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Value of Professional Property Managers in Residential Project Development

Abstract

Property management has often been described as an after-sale service because the participation of professional property managers is only required upon completion of the building. Recently, however, property management has become an integral part of project development based on its value. These days, managing recreational facilities such as residents’ clubs, gyms and swimming pools, given the frequent use of electronic installations, no longer falls under basic caretaking services. The early detection of hidden problems such as poor quality concealed cables, conduits and pipes and the improper selection of building materials saves time and money in subsequent maintenance and repair work, simultaneously reducing any inconvenience experienced by end-users due to a breakdown in services or defective rectification.

Environmental protection and energy conservation are becoming increasingly important in our daily lives, and thus are unavoidable agendas in the design and construction of buildings, be they domestic, commercial or industrial. The input of professional property managers based on their foresight and past work experience with end-users is crucial to the success of such schemes. This paper reviews the value of professional property managers in residential project development.

Open access
Best Practice of Selecting Strategic International Agency Banking

Abstract

International agency or correspondent banking (corbanking) is cross border bank to bank businesses that agent banks act on behalf of principals. Despite drastic changing banking environment, corbanking remains from doing business by mainly fee based, packaging reciprocal products and services, and so on. Corbanking is therefore identified as an alternative to serve clients worldwide in a strategic low cost way. Best practice to identify for entering corbanking relationships and selecting their correspondents are the themes of this paper, which are useful for financial institutions to make strategic and operational decisions for their expansion. Eighteen determinant factors to establish corbanking relationships and nineteen selection criteria of correspondents were identified through literature reviews, case studies, and exploratory surveys. Empirical surveys were conducted on 43 sample banks in Australia, which were further categorized in ten bank groups. Analytical methods included descriptive statistics and stepwise least square regression with case studies. The findings were: the most significant factor for financial institutions to enter correspondent banking systems was the bank size and a lower ranking factor was location not physically present, whereas there was different consensus for different bank groups about the selection criteria for agents overseas.

Open access
The Evolution of Management Theories: A Literature Review

Abstract

This paper provides an overview of the evolution of management theories with an emphasis on human resource management (HRM). It examines the early philosophical viewpoints which laid the foundation for the development of management theories. It traces the evolution of management theories from the pre-industrial revolution through the two world wars to the era of rapid economic growth of the 1960s to the 1980s. In recent years, management theories had become more multi-faceted where emphasis has shifted from behavioural science to organisational structures and quality assurance. With rapid globalisation and increasing importance of cultural awareness, the paper concludes that more research will be needed in the area of cross-cultural and multi-national human resource management.

Open access
Fire Risk Analysis and Optimization of Fire Prevention Management for Green Building Design and High Rise Buildings: Hong Kong Experience

Abstract

There are many iconic high rise buildings in Hong Kong, for example, International Commercial Centre, International Financial Centre, etc. Fire safety issue in high rise buildings has been raised by local fire professionals in terms of occupant evacuation, means of fire-fighting by fire fighters, sprinkler systems to automatically put off fires in buildings, etc. Fire risk becomes an important issue in building fire safety because it relates to life safety of building occupants where they live and work in high rise buildings in Hong Kong. The aim of this research is to identify the fire risk for different types of high rise buildings in Hong Kong and to optimise the fire prevention management for those high rise buildings with higher level of fire risk and to validate the model and also to carry out the study of the conflict between the current fire safety building code and the current trend of green building design. Survey via the 7-point scale questionnaire was conducted through 50 participants and their responses were received and analysed via the statistical tool SPSS software computer program. A number of statistical methods of testing for significantly difference in samples were adopted to carry out the analysis of the data received. When the statistical analysis was completed, the results of the data analysis were validated by two Fire Safety Experts in this area of specialisation and also by quantitative fire risk analysis.

Open access
Organizational Culture and Scale Development: Methodological Challenges and Future Directions

Abstract

Defining and measuring organizational culture (OC) is of paramount importance to organizations because a strong culture could potentially increase service quality and yield sustainable competitive advantages. However, such process could be challenging to managers because the scope of OC has been defined differently across disciplines and industries, which has led to the development of various scales for measuring OC. In addition, previously developed OC scales may also not be fully applicable in the hospitality and tourism context. Therefore, by highlighting the key factors affecting the business environment and the unique characteristics of hospitality industry, this paper aims to align the scope of OC closely with the industry and to put forth the need for a new OC scale that accurately responds to the context of the hospitality industry.

Open access
Permission-based Leadership and Change Management in Hong Kong's Nongovernment Organisations

Abstract

This study addresses the management of transformational change by chief executives in nongovernment organisations (NGOs) in Hong Kong. The study takes an exploratory approach with interviews of 18 chief executives from a cross section of Hong Kong's NGOs. The findings indicate that organisational transformation is driven by increasing competition within the NGO sector and from commercial firms, by a demand for greater transparency and by internal forces. These factors are countered by structural inertia. Leadership of the organisational transformation of an NGO is permission-based; agreement from the various stakeholders must be gained to execute a successful transformation. The chief executive should have a humanistic style and be visionary, ethical and participative. Constant communication and involvement facilitate this process. Through this approach, followers will have a greater commitment to the organisational transformation. Organisational change is a combination of planned and emergent processes. The chief executive should relax control and foster a nurturing environment for transformation. This research suggests a leadership style, behavioural approach and model for managing change that will provide chief executives and senior leaders with useful considerations and insights.

Open access
Price Clustering and Price Barriers: International Evidence

Abstract

In this paper, I try to complement the existing literature by empirically examining the effect of price clustering and price barriers based on the international stock market. Evidence suggests that a strong effect of clustering and barriers is observed on last digit 0. Such effect is not robust and persistent on last digit 5. In addition, the cross-country analysis shows that price clustering and barriers become intensified in countries with a more transparent and open environment.

Open access
Achieve Sustainable Hospital Excellence Through 5-S in an Emergency Department in Hong Kong

Abstract

5-S is the first step towards TQM. Over the last century, the Japanese have formalised the technique and named it as 5-S Practice. Since 1993, Sam Ho has improved and defined its terms in English/Chinese and developed the world's first 5-S Audit Checklist. In the article, an emergency department of a Hong Kong hospital was examined against 5-S 50-point Checklist for the improvement of their quality assurance systems towards its accreditation process with Australian standards. The findings evidently reveal that the impact of 5-S on hospital quality assurance in the unit are positive. Riding on the above scenario, the research aim is to identify whether the 5-S practice is a suitable and effective tool for healthcare quality assurance in an emergency setting which is led towards its accreditation process set by other mechanisms.

Open access
The Adoption of Management Systems Standards & Best Practices in Malaysia (Current and Future Trend)

Abstract

Considers the extent to which Standards Based Management Systems and best practices are being successfully implemented in Malaysian organizations. A survey on Malaysian organizations was conducted in June 2011 and has produced 143 positive responses. Highlights the findings of the survey such as the status of ISO 9000, TQM, 5-S, QCCs and quality tools & techniques, the benefits and difficulties, best practices most frequently used and the future trend of Malaysian quality improvement activities. Also highlights a model for the implementation of TQM for Malaysian organizations.

Open access
Appraisal of Innovation Knowledge

Abstract

The transformation into a full fledge innovative firm requires the firms to embrace, the concept of learning organisation. Transformation should be based on the premise that the foundation of good innovation is good knowledge. Furthermore, it is widely accepted that knowledge is a key component of the concept of learning organisation. Knowledge transfer which central to the innovation chain should be based on good knowledge which has been by appropriate method for measurement of knowledge. It is shown in this paper that assessment of knowledge should result in a better management of innovation. The paper proposes that good innovation strategies are always based on good knowledge and that in order to differentiate between which knowledge is good and which is useful or applicable for innovation, then knowledge must be first evaluated or assessed using an appropriate assessment method. The paper also shows that a method for assessing the attributes of knowledge should encompass nine important characteristics of knowledge.

Open access