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Open access

Vincent Uwaifiokun Aihie and Matthew Ikuabe

Abstract

The aim of the research is to comparatively assess the knowledge and competency levels among valuers and quantity surveyors of cost estimation techniques used in DRC valuation. The study investigates the need for estate surveyors and valuers in Nigeria to improve their current knowledge of cost estimation techniques when valuing non-rent yielding and specialized properties using the DRC method of valuation. More importantly, it evaluates the need for valuers to engage in the services of quantity surveyors in order to ensure that accurate cost estimates are provided for use in the valuation process. The research methodology adopted in actualizing the aim of the present study made use of primary and secondary sources of data, which included texts, published research work and semi-structured questionnaire. Identical questionnaire was distributed to both valuers and quantity surveyors in Lagos and their responses were measured using statistical tables and simple percentages. A proficiency scale of the National Institute of Health was adopted to test the level of competence of cost estimation techniques amongst valuers and quantity surveyors and their responses were ranked. Furthermore, a two-sample t-test was used to compare the means of random samples drawn from the responses of these two populations. The findings showed that there was a lack of awareness more on the part of valuers than quantity surveyors when it came to the knowledge and use of current cost estimating methods when valuing properties using the DRC method of valuation. These findings also gave credence to the fact that the services of quantity surveyors most times were not commissioned when these cost estimates were to be determined for valuation, hence leading to properties being undervalued or overvalued. In a nutshell, the recommendations postulated dwelt on improving the cost estimating knowledge of estate surveyors and valuers through seminars, symposiums and workshops organised by NIESV and NIQS, awareness of the need for valuers to work with quantity surveyors to perfect valuation briefs involving the use of the DRC method and slight changes made to the curriculum of the study course “Estate Management” in tertiary institutions so as to accommodate taking courses in quantity surveying.

Open access

Irina Vladimirova, Galina Kallaur and Kseniia Bareshenkova

Abstract

Contemporary scientific research and practical experience in the field of investment and construction projects management prove advisability of planning management processes, including key directions such as scope, time and cost management throughout the lifecycle of a real estate asset. Under conditions of construction industry integration into digital environment and active search for innovative and high-tech ways of development, an urgent issue is to select effective digital methods and tools that correspond to each phase of real estate asset lifecycle and ensure interests of each participant of investment and construction project. The aim of the article is to investigate the digital methods of real estate asset lifecycle management. Through methods of analysis and systematization, the authors of the article have identified that internationally known software producers as well as the scientific community and some representatives of construction industry acknowledge the effectiveness of the currently relevant information modelling technologies (BIM); however, full implementation of BIM technologies in Russia is mainly restrained by low interest from most participants of investment and construction projects. Therefore, by applying methods of comparative analysis and statistical assessments, reported effects of BIM implementation, according to the international experience, have been compared with actual results received by Russian companies, which actively use information modelling technologies. In addition, systematization of modern digital methods and tools for real estate assets management in correspondence with aims of each phase of their lifecycle has been carried out within the framework of the research. As a result, factors for encouragement of BIM implementation based on the principles of public-private partnership have been formulated and, in conclusion, respective stimulation measures proposed.

Open access

Nikolay Stoenchev and Yana Hrischeva

Abstract

The aim of the present article is to research the availability of rules in the change of the prices of the most spread flats in the neighbourhoods of Sofia. The results from a research in the change of the offered prices of the residential real estates by months for an annual period of time (from October 2016 to September 2017) have been presented. The presence of an uprising tendency for the bigger share of the neighbourhoods has been proven. For those of them where there is a tendency missing are calculated indices for seasonality by the method of the mean chronological value. Upcoming seasonal deviations of the mean monthly prices from the average annual by the separate types of flats (studios, one-bedroom and two-bedroom flats), whereas the highest values are registered in the summer and the early autumn - the months August and September, and the lowest in the late autumn - the months October and November. The most significant are the fluctuations in the variation of the prices in the studios, followed by the two-bedroom flats and one-bedroom flats. The results could be useful to some potential investors.

Open access

Mohsen Rasoulian, Ali Akhavan Ghannadi and Alireza Nojoomi

Abstract

In the contemporary world, the insurance industry is considered one of the crucial factors of the development and progress of countries, and the insurance condition is an indicator of this phenomenon. The aim of the study is to assess risk taking of insurance companies from the perspective of senior managers and experts. The methods of research are questionnaire and interview with experts and senior managers of life insurance of active insurance companies in the city of Tehran using random sampling. In the present study, among 60 senior managers and experts, descriptive statistics in the field of demography such as gender, background, and educational level of respondents have been studied, and then they have been asked for the confirmation and rejection of statistical assumptions in the form of known criteria and opinions of experts and decision-makers. To prioritise the factors from the hierarchical analysis process for factor ranking, the results have indicated that inflation, governmental policies and lack of expertise are the major factors affecting risk taking in the industry of life insurance.

Open access

Pavlos Metallinos

Abstract

The manuscript focuses on the situation before the execution of construction activities starting and after the crystallization of the contractual object between Public Authority and contractor. The aim of the article is to investigate the interpretation of mathematical model of measurement of a public work cost after contractor’s selection and before the start of contractual activities. Our study results have been drawn through the interpretation of equations, which have been extracted by the study of the multiparameter polynomial, as these have been developed and proven in the study “Measurement of the Cost of a Public Works Project: The Case of Greece”. Taking advantage of the mathematical model, which was defined in the previous study, we develop the comprehension of critical conditions, which determine finally the equivalent in money of cost of each technical commodity for the purchaser and shape the execution conditions of competition in the construction market. Due to the relation of Hellenic legislation with that of EU, the suggested mathematical cost measurement model of a public work and the conclusions of the present article can be used in further study related to a critical evaluation between Earned Value Management Method and Earned Schedule Method. Despite the Hellenic experience, the approach of cognitive object and the conclusions which are reached could be applied in the international practice, if we take into consideration that the process of contractor’s selection that is used at least in the European Union, is similar.

Open access

Shumank Deep, Mohd Asim, Neeti Kesarwani and Shweta Kandpal

Abstract

Indian construction is a vital domain with an enormous employment potential and its contribution to the economy. Real estate is an essential domain of construction that tackles the housing demands. In the present scenario, this sector is experiencing a slowdown often failing projects. Thus, the aim is to identify the project participant and attributes that lead to delays in the schedule of real estate projects. In this process, we apply the hierarchical analytical process to identify the actor and the causes that result in an overrun. Our findings suggest that to a significant extent delays occur due to contractors under the influence of distinct factors discussed in the study.

Open access

Lutfi Zharku

Abstract

The aim of the paper is to analyse the irregular budget receipts, their behaviour and impact on budget deficits in Kosovo. Since its independence, Kosovo has been engaging in large infrastructure projects based mainly on initially high cash balances and overestimation of revenue capacity, in particular of irregular receipts. This led to the creation of future liabilities and budget deficits, which had to be financed by public debt. Further, the politically motivated increase of wage and salary bill and social transfers increased the burden on budget deficit already caused by infrastructure projects. Thus, budget deficits became the lasting feature of Kosovo economy. All this was supported by a lack of legal infrastructure or fiscal rules for several years. There is extensive literature on the causes of budget deficit, its definition and measurement. The literature review method is adopted in the present study, and research is refined by including selected papers that contain empirical and theoretical studies on budget deficit. Therefore, special-purpose deficit, the so-called “regular” budget deficit, which considers only regular receipts and outlays, has been defined and measured in the present study. This analysis leads to the conclusion that irregular receipts used by the government to engage in large infrastructure projects and/or the politically motivated increase of wage and salary bill and social transfers lead to a budget deficit that has to be financed through public debt. This is a case study of Kosovo and research has been carried out using primary data drawn from Kosovo budget annual financial reports. The implications of the paper may be of high importance for policymakers as well as for academic issues. This is a unique approach to the issues of Kosovo budget deficit and irregular receipts.

Open access

Jānis Zvirgzdiņš, Kaspars Plotka and Sanda Geipele

Abstract

Economic models are built primarily following the classical economic theories, but a challenge to build good models with classical theories is needed to define the exact value of the Earth, which is hardly definable. Quite often national gross product indicator calculation reuses the same performance indicators, where the resource and income distribution system is not linked to production factors. The resource and income distribution system is primarily associated with low productivity (execution of a sales plan, execution of a profit plan, profitability level, increase in market share, personnel turnover rate, hours worked per employee). Changes in the productive and economic structures of the markets result in new innovative growth patterns which, based on customer motivation, are linked to the concentration of capital in regional and national markets, the growth of transnational markets and the development of technology. At the same time, extensive economic development through natural resources leads to deforestation, landscape changes, desertification, swamping and soil fertility renewal. So far, it often has been assumed that economic growth depends on the use of natural resources, and natural resources are unlimited. The results are “resource crisis”: resources are running out and resource prices are rising, thus invalidating a particular model. On the other hand, the eco-economy approach is a sustainable future for the economic modelling. The principle of eco-economy is based on a production system, which relies on re-cyclicality (the basis is the production of zero waste production). For this to happen, a transition to a completely new mind-set is needed. The research results were previously approbated during the graduate meeting of the Baltic DBU scholarship holders from 4 to 6 May 2018 in Latvia.

Open access

Lekë Pula and Alban Elshani

Abstract

The aim of the study is to examine the impact of public expenditure on economic growth of Kosovo. Time series data span for the period of time 2002-2015. The structure of the econometric model is built on Keynesian theories and endogenous growth model. The model estimation is performed only after implementing the Augmented Dickey-Fuller (ADF) Unit Root test to estimate if time series are stationary. Several tests have been implemented to determine model validity. The model has met all the assumptions of statistical tests: error term residuals have a normal distribution (Jarque-Bera test), there is no auto-correlation between variables (Breusch-Godfrey Serial test), and error variances are constant, known as the principle of homoscedasticity (Breusch-Pagan-Godfrey test). Gross domestic product is used as a dependent variable in the model, while public expenditure (G), foreign direct investment (FDI), export (EXP) and total budget revenue (TrTax) are used as the endogenous variables. The study results have revealed that there is a positive and statistically significant effect of public expenditures and exports on economic growth. Total budget revenue has a positive impact on economic growth but this has not been proved to be statistically significant. The authors of the research have also found out that FDI is negative and statistically insignificant.

Open access

Vlora Prenaj and Hysen Ismajli

Abstract

The aim of the present study is to review the definitions of the enterprises in the European Union, Western Balkans and Kosovo. The study also proposes the classification and comparison of small, medium-sized and large enterprises in the European Union, Western Balkan countries, such as Albania, Montenegro, Macedonia, Croatia, Bosnia and Herzegovina, Serbia, and in Kosovo. The study has been performed using the legal, economic, comparative and practice methodology. The results of the study suggest that states should have control over the categorization of enterprises, so the enterprises with higher economic power cannot have the opportunity to hurt those with lesser economic power, all based on the regulation law and its implementation in practice.