Resident-funded retirement village valuations : complications with the application of the DCF

Retirement village assets are different from traditional residential assets due to their operation in accordance with statutory legislation. Designed for independent living, retirement villages provide either detached or semi-detached residential dwellings with car parking and small private yards with community facilities providing a shared congregational area for village activities and socialising. In essence, the village operator provides the land and buildings to the residents who pay an amount on entry for the right of occupation. On departure from the units an agreed proportion of either the original purchase price or the sale price is paid to the outgoing resident. As ongoing levies are typically offset by ongoing operational expenses the market value of the operator's interest in the retirement village is therefore predominantly based upon the estimated future income from deferred management fees and capital gain upon roll-over receivable by the operator in accordance with the respective residency agreements. Given the lumpiness of these payments, there is general acceptance that the most appropriate approach to valuation is through discounted cash flow (DCF) analysis. There is however inconsistency between valuers across Australia in how they undertake their DCF analysis, leading to differences in reported values and subsequent confusion among users of valuation services. To give guidance to valuers and enhance confidence from users of valuation services this paper investigates the five major elements of DCF methodology, namely cash flows, escalation factors, holding period, terminal value and discount rate.

Innovation strategies for developing the traditional souvenir craft industry

This paper describes the concept of innovation strategies for traditional souvenir craft industries. There are many traditional souvenir craft industries in Indonesia, and they have to compete in today‘s global markets. The craftsmanship and uniqueness of traditional crafts must be developed to attract a larger market. This competition is not easy for craftspeople, neither financially nor culturally. The authors propose some innovation strategies to facilitate craftspeople in generating ideas based on their traditional value, to ensure their sustainability in global context. However, even though there are a number of studies about the craft industry and souvenirs, there is little research focused on the souvenir product development process, especially in the traditional craft industry. Considering that souvenirs are products for pleasure which require hedonic value more than utilitarian value, the offered innovation strategy refers to the strategy applied in existing industries that produce hedonic products. Innovation strategy in the fashion industry is selected as a reference, which is discussed by considering the context of the traditional souvenir craft industry. This investigation will support further research about knowledge sharing systems to enable collaborative learning within traditional craftspeople.

A conceptual decision-making framework for the delivery of innovative change in organisations

Research found that today’s organisations are increasingly aware of the potential barriers and perceived challenges associated with the successful delivery of change — including cultural and sub-cultural indifferences; financial constraints; restricted timelines; insufficient senior management support; fragmented key stakeholder commitment; and inadequate training. The delivery and application of Innovative Change (see glossary) within a construction industry organisation tends to require a certain level of ‘readiness’. This readiness is the combination of an organisation’s ability to part from undertakings that may be old, traditional, or inefficient; and then being able to readily adopt a procedure or initiative which is new, improved, or more efficient. Despite the construction industry’s awareness of the various threats and opportunities associated with the delivery of change, research found little attention is currently given to develop a ‘decision-making framework’ that comprises measurable elements (dynamics) that may assist in more accurately determining an organisation’s level of readiness or ability to deliver innovative change. To resolve this, an initial Background Literature Review in 2004 identified six such dynamics, those of Change, Innovation, Implementation, Culture, Leadership, and Training and Education, which were then hypothesised to be key components of a ‘Conceptual Decision-making Framework’ (CDF) for delivering innovative change within an organisation. To support this hypothesis, a second (more extensive) Literature Review was undertaken from late 2007 to mid 2009. A Delphi study was embarked on in June 2008, inviting fifteen building and construction industry members to form a panel and take part in a Delphi study. The selection criterion required panel members to have senior positions (manager and above) within a recognised field or occupation, and to have experience, understanding and / or knowledge in the process of delivering change within organisations. The final panel comprised nine representatives from private and public industry organisations and tertiary / research and development (R&D) universities. The Delphi study developed, distributed and collated two rounds of survey questionnaires over a four-month period, comprising open-ended and closed questions (referred to as factors). The first round of Delphi survey questionnaires were distributed to the panel in August 2008, asking them to rate the relevancy of the six hypothesised dynamics. In early September 2008, round-one responses were returned, analysed and documented. From this, an additional three dynamics were identified and confirmed by the panel as being highly relevant during the decision-making process when delivering innovative change within an organisation. The additional dynamics (‘Knowledge-sharing and Management’; ‘Business Process Requirements’; and ‘Life-cycle Costs’) were then added to the first six dynamics and used to populate the second (final) Delphi survey questionnaire. This was distributed to the same nine panel members in October 2008, this time asking them to rate the relevancy of all nine dynamics. In November 2008, round-two responses were returned, analysed, summarised and documented. Final results confirmed stability in responses and met Delphi study guidelines. The final contribution is twofold. Firstly, findings confirm all nine dynamics as key components of the proposed CDF for delivering innovative change within an organisation. Secondly, the future development and testing of an ‘Innovative Change Delivery Process’ (ICDP) is proposed, one that is underpinned by an ‘Innovative Change Decision-making Framework’ (ICDF), an ‘Innovative Change Delivery Analysis’ (ICDA) program, and an ‘Innovative Change Delivery Guide’ (ICDG).

Microwave curing of non-traditional polymer materials used in manufacture of injection moulds

Microwave heating technology is a cost-effective alternative way for heating and curing of used in polymer processing of various alternate materials. The work presented in this paper addresses the attempts made by the authors to study the glass transition temperature and curing of materials such as casting resins R2512, R2515 and laminating resin GPR 2516 in combination with two hardeners ADH 2403 and ADH 2409. The magnetron microwave generator used in this research is operating at a frequency of 2.45 GHz with a hollow rectangular waveguide. During this investigation it has been noted that microwave heated mould materials resulted with higher glass transition temperatures and better microstructure. It also noted that Microwave curing resulted in a shorter curing time to reach the maximum percentage cure. From this study it can be concluded that microwave technology can be efficiently and effectively used to cure new generation alternate polymer materials for manufacture of injection moulds in a rapid and efficient manner. Microwave curing resulted in a shorter curing time to reach the maximum percentage cure.

Supermarket consumers and gender differences relating to their perceived importance levels of store characteristics

Family grocery shopping is the accepted domain of women; however, modern social and demographic movements challenge traditional gender roles with in the family structure. Men now engage in grocery shopping more freely and frequently, yet the essence of male shopping behaviour and beliefs present an opportunity for examination. This research identifies specific store characteristics, investigates the perceived importance of those characteristics and explores gender, age and income differences that may exist. A random sample collection methodology involving 280 male and female grocery shoppers was selected. Results indicated significant statistical differences between genders based on perceptions of importance of most store characteristics. Overall, male grocery shoppers considered supermarket store characteristics less important than female shoppers. Income did not affect shoppers’ level of associated importance; however respondents’ age, education and occupation influenced perceptions of price, promotions and cleanliness.

Impacts of traditional husbandry practices on exploitable levels of genetic diversity in cultured 'Tra' catfish (Pangasianodon hypophthalmus) in the Mekong Delta, Vietnam

Sutchi catfish (Pangasianodon hypophthalmus) – known more universally by the Vietnamese name ‘Tra’ is an economically important freshwater fish in the Mekong Delta in Vietnam that constitutes an important food resource. Artificial propagation technology for Tra catfish has only recently been developed along the main branches of the Mekong River where more than 60% of the local human population participate in fishing or aquaculture. Extensive support for catfish culture in general, and that of Tra (P. hypophthalmus) in particular, has been provided by the Vietnamese government to increase both the scale of production and to develop international export markets. In 2006, total Vietnamese catfish exports reached approximately 286,602 metric tons (MT) and were valued at 736.87 $M with a number of large new export destinations being developed. Total value of production from catfish culture has been predicted to increase to approximately USD 1 billion by 2020. While freshwater catfish culture in Vietnam has a promising future, concerns have been raised about long-term quality of fry and the effectiveness of current brood stock management practices, issues that have been largely neglected to date. In this study, four DNA markers (microsatellite loci: CB4, CB7, CB12 and CB13) that were developed specifically for Tra (P. hypophthalmus) in an earlier study were applied to examine the genetic quality of artificially propagated Tra fry in the Mekong Delta in Vietnam. The goals of the study were to assess: (i) how well available levels of genetic variation in Tra brood stock used for artificial propagation in the Mekong Delta of Vietnam (breeders from three private hatcheries and Research Institute of Aquaculture No2 (RIA2) founders) has been conserved; and (ii) whether or not genetic diversity had declined significantly over time in a stock improvement program for Tra catfish at RIA2. A secondary issue addressed was how genetic markers could best be used to assist industry development. DNA was extracted from fins of catfish collected from the two main branches of the Mekong River inf Vietnam, three private hatcheries and samples from the Tra improvement program at RIA2. Study outcomes: i) Genetic diversity estimates for Tra brood stock samples were similar to, and slightly higher than, wild reference samples. In addition, the relative contribution by breeders to fry in commercial private hatcheries strongly suggest that the true Ne is likely to be significantly less than the breeder numbers used; ii) in a stock improvement program for Tra catfish at RIA2, no significant differences were detected in gene frequencies among generations (FST=0.021, P=0.036>0.002 after Bonferroni correction); and only small differences were observed in alleles frequencies among sample populations. To date, genetic markers have not been applied in the Tra catfish industry, but in the current project they were used to evaluate the levels of genetic variation in the Tra catfish selective breeding program at RIA2 and to undertake genetic correlations between genetic marker and trait variation. While no associations were detected using only four loci, they analysis provided training in the practical applications of the use of molecular markers in aquaculture in general, and in Tra culture, in particular.

An exploration of the reasons why adolescents engage in traditional and cyber bullying

This study explored the reasons underlying adolescents’ perceptions of why their peers engage in bullying in the real and the cyber world. While there has been much research on why bullies engage in such behaviour, ranging from personality characteristics to social or familial reasons, the perceptions of young people on the motives of cyberbullies has not been researched. A new instrument, based on interviews and a literature review was piloted to measure young people’s perceptions of why their peers engage in both traditional and cyberbullying behaviour, according to their role in bullying. Four hundred students were surveyed in three co-educational independent secondary schools. A comparison between perceptions of bullies’ motives in traditional and cyberbullying was made. Implications for interventions with bullies are discussed.

Social implications of radical technology adoption within the livestock industry - a design investigation: Innovating disruptive technologies in traditional marketplaces

This thesis presents a design investigation into how traditional technology-orientated markets can use design led innovation (DLI) strategies in order to achieve better market penetration of disruptive products. In a review of the Australian livestock industry, considering historical information and present-day trends, a lack of socio-cultural consideration was identified in the design and implementation of products and systems, previously been taken to market. Hence the adoption of these novel products has been documented as extremely slow. Classical diffusion models have typically been used in order to implement these products. However, this thesis poses that it is through the strategic intent of design led innovation, where heavily technology-orientated markets (such as the Australian livestock industry), can achieve better final adoption rates. By considering a range of external factors (business models, technology and user needs), rather than focusing design efforts solely on the technology, it is argued that using DLI approach will lead to disruptive innovations being made easier to adopt in the Australian livestock industry. This thesis therefore explored two research questions: 1. What are the social inhibitors to the adoption of a new technology in the Australian livestock industry? 2. Can design be used to gain a significant feedback response to the proposed innovation? In order to answer these questions, this thesis used a design led innovation approach to investigate the livestock industry, centring on how design can be used early on in the development of disruptive products being taken to market. This thesis used a three stage data collection programme, combining methods of design thinking, co-design and participatory design. The first study found four key themes to the social barriers of technology adoption; Social attitudes to innovation, Market monitoring, Attitude to 3D imaging and Online processes. These themes were built upon through a design thinking/co-design approach to create three ‘future scenarios’ to be tested in participant workshops. The analysis of the data collection found four key socio-cultural barriers that inhibited the adoption of a disruptive innovation in the Australian livestock industry. These were found to be a lack of Education, a Culture of Innovation, a Lack of Engagement and Communication barriers. This thesis recommends five key areas to be focused upon in the subsequent design of a new product in the Australian livestock industry. These recommendations are made to business and design managers looking to introduce disruptive innovations in this industry. Moreover, the thesis presents three design implications relating to stakeholder attitudes, practical constraints and technological restrictions of innovations within the industry.

Participatory innovation to develop traditional Indonesian craft industries

This paper presents a participatory project involving the traditional glass bead craft industries in rural Java, Indonesia. Their survival is in danger due to tight business competition among themselves and due to shortcomings in existing business mechanisms. The research explores a departure from traditional government assistance programs which seek to train craftspeople with new kinds of technology based skills. Instead, the project explores alternate business mechanisms, ways for traditional craftspeople to get more power in business mechanisms, and ways to develop new design strategies through a collaborative approach. The ultimate goal is to ensure sustainable livelihoods for traditional craft producers and for the traditional craft industry in general. This research also aims to support the economic strength and competitiveness of these industries indirectly by i. Generating knowledge about developing innovation strategies in the traditional craft industry; ii. Providing an alternative advisory program to support the sustainability of the traditional souvenir craft industry; iii. Providing inputs for designers or any institutions who intend to establish collaborative design learning with craft industries. Understanding the situation carefully,including sensitivities such as culture and tensions among people, building self-confidence and trust among craftspeople as well as involving junior designers are keys in pursuing a participatory project in this case.

E-learning in traditional industries: balancing the preferences of an ageing workforce with the expectations of a technoloigy-savvy generation

There is widespread argument that traditional organisations and industries with a predominantly older workforce who are not using computers as an integral part of their work, are unlikely to embrace the opportunities afforded by e-learning. However, the challenge remains to engage a younger generation of learners who seem comfortable learning with technology, whilst not alienating those older learners who may prefer to learn in more traditional ways. This paper analyses data from five case organisations within the Australian rail industry to identify how the potential of e-learning can be realised whilst acknowledging the technological divide between younger and older workers.

Should we still lecture? Reconsidering pedagogical approaches to promote student engagement, challenging the traditional lecture

The dynamic interplay between existing learning frameworks: people, pedagogy, learning spaces and technology is challenging the traditional lecture. A paradigm is emerging from the correlation of change amongst these elements, offering new possibilities for improving the quality of the learning experience. For many universities, the design of physical learning spaces has been the focal point for blending technology and flexible learning spaces to promote learning and teaching. As the pace of technological change intensifies, affording new opportunities for engaging learners, pedagogical practice in higher education is not comparatively evolving. The resulting disparity is an opportunity for the reconsideration of pedagogical practice for increased student engagement in physical learning spaces as an opportunity for active learning. This interplay between students, staff and technology is challenging the value for students in attending physical learning spaces such as the traditional lecture. Why should students attend for classes devoted to content delivery when streaming and web technologies afford more flexible learning opportunities? Should we still lecture? Reconsideration of pedagogy is driving learning design at Queensland University of Technology, seeking new approaches affording increased student engagement via active learning experiences within large lectures. This paper provides an overview and an evaluation of one of these initiatives, Open Web Lecture (OWL), an experimental web based student response application developed by Queensland University of Technology. OWL seamlessly integrates a virtual learning environment within physical learning spaces, fostering active learning opportunities. This paper will evaluate the pilot of this initiative through consideration of effectiveness in increasing student engagement through the affordance of web enabled active learning opportunities in physical learning spaces.

Should we still lecture? Reconsidering pedagogical approaches to promote student engagement, challenging the traditional lecture

The dynamic interplay between existing learning frameworks: people, pedagogy, learning spaces and technology is challenging the traditional lecture. A paradigm is emerging from the correlation of change amongst these elements, offering new possibilities for improving the quality of the learning experience. For many universities, the design of physical learning spaces has been the focal point for blending technology and flexible learning spaces to promote learning and teaching. As the pace of technological change intensifies, affording new opportunities for engaging learners, pedagogical practice in higher education is not comparatively evolving. The resulting disparity is an opportunity for the reconsideration of pedagogical practice for increased student engagement in physical learning spaces as an opportunity for active learning. This interplay between students, staff and technology is challenging the value for students in attending physical learning spaces such as the traditional lecture. Why should students attend for classes devoted to content delivery when streaming and web technologies afford more flexible learning opportunities? Should we still lecture? Reconsideration of pedagogy is driving learning design at Queensland University of Technology, seeking new approaches affording increased student engagement via active learning experiences within large lectures. This paper provides an overview and an evaluation of one of these initiatives, Open Web Lecture (OWL), an experimental web based student response application developed by Queensland University of Technology. OWL seamlessly integrates a virtual learning environment within physical learning spaces, fostering active learning opportunities. This paper will evaluate the pilot of this initiative through consideration of effectiveness in increasing student engagement through the affordance of web enabled active learning opportunities in physical learning spaces.