Law Essay Example | Topics and Well Written Essays - 1750 words - 5

Law - Essay Example be divided among the parties and in what manner.2 On the facts of the case for discussion it appears that a certain understanding existed between Pam, Tim and Derek with regards to the beneficial interests of the dwelling house and although Derek did not execute the deed reflecting those interests he is at liberty to invoke the doctrine of proprietary estoppel to enforce his interest. â€Å"The essence of the issue in these formality cases is that one party claims to be entitled to some proprietary right (or the monetary expression of the right22) even though in the normal course such creation or transfer would be ineffective due to an absence of formality.†3 As Dixon explains the use of the doctrine of proprietary estoppel requires a contravention of some statutory provision.4 For instance Section 53(1) of the Law of Property Act 1925 dictate that a disposition of an interest in realty be evidenced by writing. The imposition of an implied or constructive trust necessitates a departure from the rigid statutory requirements for written evidence of the conveyance or other disposition of an interest in realty.5 Be that as it may, Sir Christopher Slade in Huntingford v Hobbs [1993] 1 FLR 736 explains that the imposition of a constructive, implied or resulting trust are typically exempt from the formal requirements mandated by Section 53(1). Sir Christopher Slade explained: â€Å"In the absence of any declaration of trust, the parties respective beneficial interests in the property fall to be determined not by reference to any broad concepts of justice, but by reference to the principles governing the creation or operation of resulting, implied or constructive trusts which by s 53(2) of the Law of Property Act 1925 are exempted from the general requirements of writing imposed by s 53(1).†6 According to the ruling in Lloyd v Dugdale [2001] All ER 306 an estoppel is a proprietary right which can bind a third party as an overriding interest within the meaning of

Googles Performance Management System

Googles Performance Management System Contents (Jump to) 1. INTRODUCTION 2. FORMULATION OF HR STRATEGY 3. IMPLEMENTATION OF PERFORMANCE MANAGEMENT: 4. EVALUATION OF PERFORMANCE MANAGEMENT REFERENCES: 1. INTRODUCTION The practice of human resource management is concerned with all aspects of how people are employed and managed in organizations. The main principle of human resource management is to make sure that the organization is able to attain success through people. HRM aims to increase organizational efficiency and ability and the capacity of an organization to achieve its goals by making the best use of the resources available to it. Human resource management mainly deals with organizational behavior, organization design and development, people resourcing, performance management, learning and development, rewarding people and employee relations. In the organizational context, performance is usually defined as the extent to which an organizational member contributes to achieving the goals of the organization. Performance management is a regular process to improve organizational performance by improving the performance of individual persons and teams. The performance management strategy is practical to be the procedure of providing the study about the performance of the employee and is consider being the important tool in the decisions taken by the human resource department. Performance management is defined as Performance management is a strategic and integrated approach to delivering sustained success to organizations by improving the performance of the people who work in them and by developing the capabilities of teams and individual contributors (Armstrong and Baron, 2004). Performance management is the method of formulating, implementing and evaluating the work performance of employees, so that the organization will achieve their goals and objectives. Successful performance management is designed to develop performance, recognize performance requirements, and provide feedback related to those requirements and help with career development. The overall aim of performance management is to establish a high performance culture in which individuals and teams take responsibility for the continuous improvement of business processes and for their own skills and contributions within a framework provided by effective leadership (Armstrong, 2006). The objectives of performance management are (Hawkes, 1998): To sustain employees to find knowledge and skills to do their job well, To encourage in the ability of improved standards of work performance of an employee. For employees to work towards definite goals. For employees to get regular feedback on performance and For employees to achieve personal growth through acquiring significant knowledge and skills and attitudes. In todays business environment, the companys bottom line is to make more profits in long term by attracting, retaining and motivating top talent people for utmost performance. The approaches of companies for attaining profits are by offering the best rewards in the industry. The company which is in that list is Google Inc. Google early years, the search engine attracted an ever growing number of trusty users, which finally lead to an initial public offering valuing Google at US$ 23 billion. After the IPO, Google under the professional leadership of CEO Eric Schmidt, has grown greatly and continuous to innovate and expand into a numberless of industries, such as communication and web applications etc. The modern environment in which Google operate is very competitive. According to Google employees and their technical knowledge is companys greatest advantage (NYU IBA, 2008). This case study will focus on performance management tool of reward and feedback system of Google. Concentrating on how reward system is influencing the employee performance? And what are the methods used to evaluate the feedback performance management? 2. FORMULATION OF HR STRATEGY 2.1 Process of Performance Management: Performance planning and agreements: This process helps people to get into action so they can achieve planned and agreed results. This process briefly focuses on the elements like what has to be done and how it should be done and what is to be achieved. And this process is equally concentrated on developing people; helping them to learn and giving them the support they need to do well. The managers and the individuals carry out performance and development plan jointly. These planning should lead to an agreement on what needs to be done by two parties. This process is concentrating on Role profiles Objective settings Measuring performance and assessment Performance planning Development planning Role profiles This section describe the function in terms of the key result areas; define what the role possessor desires to know and be able to do and how they are likely to behave in terms of behavioral competencies and maintenance the organizations core values. This process will concentrate on rising the role profiles, defining the core result areas, defining the technical competencies, defining the behavioral competencies, and core values. Objective Setting This process describes the organizational goals or objectives to achieve over a period of time by the departments and the individuals. This will give ongoing role or the work objectives, targets, tasks, behavioral expectations, values, performance improvement, learning, and integrating objectives to manager and the individuals. As per (Armstrong, 2006) most of the organizations follow SMART mnemonic to summarize the characteristics of good objectives. S (Specific) Clear, understandable and challenging. M (Measurable) quality, quantity, money and time. A (Achievable) challenging but in the reach of a experienced and committed person. R (Relevant) related to the objectives of the organization so that the goal of the employees is associated to corporate goals. T (Time framed) objective is to be completed within a timescale. Measuring performance and assessment This process is a significant model in performance management. It is the main finding for providing and generating feedback, it identify where things are going well and where things are not going well, so that necessary action to be taken. The criteria for measuring the performance should be (Armstrong, 2006) linked to the strategic goals Focusing on inputs, outputs and outcomes, and behaviors. Point out the data or evidence that will be available as the source for measurement. Be as specific as possible in accordance with the purpose of the measurement and the accessibility of data. Give a sound basis for advice and action. Be comprehensive, covering all the main aspects of performance. The CIPD surveys of performance management in 2004 discovered that, in order of significance, the following performance measures were used by the respondents (Armstrong, 2006). Attainment of objectives Capability Quality Contribution to team Customer care Working relationships Output Flexibility Skills/learning targets Aligning personal objectives with organizational goals Business awareness Financial awareness Performance planning The performance planning is part of the performance management chain, which involves contract between the manager and the person on what presently needs to do to achieve objectives, move up standards, improve performance and develop the required competencies. It also establishes priorities the key aspects of the job to which attention have to be given. The aim is to make sure that the meaning of the purpose, performance standards and competencies as they apply to everyday work is understood. Agreement is also reached at this phase on how performance will be measured and the proof that will be used to begin levels of competence. It is important that these procedures and evidence requirements should be known and fully approved now because they will be used by persons and managers to check and demonstrate achievements (Armstrong, 2009). Personal development planning Personal development plans provide a learning action plan for which employees are responsible with the support of their managers and the organization. It may contain official training but, more importantly, it will include a wider set of learning and development actions such as self managed learning, training, mentoring, project work, job improvement and job enrichment. It is likely to focus on development in the existing job, and to improve the capability to make it well and to enable individuals to take on bigger responsibilities, extending their ability to accept a broader role. This plan therefore contributes to the success of a policy of continuous development that is predicated on the belief that everyone is able of learning more and doing better in their jobs. The plan will also give to enhancing the likely of persons to carry out higher level jobs (Armstrong, 2009). Managing performance throughout the year: Managing performance is that it is a continuous process that reflects normal good management practices of setting direction, monitoring and measuring performance and taking action accordingly. Performance management should not be imposed on managers as something special they have to do. It should instead be treated as a natural function that all good managers carry out. This approach contracts with that used in conventional performance appraisal systems, which were usually built around an annual event, the formal review, which tended to do well on the past. This was carried out at the behest of the personnel department. Managers proceeded to manage without any further references to the outcome of the review and the appraisal form was buried in the personnel record system (Armstrong, 2009). Performance review and assessment: Performance management is a permanent process it is compulsory to have an official review once or twice a year. This will give an idea on the key performance and development issues. There are mainly five performance management elements for review meetings; they are agreement, feedback, measurement, positive reinforcement and dialogue. These elements will leads to the end of the performance management cycle by informing performance and development agreements (Armstrong, 2009). The criteria for the performance review are Achievements with respect to objectives The level of skills and knowledge possessed and applied (Technical competencies) Performance is getting effected in job by the behavior (Competencies) Day-to-day effectiveness 2.2 Learning and Development: Employee development is the main method followed by most of the organizations to develop organization performance, which in turn requires a perceptive of the processes and techniques of organization, team and individual learning. Performance reviews can be regarded as learning events, in which employees can be encouraged to think about how and in which ways they want to develop. Development programs are reflecting the needs of sequence plans and looking for to promote leadership skills (CIPD, 2010). In a successful organization, employee developmental needs are addressed. Developing in this case means increasing the ability to make through giving training, develop new skills or by giving more responsibilities. Introducing the processes of performance management provides an outstanding opportunity to identify developmental needs. During the planning and monitoring of work, deficiencies in performance become clear and can be addressed. Areas for improving good performance also show up and action can be taken to help successful employees progress even better (OPM, 2010). 2.3 360 Degree feedback: 360 Degree feedback recognizes the difficulty of management and the value of input from a range of sources. The feedback is frequently unspecified and may be presented to the employee to the manager or to both employee and manager. Some organizations do not arrange for feedback to be mysterious. Whether or not feedback is anonymous depends on the organizations culture (Armstrong, 2009). The main advantages of having feedback are Individuals get a broader viewpoint of how they seem by others. It gives people a broad view of their performance Increased awareness by senior management. The main disadvantages of having feedback are Employees or managers do not always give honest feedback People may feel stress in receiving or providing feedback Too much official procedure (bureaucracy) In organizations they do not have a practice of open feedback; it is likely that 360 Degree feedback will be seen with greater levels of distrust. 2.4 Reward: Reward management is concerned with the formulation and implementation of strategies and policies in order to reward people fairly, equally and consistently in agreement with their value to the organization (Armstrong, 2009). The aims of reward management are Reward people as per the organization want to pay for. Reward people for the value they creating. Build up a performance culture Motivate people and obtain their commitment. Help to attract and keep the high quality people the organization desires. Operate fairly Operate transparently 2.5 Rating performance: Rating scales can be defined alphabetically, or numerically. Initials are sometimes used in an attempt to disguise the hierarchical nature of the scale. The alphabetical or numerical points scale points may be described adjectivally, for example, a= excellent, b= good, c= satisfactory and d= dissatisfactory. 2.6 Advantages and concerns of performance management: The advantages of performance management are Performance management focuses on results instead of behaviors and activities. Aligns organization activities, and processes to the goals of the organization. Explains long term views of the organization Provides specificity in commitments and resources Provides specificity for comparisons, directions and planning. The concerns expressed about performance management are that it seems extraordinarily difficult and often unreliable to measure phenomena as complex as performance. People point out that todays organizations are rapidly changing, thus results and measures quickly became obsolete. They add that translating human desires and interactions to measurements is impersonal even heavy handed. 2.7 Role of line managers and HR managers in performance management: Human Resource division at any organization has unique challenges, it has to make sure that the employees are motivated and dedicated to the organization with complete reliability and honesty. However, at the same time, the Human resource division has to make sure that the market dynamics are not badly affected by the total volumes of investment involved in the process. And also line managers are crucial to the success of performance management. But there can be problems with their commitment and skills and it is necessary to involve them in developing the process, provide training and guidance, gain top management support, keep the process simple, emphasize that performance reviews provide for quality time with their staff and need not be stressful if conducted properly. The main objective to the success at Google Inc. is simple work procedure apart from the incredible perks and compensations. There are a few fundamental rewards existing at Google like, there is no real hierarchical structure in the company, and it works in small groups it will give an opportunity to maximize the performance and this follows a flat structure. The ideas getting at the work place which are shared within the groups. Even though they work in smaller groups, they will have a project manager to look over the development of the committees. The company treats the small groups and teams as individual start-ups (NYU IBA, 2008). 3. IMPLEMENTATION OF PERFORMANCE MANAGEMENT: 3.1 Methods of performance management: There are number of methods we can use for managing performance. Below table shows some information on a number of official methods of performance management that may be used (Department of Economic Development, Tourism and the arts, 2010). Process What is this method? Where is this method used? 360 Degree appraisal This method gives a valuable approaching into how the persons work and behavior. This method is often used for managers and supervisors. While the values of this method are very useful, it can be administratively good method for small businesses. This method is used when funding and time is available. Where it is important to get quite a few perspectives on a persons performance, for example in the customer service roles or where the person is working across teams. Self assessment Just the name suggests, the individual assesses their own performance to set criteria. This is a good method for identifying where the businesses opinion of performance and the individuals opinions are different. Where there is an interview based performance management process Competency based assessments In this method they will access skills and capabilities. Ability can be harder to define in jobs with a high level of vagueness or where outcomes are not clearly express, such as managing relationships with staff. Where there are task oriented jobs with little or no ambiguity or decision making responsibility. Management by objectives A collaborative method, the MBO defines goals and future targets by consultation. Future tasks, behavior and productivity, for example, are discussed and a SMART plan is created so that the manager and staff member are aware of what needs to be achieved, to what standard and by when. Where the business uses formal processes to manage performance and where outcomes can be measured accurately. Google feedback program Google implements formal and informal feedback system to evaluate their employees. At Google, an employees manager report and individual reports are considered for the evaluation process. Its formal system of evaluation uses 360 Degrees review method. The employee will also selects three or more officials to review his performance. These reviews are made twice a year and this will reflect on the performance review with an employees bonus. Anyways, there is nothing surprise because regular checking of the performance is a form of informal feedback system and they are more comprehensive than a formal review which is performed twice a year (NYU IBA, 2008). Google reward program Google reward system extensively makes use of these formal and informal feedbacks, where the bonuses are based on the combined performance of the corporate, team and an individual. It got a complex structure of promotions and stock options within the organization. In addition, there is a strong clan society within the organization and comparatively flat organizational structure, making the company more a fusion of the two reward system. One of the Googles most exhilarating employee rewards is its capability to offer stock options. Stock options are typically to exercising the option and purchasing stock at a given date or not, however Google has decided to take a more innovative approach to its reward. Transferable stock options are a compensation program that Google developed for the purpose of allowing employees to trade their options off to a bidder. In this way, Google not only increases the value of every stock option given to its employees but also enhance its options valuations (NYU IBA, 2008). 4. EVALUATION OF PERFORMANCE MANAGEMENT Google feedback program By considering all the above statements, we can say that Google has room to improve upon its feedback system in terms of making it more stabilized and prearranged. In addition, one-on-one interaction should be encourages as much as possible. The informal feedback should come in some sort of format that helps employees more than hurts them, and gives beneficial analysis rather than negative and strange feedback (NYU IBA, 2008). Google reward program What is Googles incentive in giving out these perks and rewards?. Well it is becoming increasingly important to attract and keep top talent in an increasingly competitive job market. With competition from technology giants like Microsoft and Yahoo! Google is offering US$2000 to the current employees, if they refer a friend to work at Google. At the same time these perks and rewards help differentiate Google from its competitors that have expanded their own benefits program in recent years. Despite the seemingly phenomenal environment at Google, we believe the company should consider the system of perks to ensure a stable employee base in the future. In the future, an overemphasis on perks may not build sufficient employee commitment, especially if competitors can imitate Googles programs. Thus, it is better Google slowly merge the perks with the rewards system. Increasing employee rewards, rather than merely offering interesting perks will in the long run help increase employee productivity and loyalty (NYU IBA, 2008). REFERENCES: Armstrong, M. and Baron, A. (2004). Managing performance: performance management in action. London: Chartered Institute of Personal and Development. Armstrong, M. (2006). Performance Management: Key Strategies and Practical Guidelines. 3rd Ed. London: Chartered Institute of Personal and Development.

Akeelah and the Bee Essay -- Film Review

Akeelah Anderson, an eleven year old African American student from the Crenshaw neighborhood of South Los Angeles, struggles to overcome the limitations of her environment in order to succeed in a national spelling bee competition. As our group discussed the film Akeelah and the Bee we first wanted to look at the themes the film presents. We originally thought of the more oblivious ones such as how race and socioeconomic class play apart in the film. We also started to notice that the film presented an idealized view of how one individual can transform a community. We came to am agreement that the film gives clear representations of both the traditional and progressive forms of education, but neglects to do anything to address the socioeconomic issues that critical theorists focus on. The film opens with the returning of spelling tests in an under-privileged, and traditional school. The first sign of a traditional based school is the way the classrooms are designed and set up, with all of the desks facing the front toward the teacher's desk and chalk board. The movie begins with the teacher handing out spelling test scores, and everyone except Akeelah’s spelling test is under the satisfactory mark. The teacher gave the students words to memorize and recite back on the test later that week, and focuses on basic rote memorization where all of the students are tested on the same level, which is common in a traditional school. The movie shows how the traditional classroom setting is flawed, and seems to be at a standstill not allowing for growth or a true learning experience. As states in School and Society: â€Å"This concern is not hypothetical. Many of the specific tests being used to generate speeches and articles about the ... ...to make a predominantly white, coffee-drinking consumer group feel less bad about school children in the ghetto. The film is a good example of how powerful progressive education can be with glimpses of traditional classroom, but fails to understand the Although this type of environment threatens her ability to be a very smart and gifted student, a few people in her life realize her potential. Akeelah gets this opportunity because the district gets involved with Crenshaw, Akeelah’s school, because their test scores are so low, and will not receive the full funding it needs in order to provide simple supplies to their students such as book and bathroom stalls: â€Å"The district is breathing down my back, the test scores are low again.† (Akeelah and the Bee), and the principle thinks that if a student does well at the national bee then it will get more attention.

Value Management in Construction and Property

BRE 533 Value Management in Construction and Property Final Report Propose Development of The Hong Kong Polytechnic University Phase 8 Development 30 April 2010 Content Executive Summary| | Introduction| Background to the value management study| Function of the value management workshop| Project objectives| Value management workshop objectives| | Information Phase| Overview of presentations| Q&A of the presentation| | Function Analysis Phase| List of functions of FCLU| Functional matrix| FAST diagram| | Creativity Phase| List of brainstormed ideas to satisfy selected functions of FCLU| |Evaluation Phase| Criteria for evaluation of brainstormed ideas| List of P1, P2, P3 ideas| Weighted evaluation technique| | Development Phase| Action Plan| | Presentation Phase| | Summary and Conclusion| | Reflective journals| | Appendices| Appendix A| List of roles of participants| Appendix B| Workshop agenda| Appendix C| Photo of VM Workshop| Executive Summary As Phase 8 development of Polytechnic U niversity is proceeding actively. To ensure all stakeholders’ needs were accounted for, a one day value management workshop was held at Polytechnic University Room W610 to discuss the use of campus, at no. 5 Wylie Path. Representative of various interested groups, government departments and stakeholders were present. The representatives were carefully selected by due process as the success of the value management workshop is dependent upon the input of participants. The workshop followed the Lawrence Miles approach which was widely accepted in international standards and all groups, departments and stakeholders thus gone through all major stages: 1. Pre-workshop Phase namely information phase, 2. Workshop Phase – function analysis phase, creativity phase, evaluation phase and 3.Post workshop Phase – reporting/development phase to input new ideas and rule out any unnecessary functions These three phases were worked by the team members in order to achieve better v alue for money for FCLU. The information stage of the workshop comprised, in addition to the presentations by participants, a structured question and answer session and a functional analysis section, which identified forty areas or objectives to be idea generated in relation to option 5; the first ranked option.The idea generation produced which ultimately were converted into a series of working lists. This included seven design notations which represented stakeholders’ needs and were, by consensus, to be included as part of the preliminary concept design. A preliminary assessment of risk associated with the project was undertaken following the value management process. This will form an introduction to a full risk assessment which will be done when a preferred proposal is announced.The participants were well familiar with the issues surrounding the project and this step has provided preliminary information for that later During the workshops, all participants have expressed their ideas and all information are recorded through the interactive value management software. To enhance sustainable development concept of whole project scheme, evaluation criteria were identified, defined and rated. These evaluation criteria were applied to each agreed alternatives and were rated on the scale of 1 -10.The idea generation stage of the job plan produced ideas for the refinement of sustainable design and were developed into action plans which are found in the body of the report. Introduction 1. 1 Background to the value management study The Phase 8 development is formerly design to be located at â€Å"former Livestock Depot†, northwest of the existing campus. The anticipated move in date is at the end of 2012. Upon completion, the development will provide approximately 25,600m2 net floor area for implementation of the new academic system and other academic development.However, upon completion of the design of Phase 8, the government would like to donate the lot no. 15 Wylie Path to the PolyU for expansion of the campus. To minimize the occurrence of abortive design, it is intended to relocate the Phase 8 development to no. 15 Wylie Path with additional facilities to ensure fully utilized of the land piece. The Associate Dean of FCLU, requested to conduct a VM workshop for the briefing process of this new project scheme to gain wider public consultation. 1. 2 Function of the value management workshopThe workshop provides the vehicle for bringing together the groups, departments and key stakeholders in a forum which: * Maximizes their contribution; * Draws on the combined knowledge of people from a variety of disciplines; * Takes advantage of group dynamics, rather than relying on input from individuals in isolation; and * Helps to bring into perspective the project as a whole, rather than as a collection of independent elements. Therefore, the number of participants should be actively managed so as to not become unwieldy, while maintain ing a wide representative.The list of role of participant is attached in Appendix A. While the workshop should be properly managed due to time constraint, an agenda is required and is enclosed in Appendix B. 1. 3 Project objectives The objectives of the project are: * Expansion of new campus to cope with the new â€Å"3+3+4† academic system. * Avoid abortive design due to relocation of Phase 8 development to no. 15 Wylie Path with additional facilities to make full use of the piece of land. * Facilitate green building design. * Enhance the concept of sustainable development. Improve the image/reputation of the university. * Minimize impact to the public and adjoining community. 1. 4 Value management workshop objectives The value management workshop objectives are: * To provide a forum to discuss the use of the land no. 15 Wylie Path to achieve sustainability and value for money. * To discuss the functions of FLCU in order to make adjustment to the former design of Phase 8 for locating at no. 15 Wylie Path. * To determine the additional facilities to be located in no. 15 Wylie Path apart from Phase 8 development. . 5 Workshop strategy The Workshop followed began in the five-stage Job Plan identified in Value Management Literature. Information stage The development project workshop began in the room W610 at the PolyU campus where presentations and keynotes speeches provided information on various aspects of development. Analysis stage The rationale behind a Value Management study is that the functions under study are analyzed to determine whether they can be carried out more efficiently and cheaply without reducing either quality or performance.With the large number of participants, analysis was not as rigorous as to determine the functions Over lunch in the staff canteen in the PolyU of the day of the workshop, we were set a task of identifying key areas of importance, which were then combined into a workshop-wide list. The necessary functions were deter mined through asking the participants what was important to them. This was carried out in a rolling approach. First, each participant was asked to think of the important aspect, then discuss them amongst their team and finally promote them to the whole workshop.Later, a mixture of functions and evaluation markers resulted in the whiteboard. The result was then used to direct the creative thinking and evaluation sessions. Creative stage The number and diversity of creative ideas that emerged from the workshop were satisfying, as to be expected from the value management process. Majority of the creative thinking process have run smoothly. Evaluation stage At the end of the creative thinking session, teams were asked to present their ideas. This allowed a certain amount of evaluation to take place before the presentation as teams only presented their best ideas.The further evaluation and development of ideas took place with all the participants in the workshop together. Development sta ge The workshop ended with an action plan which set out tasks that were required for the ideas raised in the workshop to be taken forward. This action plan is seen as an important step to change the workshop from a talking shop to one with a definable outcome. Information Phase Overview of presentations Presentations were carried out in the order of the following functions: * Project design teams – including architect, building services engineers, landscape architects, etc. o present their roles, the available preliminary design, concept of their design and how their design can meet with the sustainable development goal and the new academic system. * Government departments – including Buildings Department, Highways Department, Architectural Services Department, etc. to present their roles, the current and necessary statutory requirements imposed on the project and the views in terms of government. * End users or related interested groups – including different fa culties, student union, planning office, etc. o present their roles, their concerns of the project, their needs and expectations from the project in view of the new academic system. * Potential contractors – including main contractor and subcontractors to present their roles, the anticipated planning of works and their expectations in terms of design, waste management and contractual arrangement. Some participants make use of the computer facilities to deliver their ideas/expectations through Microsoft Powerpoint slides while the majorities are presented via general speech and causal discussion.The content of the presentations is based on the context of the background papers prepared by all participants. After the general introduction by the facilitator, speakers gave several presentations on the major issues surrounding the project. They were as follows: Speaker| Topic| President| Aim to meet the need for providing the use of the land No. 15 Wylie Path to achieve sustainabil ity and value for money. | Consultant Architect| Review of permissible land use, deliver of preliminaries project design and type of contract procurement. | Campus Planning Officer| Introduce the preliminaries planned requirement. Associate Dean of FCLU| Role of Associate Dean of FCLU| Facility Management| The importance of Facility Management| Head of BSE| Sustainability development| Head of CSE| Role of Head of CSE| Student Union| Role of Student Union| Landscape Architect Project Manager| Review of statutory requirement, deliver of preliminaries landscape design concept. | Consultant Landscape Architect| Review of statutory requirement, deliver of preliminaries landscape design concept. | Building Services Consultant| Self promotion| Fire Safety Engineer| The importance of Fire installation| Quantity Surveyor| Role of QS in the project|Lands Department| Land Use of Site| Architectural Services Department| Role of ASD on Public Building Projects| Environmental Protection Departmen t| Potential Environmental Impacts and Mitigation Measures| Electrical & Mechanical Services Department| Monitoring the Quality and Workmanship of Lifts and Escalators and Administrate Registers of Registered Electrical Workers (REW) and Contractors (REC)| Buildings Department| Statutory Standards of Buildings| Contractor| Time, Cost and Quality Construction| Building Sub-contractor| Sustainable Development and Value for Money| Overview of PresentationsThe key points of the presentation listed in the table above are found as follows: President President of PolyU presented the aim of this VM workshop and such approach is to meet the need for providing the use of the land No. 15 Wylie Path to achieve sustainability and value for money. The development phase describes how to relocate the Phase 8 development to no. 15 Wylie Path with additional facilities to make full use of the piece of land was briefly conducted. Also, background information about the project had been clearly presente d during the VM workshop. â€Å"The Phase 8 development is proceeding actively.It is originally design to be located at â€Å"former Livestock Depot†, which is in the northwest of the existing campus. The anticipated move in date is at the end of 2012. However, upon completion of the design of Phase 8, the government would like to donate the lot no. 15 Wylie Path to the PolyU for expansion of the campus. So, intent to avoid abortive design, the Associate Dean of FCLU (Faculty of construction and land use) suggested conducting VM workshop for the briefing process of this new project to gain wider public consultation. † Consultant Architect Consultant Architect clarified the current land use of the land denoted from overnment and the mechanism of the land use change under current statutory requirement. He also presented his preliminaries design of the project including the project scope and nature in accordance with the statutory outline zoning plan. Typical design consi derations were also reviewed by him and he also further adopts various forms of energy efficient features:- (a) Water-cooled chillers and evaporative cooling towers; (b) Rotary heat wheel for primary air-handling units; (c) Demand control of fresh air supply with carbon dioxide sensor; (d) Occupancy and daylight sensors for lighting control; e) Light-emitting diode (LED) type exit signs; and (f) Automatic lighting and ventilation control for lifts. Finally, the contract procurement by means of design and build contract was introduced. Campus Planning Officer Campus Planning Officer reviewed the necessaries of shuttle buses between the old and new campus and introduced the overall project development time frame. They also planned that the development shall provide approximately 25,600m2 GFA for general teaching facilities including lecture theatres and classrooms, teaching and research laboratories, conference facilities, office accommodation and amenities facilities.Associate Dean o f FCLU * Associate Dean of the Faculty is responsible for the promotion of whole-person development of undergraduates in the Faculty and is responsible for matters in relation to the development of undergraduate curriculum, including general education, transition to the 4-year normative degree, and outcome-based teaching and learning. * * As the president of HKIVM who initials the use of VM workshop in facilitating with over years experiences of being facilitator in VM workshop.Being a Certified Value Analysts (CVA) recognized by the UK IVM and also the certified facilitator (List A) in HKIVM, Associate Dean of the Faculty is used to be secretary, editor and vice president of HKIVM. Facility Management Facility Management is the process by which an organization integrates its people, work process and physical assets to serve its strategic objectives. As a discipline, facility management is the science and art of managing this integrative process from operational to strategic levels for promoting the competitiveness of organizations.The HKIFM hence recognises Facility Management as both a process and a discipline. It also affirms the integrative approach adopted in Facility Management world-wide and promotes the synergy of effective people and building/ asset management that can enhance a corporation’s competitiveness. In addition, HKIFM accords Facility Management to the highest professional level whereby facility managers are instrumental in the strategic decision making of an organization. * * Head of BSE As the head of BSE, they would introduce sustainability development.Sustainable development is a pattern of using resource that aims to meet human needs while preserving the environment so that these needs can be met not only at the present, but also for future generations. Engineering plays a crucial role to the success of this new technologies and applications. The various aspects of sustainable design have to be considered which consists of enhanc ed of the physical environment, energy conservation, visual and noise impacts, indoor environmental quality, water management, solid waste management, operation and maintenance.Energy conservation- There should be integration of architectural design to enhance energy efficiency. Building orientation and building envelope design, including sunshades and glazing should be considered to adopt the overall thermal transfer value and the overall energy approach. Energy consumption display panel can be used as educational facilities to promote awareness of building occupants. Visual and noise impacts- The cultural and heritage values of a building should be well considered in order to reduce the visual impact.The noise impact can also be reduced through building envelope design, provision of noise barriers and introduction of noise prevention measure, etc. Indoor environment quality- Natural ventilation is recommended to use and the indoor air quality can be maintained by specifying materi als and products with low volatile organic compound emission as well as by air treatment and filtration. The use of daylight should be maximized while visual privacy from exterior is maintained. Both glare and light pollution should also be minimized. Water management- Reduce, reuse and recycle can be applied.The use of low-flow spray taps with sensor operation can reduce water consumption while being more hygienic. Development of biotechnology enables maximizing the recycle of grey water by using micro-organisms. Recycled grey water can be reused for toilet flushing and irrigation of plants. Solid waste management- During the design stage, space should be allocated for the disposal of domestic waste from building occupants and allowed for sorting and storage. The use of prefabricated building construction system and the adoption of re-usable metal or fibreglass formwork are good to use.Operation and maintenance- As the design and construction stages of a building is shorter than op eration and maintenance stage, sustainable design can save a lot of wasteful alterations and excessive consumption of energy during the life span of a building. A good example can be adequate metering for measurements and performance monitoring of the building. Head of CSE As the Head of Department of Civil Services Engineering, they need to prepare a proposal to employ some best academic professions and other supporting staffs, budget, and others auxiliary facilities to our senior management for approval.And the important role is to implement PolyU Strategic Plan to proceed. * Head of Student Union The Students' Union organizes a wide range of activities every year for its members. These include sports, recreational, academic and cultural functions, ranging from aquatic and athletic meets, students' festivals, orientations to Open Days for the public. Union representatives serve as members on a number of University committees, thus maintaining an effective link between the Universi ty Management and the student body. Consultant Landscape Architect / Project ManagerConsultant Landscape Architect clarified the procedure about the preparing of master landscape plan compliance with statutory requirements. Typical landscape design considerations were also review by him and he also further adopts various forms of landscape design concept for D&B contractor to follow:- 1. Communal sky garden; 2. Communal podium garden; 3. Green Planting at all floor balconies 4. Water feature fountain at the main entrance 5. Trees planting along the Boundary/Fence wall 6. Lawn at non-accessible public areaBuilding Service Consultant BSE Asia  is in a position to offer the benefits of a strong local base with a staff compliment of around 390 within the region together with the ability to support any major development in  Asia with both specialist engineering expertise and technology from an international forum through our group companies. Currently BSE Asia is actively  involved in various large scale  projects located in Hong Kong, Mainland China, Philippines, Vietnam and the Middle East. We have extensive experience in most Asian countries.Our experts and engineers have been responsible for large number of landmark infrastructure and building projects throughout Asia. Our clients have been able to take full advantage of our comprehensive regional presence in the knowledge that this can be further supplemented by world class resources from our other world-wide offices. Our range of work sectors covers the whole field of the building environment for the design of large retail scheme, office building, private housing, factories and  leisure facilities to the civil engineering of roads, railways, bridges, ports or communication systems.Our range of skills covers the whole industry of building and construction  from structural and building services design to the civil engineering and the design of environmental management programme ranging from contamin ated sites to noise and vibration control. * BSE Asia is confident  to successfully deliver engineering design and implementation of the project due to our extensive experience and knowledge and deep understanding of the local culture in Asia. * Fire Safety Engineer The reliable fire protection system is very important to safety of the properties and the occupants in a building.The fire services installations, including the fire detection; fire alarm and fire-fighting systems shall be designed to comply with the regulations of the Fire Services Department as a minimum. A sensitive but reliable early fire warning system and effective fire suppression system is very important to make sure that the fire is detected when it is still in its smoldering stage, to put out or retard the development and spread of the fire and smoke when the fire is still its early stage.On the other hand, the fire detection and alarm system shall be accurate as not to result in high volume of false alarms t hus causing undue panic and serious disturbance to the tenants. The fire alarm system shall be fully interfaced with other building services installations, including electrical, mechanical ventilation and smoke control, emergency announcement, and lift installations, etc. such that the entire services installations will operate as an integrated system in response to the emergency situation.The fire services installation equipment including fire detection, fire alarm and fire fighting system shall be designed to comply with the regulations according to Fire Services Department requirement. Quantity Surveyor Quantity Surveyor introduced their roles in the project and the important of cost planning for project development. Lands Department Lands Department (LD) presented the administrative procedures and relevant regulations on land use. LD reminds the VM workshop members that the requirements of planning application under Section 16 of the Town Planning Ordinance.LD expressed that she would give corresponding feedback from their enquiry about the issue of land use. They would carry out detail assessment on review, consideration and approval for lease modification. If necessary, LD will incorporate other departments such as Buildings Department and Architectural Services Department for solving relevant technical issues Environmental Protection Department Environmental Protection Department (EPD) presented their role on preparing plans, programmes and legislation for environmental protection and overseeing the conduct of studies, investigation and surveys.They liaison with other government departments, educational and professional institutes, public organizations (such as District Councils) and other private sectors on environmental protection task. EPD concerns the construction site environmental and sustainability issue of the Project. Their concern as stated follows: 1. Noise Impact & management 2. Air quality impact 3. Waste management 4. Green and Sustainable Buildings 5. Green Procurement and Supply Chain Environmental Management 6. Avoid & Reduce Waste in construction site Electrical and Mechanical Services DepartmentRegarding to the PolyU Phase 8 Development, Electrical and Mechanical Services Department (EMSD) would monitor the quality and workmanship of the lifts and escalators to be installed in the project, by certification system of Lift and Escalator Engineers and worker, providing advisor services of life safety and approving the use of lifts and escalators. EMSD administrate registers of registered electrical workers (REW) and contractors (REC) and monitor their performance. They remind the Contractor shall employ REW and REC to carry out any electrical works in the Project.EMSD reminds all VM workshop members that all the fixed electrical installation shall be in accordance with the Code of Practice for the Electricity (Wiring) Regulation, published by our department. The electrical system shall be registered in the departme nt by form WR1 signed by REW. They would also carry out spot check to these registered electrical systems. During the operation stage, EMSD would perform checking and endorsement of Periodic Test Certificate and inspecting fixed electrical installations in the building.Buildings Department Buildings Department (BD) presented their responsibilities in the workshop is to provide expertise to ensure all proposals for the expansion of Phase 8 Development will meet with all statutory standards, safety and other requirements. In case of any breach of statutory provisions and missing of relevant documents are identified, suggestions will be provided for the project team and other stakeholders allowing revision of design in the initial stage.On the other side, BD expressed the progress of the project. The original layout and design of Phase 8 development is upon completion, all plans are ready to submit for approval by Buildings Department. They are then to advise the project team any fores eeable objections will be raised by other Government Departments regarding the original design and suggest how to re-layout or revise the design not to breach any statutory requirements and in full compliance of Building Ordinance for the expansion development proposal.BD expects that their advice can probably help the project team to minimize the time spending on checking with the compliance of Building Regulations so as to speed up the whole project not only in initial stage but also the construction stage as well as the whole process. Contractor One of the potential contractors, Hong Kong First Class Contractor Limited (HKFC), presented their staff arrangement, time, cost, quality, safety and environment management and site layout planning in this phase.HKFC will allocate sufficient competent personnel at head office and site for maintaining the standard of works on site and co-ordination with project stakeholders including clients, consultants and sub-contractors. HKFC provided a proposed master schedule of the project. They shall begin the project commencing from the date for procession in April 2009 and complete the project by March 2012. Based on the tender documents provided by the consultant quantity surveyor, HKFC estimated the tender price is HKD 1,128 million for this projectHKFC expressed that they would adopt ISO 9001 and ISO 14000 international management systems for this project to achieve client requirements and statutory standards. HKFC presented their safety plan for this project specifying that two potential safety risks are identified – deep excavation and finishing works at external walls. They have taken positive actions to reduce the impacts of those risks including provision of temporary scaffolding and monitoring system. For site layout planning, HKFC pointed out that the site area is sufficient large to locate all facilities.Building Sub-contractor The building sub-contractor, A & G Building Construction Ltd. (A&G), attended t his VM workshop and expressed views on this project in respect of waste reduction, buildability enhancement, project procurement system improvement and construction innovation. A&G recommends several solutions on above issues. For waste reduction, they suggested to solve the problems in three aspects: design, site management and procurement method. For buildability enhancement, they recommended to improve the design and site operations.Questions Raised as a Consequence of the information Phase Following the presentation, the VM workshop participants, had the opportunity to ask the relevant questions through a structured process. As the presentations of all participants were able to express the concern and important issues of the project, there were no questions raised on the presentations. There was only one debate when end users group presented their ideas on drainage system, the secretary of the workshop had posed a query on the feasible of such idea.The question was satisfactoril y solved through the facilitator stimulation and discussion between parties. Function Analysis Phase During the workshop, we learned the concept of function analysis and its use at the strategic briefing stage of a project to derive the project’s mission through function diagramming. One of the objectives of the use of function analysis at the strategic briefing stage is to lay the foundation for the â€Å"best value for money† solutions to the project problems.The function analysis technique relies upon the discovery of all relevant information through the issue analysis and the structuring of that information in a way that leads to the recognition of the primary objective of the project. There are three steps to the construction of a function diagram: 1) GENERATION OF FUNCTIONS A function is the specific purpose or intended use for a product, it is the characteristic that makes it work, sell, generate revenue, or meet requirements (Dell’Isola,1982).The generat ion of functions starts with the facilitator leading the teams to creatively explore the functions required by the project. These functions may be high order executive functions or relatively low order ‘wants’. All functions are explored as an active verb plus a descriptive noun, and are recorded on sticky notes and scattered randomly across the wall mounted white board.. The facilitator was continually prompt the teams to generate functions by referring back to the information from the issue analysis, timeline and REDReSS. A typical list of creatively explored functions is shown in Table A ) SORTING OF FUNCTIONS / CONSTRUCTING PROJECT FUNCTION —-PRIORITY MATRIX After the completion of the brainstorming session, the teams are invited to sort the notes into the more organized form by putting the highest order ’needs’ into the top right – hand corner of the white board and the lower order ‘’wants’ into the bottom left â€⠀œ hand corner. ‘Needs’ are the fundamental requirements that the project must possess to serve the client’s basic intentions and ‘wants’ are the embellishments which it would be nice to have but are not necessarily needed.The project function priority matrix is constructed from responses gleaned from each â€Å"sticky notes† function as to whether that function is technical or strategic and whether it constitutes a need or a want. The note is transferred to the appropriate box in the matrix where its position is ordered relative to the other function in the box (Table B). The higher priorities are listed at the top of the respective boxes. It should be emphasised to the team that this procedure is an iterative process and one of our team member was entitled to move a previously ordered sticky note.Although this activity sounds confrontational but there was disagreement to occur and the correct ordering of all the functions were achieved. TABL E A: TYPICAL LIST OF CREATIVELY EXPLORED FUNCTIONS FOR THE PHASE 8 DEVELOPMENT 3) CONSTRUCTION OF FUNCTION DIAGRAM A strategic or customer oriented FAST diagram is constructed by focusing on the strategic needs and wants The highest order needs tend to form the mission of the project with supporting functions being positioned to the right. The strategic wants tend to be positioned below the centerline of the mission statement.The mission statement will require to be word crafted to make it read as a flowing statement. It is important to have unanimous team agreement that the statement truly reflects the mission of the project, the mission at this stage does not necessarily imply a building. TABLE B: A PROJECT FUNCTION PRIORITY MATRIX Describe the Function Analysis and how to use this technique? Function analysis as used here is the process of analyzing the functional, rather than the physical, characteristics of a system. A function may be stated in the form {verb,noun}.It is an act ion upon something. Eat food, go to work, and cash paycheck are very important functions in the life of most of us. Akiyama (1991) notes that †¦Ã¢â‚¬ ¦.. The aim of function analysis is to reveal each of these actions and thus identify the nature of the products and services to which they belong. All products and services are endowed by their creators with certain purposes. Function analysis reveals the intentions or purposes behind the creation of a product or service and thereby identifies the nature of that product or service.Although products and services exist as physical objects or systems, they are not created out of nothing. They are preceded by an idea – a concept – which is the basis of their creation. Function analysis identifies the nature of products and services by revealing these concepts. Having determined the nature of an object, one can then conceptualize many physical realizations which serve the purpose and choose the realization with the best value. In this manner breakthroughs are designed.Functional decomposition is the process of asking â€Å"how† for each higher level function to derive lower level functions. Functional composition is the process of asking â€Å"why† for each lower level function to derive higher level functions. The result is a tree or systematic diagram of functions which fall under some ultimate top level function. Function analysis is also a primary tool for quality function deployment, requirements engineering, and value engineering. Function Analysis System Technique Function Analysis System Technique is an evolution of the value analysis process.FAST permits people with different technical backgrounds to effectively communicate and resolve issues that require multi-disciplined considerations. FAST builds upon Value Analysis by linking the simply expressed, verb-noun functions to describe complex systems. FAST is not an end product or result, but rather a beginning. It describes t he item or system under study and causes the team to think through the functions that the item or system performs, forming the basis for a wide variety of subsequent approaches and analysis techniques.FAST contributes significantly to perhaps the most important phase of value engineering: function analysis. FAST is a creative stimulus to explore innovative avenues for performing functions. The FAST diagram is an excellent communications vehicle. Using the verb-noun rules in function analysis creates a common language, crossing all disciplines and technologies. It allows multidiscipline team members to contribute equally and communicate with one another while addressing the problem objectively without bias or preconceived conclusions.With FAST, there are no right or wrong diagrams or result. The problem should be structured until the product development team members are satisfied that the real problem is identified. After agreeing on the problem statement, the single most important o utput of the multi-disciplined team engaged in developing a FAST diagram is consensus. Since the team has been charged with the responsibility of resolving the assigned problem, it is their interpretation of the FAST diagram that reflects the problem statement that's important.The team members must discuss and reconfigure the FAST diagram until consensus is reached and all participating team members are satisfied that their concerns are expressed in the diagram. Once consensus has been achieved, the FAST diagram is complete and the team can move on to the next creative phase. The importance of the FAST approach is that it graphically displays function dependencies and creates a process to study function links while exploring options to develop improved systems. Value analysis and its more robust cousin, Function Analysis System Technique, are important analysis tools.These methodologies lead to improved product designs and lower costs by: †¢ Providing a method of communication within a product development team and achieving team consensus †¢ Facilitating flexibility in thinking and exploring multiple concepts †¢ Focusing on essential functions to fulfill product requirements †¢ Identifying high cost functions to explore improvements The strategic fast diagram for development of POLYU phase 8 development Creativity Phase The purpose of the Creative Phase is to develop a large number of ideas for alternative ways to perform each function selected for further study.The two approaches to solving a problem are analytical and creative. In the analytical approach, the problem is stated exactly and a direct, step-by-step approach to the solution is taken. An analytical problem is one that frequently has only one solution that will work. The creative approach is an idea-producing process specifically intended to generate a number of solutions, each of which solves the problem at hand. All solutions could work, but one is better than the others; it i s the optimum solution among those available.Once a list of potential solutions is generated, determining the best value solution is an analytical process. Creative problem-solving techniques are an indispensable ingredient of effective VE. By using the expertise and experience of the study team members, some new ideas will be developed. The synergistic effect of combining the expertise and experience of all team members will lead to a far greater number of possibilities. The subsections that follow describe the activities in the Creative Phase. Once the value study determines the frame, creativity process begins.When a team is present, high-performing team processes are in full affect by now. We usually use at least four creativity techniques. Two brief ones actually occur during the information phase. Two very extensive ones occur during this phase. In the creative phase the value management team put forward suggestions to answer the functions which have been selected for study. T here are a number of creative techniques, for example: brainstorming, the Gordon technique, the synaptic technique and many more. The main features as below: * ? Purpose and need * ? Managing divergent thinking * ?Brainstorming techniques * ? Unrestricted idea generation * ? Large quantity of ideas is the goal * ? Suspending judgment until the The team develops a broad array of ideas that provide a wide variety of possible alternative ways to perform the function(s) to improve the value of the project. After the FAST diagram and/or cost models have been completed, the VE Team should begin to generate ideas for each of the poor value basic functions. The objective of brainstorming is to generate as many ideas as possible that could conceivably be developed into alternatives to the original concept.The typical brainstorming session consists of the VE Team spontaneously producing ideas related to the performance of the required function. The Facilitator’s role during brainstormi ng is to encourage creative, divergent thinking by the team members. This may be especially critical when the team members, who have been selected for specialized technical expertise, have difficulty considering innovative or unique technical applications. The team leader must enforce the need to defer judgment on ideas until as many as possible are generated. Every idea must be recorded for future evaluation, even those which initially seem absurd.Generate Alternative Ideas In this phase of the study, it is important to generate a free flow of thoughts and ideas for alternative ways to perform the functions selected for study, not how to design a product or service. While creativity tools are available for problem-solving situations, no specific combination of techniques is prescribed for all VE efforts, nor is the degree to which they should be used predetermined. The selection of specific techniques and the depth to which they are used is primarily a matter of judgment and varies according to the complexity of the subject under study.The following describes some idea-generation techniques commonly used in the VE context: a) Brainstorming. Brainstorming is a free-association technique groups use to solve specific problems by recording ideas individuals in the group spontaneously contribute. Brainstorming is primarily based on the premise that one idea suggests others, and these suggest others, and so on. Brainstorming could be done by an individual, but experience has shown that a group can generate more ideas collectively than the same number of persons thinking individually.Spelling has suggested combining group and individual brainstorming. He found that after the group brainstorming process was complete, individual brainstorming can generate additional ideas of comparable quality. There are various rules which apply to the management of a brainstorming session of which the two most important are: firstly, no criticism of any suggestion by word, tone of v oice, shrug of shoulders or any other method of indicating rejection is allowed. Secondly, the exercise is one of generating as many suggestions as possible. The good suggestions will be randomly scattered amongst all suggestions. In workshop has indicated that in any sample, the number of good suggestions remains fairly constant as proportion of wild suggestions, so the more suggestions that there are, the more good suggestions will be obtained. ) All suggestions are recorded and none are rejected on the grounds of apparent irrelevance. b) Gordon Technique. The Gordon technique is closely related to brainstorming. The principal difference is that no one except the group leader knows the exact nature of the problem under consideration. This difference helps avoid premature ending of the session or egocentric involvement.A participant may cease to produce additional ideas or devote energy only to defending an idea if convinced that one of the already proposed ideas is the best soluti on to the problem. It is more difficult to select a topic for such a session than for a brainstorming session. The subject must be closely related to the problem at hand, but its exact nature must not be revealed until the discussion is concluded. c) Checklist. This technique generates ideas by comparing a logical list of categories with the problem or subject under consideration. Checklists range in type from the specialized to the extremely generalized. ) Morphological Analysis. Morphological analysis is a structured, comprehensive system for methodically relating problem elements to develop new solutions. In this approach, the problem is defined in terms of its dimensions or parameters, and a model is developed to visualize every possible solution. Problems with too many parameters rapidly become intractable. e) Attribute Listing. This approach lists all the various characteristics of a subject first and then measures the impact of changes. By so doing, new combinations of charac teristics (attributes) that will better fulfill some existing need may be determined. ) Input-Output Technique. The input-output technique (1) establishes output, (2) establishes input as the starting point, and (3) varies combinations of input/output until an optimum mix is achieved. In the creative thinking stage, the workshop participants are divided into groups, each of which is asked to resolve issues identified in the information stage. The spokespersons of each group are then asked to present the findings from their group to all study participants so that further ideas can be created from the other participants.All ideas are welcome, as even those which are seemingly unsuitable, may spark the creative thinking process. Using focused creative lateral thinking process, list, for the select functions, the numerous alternative ideas or options for performing existing or proposed functions. A large quantity of ideas should be generated and recorded at this stage, without ant stopp ages for judgment or criticism. Brainstorming is a creativity technique extensively used in value management and much can be found written about it in value management literature.Essentially a brainstorming session is a short-term intensive group exercise, where a team of individuals will generate as many ideas as possible for risk events that may adversely affect the project. In a sense, this may be termed â€Å"negative brainstorming† as the team of individuals is trying to determine all the things that may go wrong with the project i. e. the downside risks, as compared with more conventional value management brainstorming where the team is trying to generate ideas for fulfilling functions.Evalution phase The main tasks in this phase inculdie setting up criteria, evaluating and selecting alternatives generated during the creativity phase. Various models and techniquees, such as, cost models, energy models, LCC models and weighted evaluation technique may used during this ph ase. n this phase, the question â€Å"what does each alternative cost and how does it perform? Will be answered. Evalution of Ideas Generated Screening Ideas into Categories: -Realistically possble (P1) -Remolely possible (P2) -Fantasy (P3)Weighted Evaluation Technique is relevant in Value Mznagement, and particularly value management exercises in situations where a decision needs to be made in selecting an option from a number of competing options where the best option is not immediately identifiable. The first stage in the weighting and scoring methodology is to determine the criteria by which the options are to be judged. In selecting criteria it is important not to select criteria which are highly correlated, for example, when judging between floor finishes , we should not includ criteria such as ease of cleaning with cost of cleaning since the two are highly correlated.For example, when considering internal partitions setiing upbetween the different spaces, a number of options are suggested. In determining the criteria for judging the optons the following are agreed. * The ability of demountable. * Good noise attenuation. * Attractive finish. * Ability to conceal services. * Ability to support fittings and fixturees. * Cost. * Reliability of supply over a period of years. A paiired comparison exercise is then held to determine the weighting to be given to each attribute as shown in the Figure A. The weights are carried forward to the scoring matrix and entered under their respective attributes Figure B.The scoring exercise then determines how well option meets the attributes based on a scale of 1 to 5. These score are entered in the top left triangle in each cell of the matrix. The score is multiplied by the weight in each cell and the amount entered in the bottom right triangle. all amouts are summed for each option and the total entered. Based upon the decisions taken by the team a traditional stud and plastered blockwork a close scond. the proprietary partitins did not score well in the exercise and this may require a second look.Indeed a sensitivity analysis should take place by changeing some of weights and some of scores to see the impact. In the exercise below the team gave a high weight to sound attenuation against which some of the proprietary partitions scored poorly. In the evaluation process,the weighted evaluation technique is used to more formally organize the process. Weighted evaluation ensures optimm decisions. good decisions are made by placing the proper emphasis on all criteria. During evaluation, it is impotant to discuss and weigh the following areas: * Needs Vs desires Important Vs Unimportant * Design tradeoffs Vs requireed function. On the other hand, the Value of the weighted evaluation technique are: * Information / Knowledge sharing * Consensus building * Number of criteria and options Limitatons of the weighted evaluation technique are: * May be very time – consuming * Consistency in the process * Use of other methods such as Analytical Herarchy Process (AHP) may be the possible ways of mitigating the limitations. Since the optimum time to conduct a value review is after the preliminary submittal stage and before working drawng are started.The principal reasons for reistance to changes recommended by VM studies are lack of understanding of VM. On the contrary, VM is designed to be an additional technique for economy and for promoting greater cost effectiveness, but there always generally lack of knowledge of the priniciples and application of VM in the construction area. To overcome the limitations, initially, it was recognized that the preferred place to do VM was during the design phase. Next, all the available information, including cost data, was gathered. Finally, a VM study team wass assembled.The team checked the cost estimate, and then conducted the information and speculative phases of the job plan. The obective was to verify cost and to develop a list of ideas of probable savings without expending too much time and money. Development Phase When completed the above four stages (Information, Financial analysis, Creativity and Evaluation phases ) then we will reach a critical phase is Development phase. Because the main task of this phase is included investigate selected alternatives in depth, developing them into written recommendation for mplementation and establishing an action plan with action to be taken and present responsible. This stage is not only to let our client to know all technical and economical evaluation. We should also consideration of the probability and operability of successful implementation, such as availability of labour and materials, capability of building contractor and his sub-contractors. During this stage, we should only tight monitoring the job progress and also periodically review the progress to make the project can reach the optimal result and include client’s requirement and expectation.Action Plan Upon completion of VM shop, ideas and suggestions have been sought from the VM team members regarding to the development of this Phase 8 – Land No. 15 Wylie Path Project. To facilitate the fore coming preliminary design of the projects, an action plan has worked out. We believe this action plan can be utilized as a guideline for the members to carry out follow-up action and also presented as a clear list for subsequent counter-parts to undertake the detail design and even giving indications and advices for future construction works. Item| Action Description| | Environment Issue| | Liaise with BEAM and seek their advice for the building design| 2| Investigate the feasibility of planting more trees around the development| 3| Consult from the designer about the natural night design| 4| Investigate the feasibility of using recycle construction materials| 5| Encourage the use of modular building designs and precasting of building components| 6| Encourage the use of lean construction à ¢â‚¬â€œ the use of lean construction design such as using thinner walls| 7| Prompt good handling of raw materials during construction| 8| Advise the designer to use of automatic-switching system for air-conditioning and lighting devices. 9| Consult from environmental specialist to minimize the noise during construction| 10| Undertake tree survey to preserve the existing trees as many as possible. Avoid tree felling. | | General Recommendation| 11| Assess Traffic impact to the public during construction| 12| Encourage better cater service to the new development| 13| Incorporate more amenities area to the campus | 14| Improve the accessibility of the location. Liaise with relevant public transport company. 15| Investigate whether hair cutting service to be established inside campus| 16| Equip with better wi-fi service| 17| Investigate the feasibility of school bus service| 18| Incorporate with wide diversify cater service| 19| Plan for more hall bed | 20| Encourage with more activitie s rooms| 21| Consider planning for better IT equipment in the campus| 22| Investigate the possibility of introducing beauty workshop for the girl student| 23| Consider planning for an equipped fitness centre| 24| Encourage students to participant more extracurricular activities in this campus|Presentation Phase During our presentation phase on 10 April 2010, Dr. Fan – Technical Director of the Hong Kong Institute of Value Management had been invited as our group facilitator and he had also given some critical idea. During the presentation phase, we have divided into four small groups and each person should also show their name and party involved, such as Client’s representative, construction team members, professional consultant, user’s departments and relevant government departments etc.During the presentation phase, each parties had been introduce their contribution on the VM workshop and some members also raise-up some questions when they have queries, and th e concerned members will explain his/her opinion and we want to solve all queries on the workshop or change proposal usually include a statement of the follow-up procedure which are necessary to ensure the implementation We found that be a competent value management specialist is not easy but it is valuable to find a VM specialist to hold a meeting, especially in some large construction project.During the presentation phase, we had learnt that the subject aims to all student that he/she should be able to use some value management methods more efficiently to hold the meeting, such as: 1. To understand the value management methodology; 2. To use value management tools/techniques such as functional analysis in workshop; 3. To organize and manage value management workshop in different phase of a project life cycle; 4. To exercise practical creativity skills and work with a team of stakeholder to arrive at innovative solution; 5.To ensure value for money for project by applying value man agement in business and/or technical situations; 6. To implement the value management methodology and technique in real-life projects. If we can follow all steps and apply suitable technique and lead the value management workshop then I believe that we can reach client requirements. Besides, Hong Kong government also support value management methodology apply in some large public project and this instruction also written on the technical circular 16/98 by Works Bureau in 1988 and technical circular 35/2002 by environment transportation and works bureau in 2002.Finally, if we want the value management workshop more effectively that a value management specialist must be a smart, full of tactic and fully understand the whole construction procedure then he/she can ensure to achieve value for money methodology and also fulfilled client’s requirement. Summary and Conclusion With the help of Mr. Shen in the morning and Jacky in the afternoon, acting as the facilitator, the VM worksh op was completed successfully in early of April.With a brief introduction, we had a clear idea of objectives for the project as well as the VM workshop. Different phases such as information phase and function analysis phase were carried out during the workshop, some key features were learned from each phase. In the Information phase, a short brief was carried out by core team members (i. e. chairman, contractors, consultant, government bodies, etc. ). As such, team members could know more about the projects as well as different roles acted by team members.The main tasks in this phase including collection of historical cost data; identifying client’s needs, wants and requirements; clarifying project givens and assumptions; obtaining design standards as well as specifications; having a thorough understanding of the project. In the functional analysis phase, the main tasks in this phase are to identify and classify functions and select elements for detailed studies. Techniques s uch as Function Analysis, FAST Diagram, Function Hierarchy, Priority Matrix may be used during this phase. In our workshop, FAST Diagram and functional matrix were used to determine the function of the Phase 8 Development.Team members understood the use of FAST Diagram and selected suitable functions for further analysis. In the creativity phase, the main task in this phase is to generate a large number of alternative solutions for accomplishing basic functions required by the clients. This task is normally supported by creativity stimulating techniques, such as Brainstorming, Golden Technique, Synectics, Lateral Thinking. Alternative solutions to the selected functions were proposed in our workshop. Selections of score from 1 to 5 were elected through team members’ choices.In the evaluation phase, the main tasks in this phase include setting up criteria and evaluating and selecting alternatives generated during the creativity phase. Various models and techniques, such as, co st models, energy models, LCC models, and weighted evaluation technique may be used during this phase. In our workshop, WET is used for evaluation and 3 functions were chosen In the development phase, the main tasks include investigating selected alternatives in depth, developing them into written recommendations for implementation, and establishing an action plan with actions to be taken and persons responsible.This involves not only detailed technical and economic evaluation but also consideration of the probability and operability of successful implementation. Through the VM workshop, we can understand and be able to select appropriate projects for VM studies. Besides, we learn to manage critical success factors to ensure successful execution of VM studies. Furthermore, we can understand project under-performance and how VM can address this issue. The last but not the lease, we can know the benefits of VM applications in property and construction.The following are some benefits a nd advantages that could accrue to a development if VM is utilized: – It provides a forum for stakeholders – Generally the team spirit is enhanced – It provides an overall review of the project which many stakeholders previously may not have had access to – It identifies constraints, issues and problems which might not otherwise be obvious or have been considered – It provides an optimum value for money project with improved functionality – It identifies any deficiencies, omissions or superfluous items and any unnecessary costs – Assists in crystallizing a client’s brief Creates a large return for a minimal investment in the VM study. VM generally pays for itself Apart from the academic view points, many team members express their opinions during the last session in which a numbers of good ideas are inspired. Most of the team members agreed that many techniques for VM have been learnt in the VM workshop, and such outcomes are u seful in the construction industries and also daily life. Some special opinions are also raised in this session such as ‘keeping silence is equal to agree, voice out is more proactive in selecting score for functions’.Besides, some members pointed out that in selecting the functions, there is no specific guideline or judgment in evaluating the score, making the score is not subjective. Reflective journals Fong, P. S. W. and Shen, Q. (2000), â€Å"Is the Hong Kong construction industry ready for value management? † International Journal of Project Management, 18, pp. 317-326. Grosvenor, R. (1997), â€Å"Introduction to Value Management. † Value Manager, 3(4), pp. 4-6. Hill and Bowen (1997), â€Å"Sustainable construction: principle and a framework for attainment. † Construction Management and Economics, 15(3), pp. 223-239.SAVE International, Value Methodology Standard, â€Å"The Value Society†, 1998. http://www. value-eng. org/pdf_focs/monogra phs/vmstd. pdf Shen, Q. P. and Liu, G. W. (2004), â€Å"Applications of value management in the construction industry in China. † Engineering, Construction and Architectural Management, 11(1), pp. 9-19. The website of The Hong Kong Institute of Value Management http://www. hkivm. com. hk/ Ann T. W. Yu, Geoffrey Q. P. Shen, John Kelly and Kirsty Hunter. A How-To-Guide to Value Briefing. The Hong Kong Polytechnis University and Glasgow Caledonian University 2006 VM in Hong Kong: Research and Development Geoffery QP ShenBoddy, D. (2002) Managing Projects – Building and Leading the team, Pearson Education, UK. BSI (2000) Value Management, BS EN 12973:2000 Dell’ Isola A. J. (1982) Value Engineering in the Construction industry, 3rd edition, Van Nostrand Reinhold Company, New Work Construction Industry Board (1997) Brief the team, Thomas Telford Publishing , London Gallupe, R. B. and Cooper, W. H. (1993) Brainstorming Electronically, Sloan Management Review, Fall pp. 27-36 General Condition of Contract for Building Work 2005 http://www. hkbeam. org. hk/fileLibrary/_BEAM%20Plus%20NB. pdf SAVE International (1998) Function: Definition and AnalysisShen, Q. O. (1993) A knowledge-based structure for Implementing Value Management in the Design of office Building Thiry, M. (1997) Value Management Practice, PMI Publications, Philadelphia Appendix A – List of roles of participants NO. | Student Name| Student No. | Party| 1| CHAN Chun Ming| 08585004g| EMSD| 2| CHAN Ho Man| 08534329g| SU| 3| CHAN Wai Hung| 08569551g| Bldg sub-contractor| 4| CHAN Wa

Economics Exchange Rates Commentary Essay

NEW YORK (Dow Jones)–The dollar continued its slide Wednesday, touching its lowest level in 12 months against the euro and flagging against the yen as rising equities battered the greenback yet again. The dollar has lost key legs of support over the past two weeks as encouraging global economic data has led investors to assume more risk and buy higher-yielding assets. With the recession receding and financial markets in recovery, investors have become more confident there’s no longer a need to hold their money in a safe-harbor currency like the dollar. Because of the Federal Reserve’s need to stimulate the economy, the dollar’s ultra-low interest rates have made it the lowest-yielding major currency. The cost of borrowing U.S. dollars in the London interbank market continued its slide Wednesday. The key three-month London interbank offered rate marked its lowest level since the British Bankers’ Association first introduced its Libor fixings in 1986. The dollar hit its lowest level against the common currency since September 2008 in New York afternoon trading, with the euro touching a 12-month high at $1.4738. If the euro is able to sustain levels above $1.4720, a key technical level, it could be on a march to $1.50, said Carl Forcheski, vice president for foreign exchange at Societe Generale in New York. The dollar’s losses were broad, sinking to new 13-month lows against the Australian and New Zealand dollars as well as lows for 2009 versus other widely traded counterparts. The U.K. pound also piggy-backed off the euro’s gains to advance on the dollar. The yen had been the so-called â€Å"carry trade† currency of choice, but with U.S. interest rates expected to remain feeble until 2010, analysts anticipate the dollar to continue funding riskier bets. A carry trade involves buying a lower-yielding currency to fund purchases of higher-yielding assets. The dollar was also burdened Wednesday by comments from Japan’s incoming finance minister, Hirohisa Fujii, who said he saw no need to intervene in currency markets to weaken the yen. In the past, the dollar had received support from the belief that Japan would intervene to prevent unwanted appreciation of its currency. â€Å"There’s no change in my thinking† that it’s not the time to consider foreign-exchange intervention, Fujii said at a news conference. Though he wouldn’t rule out intervention in what he termed â€Å"really abnormal situations,† Fujii said â€Å"the idea that the yen should be cheaper for the sake of [Japan’s] exporters is wrong.† Wednesday afternoon in New York, the euro was at $1.4729 from $1.4667 late Tuesday, according to EBS via CQG. The dollar was at Y90.78 from Y91.06. The euro was at Y133.72 from Y133.60. The U.K. pound was at $1.6506 from $1.6495, while the dollar was at CHF1.0306 from CHF1.0340. U.S. economic data released Wednesday, including as-expected August consumer price index and better-than-expected industrial production numbers, pointed to a continuing recovery, leading stocks to rally. The Dow Jones Industrial Average rose 108 points, lending support to the euro and other high-yielders. The dollar looks likely to continue its broad-based slide through the rest of the year, analysts said. As long as the buck doesn’t fall too far too fast, dollar weakness is expected in a time of loose monetary policy, said Adnan Akant, a currency specialist at money manager Fischer Francis Trees & Watts, a New York unit of BNP Paribas. Right now, the euro and other higher-yielding currencies are reaping the benefits of a global economic turnaround and stock market rallies, but within the next 12 months, the dollar should start benefitting from a recovering U.S. economy, said Wells Fargo analysts. The Canadian dollar ended higher near its strongest levels of the day Wednesday, reflecting another sustained flight into riskier assets like stocks and commodities at the expense of the slumping U.S. dollar. The U.S. dollar was trading at C$1.0666 late afternoon, from C$1.0721 late Tuesday. Strong gains for oil, gold and other commodities as well as rising North American equity markets underpinned the Canadian dollar’s gains, although the currency again failed to mount a serious challenge of its year-to-date high at C$1.0639, achieved in early August. Commentary The article refers to a depreciation of the dollar against major currencies due to â€Å"ultra-low interest rates† and increased risk by investors. The Federal Reserve has been cutting interest rates in an attempt to boost aggregate demand and stimulate the economy. High interest rates in an economy generally encourage investment in that currency as the value of the investment will increase over time. Currently US interest rates set by the Federal Reserve are around 0.25% compared to the European Central Bank’s 1%. Because of this, investors have switched to higher yielding currencies, such as the Euro, and to a lesser extent the Pound, causing a fall in the Dollar’s exchange rate. This is shown in Diagram 1. As the diagram shows, a right shift in the supply of the Dollar leads to a fall in its price relative to the Euro. In addition, the aforementioned cutting of interest rates is an expansionary monetary policy used to manipulate aggregate demand. The trade off of this policy is increased inflation. A high rate of inflation might further decrease investment in Dollar assets as the real value of the investment would decrease over time. During times of economic crisis, investors tend to invest in low risk assets such as generally strong currencies like the dollar. However with signs that the global economy is exiting the recession and in recovery, not only does the demand for safe-harbor currencies like the dollar decrease, but there is an increased demand for high risk investment due to bullish speculation. In addition, some consumers, firms, or foreign central banks might believe that despite the improving economic situation, the Dollar will continue to fall as the article mentions and sell dollar assets. This bearish speculation would further increase the supply of the dollar and perhaps lead to self-fulfilling prophecy. As shown above, the combination of the three factors leads to a sharp fall in the exchange rate. As previously mentioned, this depreciation could cause a self-fulfilling prophecy in which the initial bearish speculation leads to depreciation, which in turn causes more bearish speculation causing the exchange rate to enter a downward spiral. Initially, the Federal Reserve might not intervene but if the depreciation continued, it would be forced to buy back Dollars to counteract the increases in supply. This would slow the depreciation, discouraging people from selling dollars. It might even create bearish speculation as some might assume the dollar market will bottom out and start to appreciate. The depreciation of the Dollar should benefit the US economy by means of an improved current account deficit. Initially, the deficit will worsen as the demand for imports and exports is inelastic in the short run, but eventually the current account balance will improve as US exports become more competitive. US export revenue will increase while expenditure will fall. This improved current account situation will boost AD leading to economic growth. This is shown below in Diagram 3. Diagram 3 However, as the diagram shows, in the long run, there will be the trade off of inflation as AD rises. This might encourage Federal Reserve to strengthen the Dollar to reduce imported cost-push inflation. In addition, the increased demand for US exports will increase the demand for the Dollar causing appreciation. Foreign nations might eventually implement import controls such as tariffs on US goods in order to preserve their own current account balances. Eventually, the Dollar should regain its status as a high-yielding currency ——————————————– [ 1 ]. The value of one currency expressed in term of another [ 2 ]. A period in a business cycle following a recession, during which the GDP rises. [ 3]. Believing that a particular security, a sector, or the overall market is about to rise [ 4 ]. Revenue from the exports of goods and services and income flows is less than the expenditure on the import of goods and services and income flows in a given year