, it was conducted a case study in a support unit of a University, located in the city of Natal, RN, Brazil. The study attempted to identify the key processes of the unit and proposed by the use of Quantum model in order to improve the management and operation of the same. The work aims to contribute to the advancement of knowledge in measurement and performance evaluation in higher education institutions that where still lacks scientific production of this subject compared to other areas. This study also identifies better practices and opportunities for improvement in processes to determine the expected performance indicators to aid a decision-making unit.

Medição de desempenho na cadeia de suprimentos da energia eólica: proposta de um conjunto de indicadores de desempenho

Performance measurement in highly competitive markets is a necessary measure for those who aim the top positions. The business performance measurement approach have reached relevant results in the literature, however, a different approach has recently appeared that broadened the perception of competition, where companies do not seek the competition among companies only, but also among supply chains. Brazilian Wind energy supply chain is living a structuring and expanding moment, with the major global players in the industry making investments in the country. This research aims to answer which are the key performance indicators that must be considered by the Brazilian wind energy sector companies, which are part in a broad perspective of supply chain competition. The research was executed in two steps: exploratory (literature review and a field research in the companies) and later a survey was conducted with the Brazilian Wind energy companies workers with the purpose to validate the performance indicators found in the exploratory step. The survey evaluated 40 performance indicators distributed among five major activities: Project prospection, building/execution, operation and maintenance, logistics and transverse processes, which summarize the performance of the entire supply chain, pointing the sinergy and the competitive level of the supply chain. The selected performance indicators reflect the high relevance of the costs dimension in the Brazilian energy companies performance, acting as a key performance indicator, is also indicates the limited performance management integration throughout the Brazilian wind energy supply chain

Medição de desempenho organizacional nas imobiliárias: um estudo na cidade do Natal-RN

The purpose of this paper is to identify how real estate companies from the city of Natal measure their organizational performance. Traditionally these companies measure their performance using financial measures; however, the technological improvement, the internationalization of the economy and the change in consumer behavior all demand better products and services, and other measuring models. Those changes motivate organizations to continually improve the quality of their products and services. In this way, these companies need to associate their financial results to their global performance. Therefore, it is necessary to have organizational performance models that associate financial and non-financial measures to the strategies of the companies. The research also tries to identify which performance indicators are used by these companies, as well as to test a model who questions: a) if there is any relationship between managers´ characteristics and performance measuring systems´ characteristics; b) if there is any relationship between the company s characteristics and the characteristics of the measuring system used to evaluate its organizational performance and c) finally to verify if there is a relationship between the characteristics of the measuring system and the company s performance. The information which served as a basis for the study was obtained through an empirical research, with questionnaires, answered by 66 (sixty six) companies from the city of Natal, capital of the state of Rio Grande do Norte. The results show that none of the companies investigated use any of the performance measurement models proposed in the modern literature. However, they use on an isolated way some of the measures those models, including some measures from adopted in the Balanced Scorecard, as well as the benchmarking process, making comparisons with the performance of their competitors. The research also reveals that either bigger companies, companies with more experienced managers or with better performance show better performance measurement systems

Utilização de indicadores financeiros e não-financeiros na gestão de hotéis no Rio Grande do Norte: um estudo sob a ótica do Balanced Scorecard

This study presents the results of a research on the use of financial and non-financial performance indicators used by medium and large hotels. The research was conducted in Rio Grande do Norte, a Brazilian State. The objective is to identify the usage of performance measures by these companies. Hotel industry is one of the most important sectors in the Rio Grande do Norte economy. The research takes the Balanced Scorecard as a conceptual framework, since it represents an original contribution to the literature of managerial accounting, for rethinking old issues, pointing out themes that were forgotten or badly interpreted, to discuss the requirements imposed by the economy environment, dominated by competitive companies, and increasing the understanding of the relationship between strategy and operation. The objective of the research is to investigate if the hotel managers make use of a managerial information system or not, when evaluating the performance of their business unit. The research reveals the usage of performance evaluation using a large variety of measures. Among them is worth mention: the usage of accounting profit altogether with the EVA/MVA, the process cycle time, total quality management, process transformation, strategic mission, vision, strategic measures, measures related to feedback, risk, costs, productivity, incomes, customers retention, customer satisfaction and profitability, measures using time as a component, quality of the process, cost of the processes, employees capabilities, information systems, motivation, empowerment and alignment. The research leads to the conclusion that the usage of the deriving concepts of Balanced Scorecard can improve the performance measurement systems used by hotels

Recent applications of analytical techniques for quantitative pharmaceutical analysis: A review

The intension of this paper was to review and discuss some of the current quantitative analytical procedures which are used for quality control of pharmaceutical products. The selected papers were organized according to the analytical technique employed. Several techniques like ultraviolet/visible spectrophotometry, fluorimetry, titrimetry, electroanalytical techniques, chromatographic methods (thin-layer chromatography, gas chromatography and high-performance liquid chromatography), capillary electrophoresis and vibrational spectroscopies are the main techniques that have been used for the quantitative analysis of pharmaceutical compounds. In conclusion, although simple techniques such as UV/VIS spectrophotometry and TLC are still extensively employed, HPLC is the most popular instrumental technique used for the analysis of pharmaceuticals. Besides, a review of recent works in the area of pharmaceutical analysis showed a trend in the application of techniques increasingly rapid such as ultra performance liquid chromatography and the use of sensitive and specific detectors as mass spectrometers.

Measuring supply chain management practices

Purpose: This paper aims to perform an empirical investigation about the constructs and indicators of the supply chain management practices framework. Design/methodology/approach: The measuring framework proposed is based on a survey that was carried out on 107 Brazilian companies. Statistical techniques were employed to verify, validate, and test the reliability of the constructs and their indicators. To validate this framework principal component analysis and structural equation modeling techniques were used. Findings: In general, previous studies suggest six constructs for measuring the supply chain management practices framework. However, in this study a framework was achieved with four constructs of supply chain management practices, namely, supply chain (SC) integration for production planning and control (PPC) support, information sharing about products and targeting strategies, strategic relationship with customer and supplier, and support customer order. This framework has adequate levels of validity and reliability. Research limitations/implications: The main limitation of this study was that only a small sample of companies in a single sector and country were surveyed, and therefore there needs to be further research considering the special conditions in other countries. Originality/value: This study investigated statistically set indicators to discuss the topic supply chain management practices. The framework obtained has good quality of validity and reliability indicators. Thus, an alternative framework has been added to measure supply chain management practices, which is currently a popular topic in the supply chain mainstream literature. Both defined constructs and the validated indicators can be used in other studies on supply chain management. © Emerald Group Publishing Limited.