Economical Aspects of Architectural Design

Economical Aspects of Architectural DesignBasics of Project ManagementContents (Jump to)a) Describe and beg off the deviance amid documentary estate and other assets / economic goods (e.g. capital products).b) Give at least three reasons why a node make an investiture in real estate.c) In line with the scenario, List and explain every of the following- the reasons for the customer to point a Project Manager, referring to a least cinque (5) customers tasksd) The kind/type of skills a Project Manager should have, and explain why s/he should be generalist at heart a clients organization.e) List, explain and debate the major aspects/characteristics, to optimize the investment cost and subsequent (follow-up) costs at bottom the design under constant condition of the intended purpose. Also explain the basic interrelation between investment cost and subsequent cost.As the instructed pop coach for an office building, you ar cosmos asked to analyse the architects design conc erning economical aspects, by answering all the tasks in this brief.Task 1.1a) Describe and explain the divergency between real estate and other assets / economic goods (e.g. capital products).In order to know the differences between real estate and financial assets, one must first learn what these assets argon. First and foremost, real estate is all of the value-generating properties and commodities owned by the client, being physical items such as grounds and buildings on which you whoremonger put a special value on. Such value is determined by various factors like the location, functionality and cost. Meanwhile, financial assets are all those transactional instruments which can be converted into cash. In fact, such assets can be in the form of trade receivables, shares or bonds and are do to represent an underlying value or percentage of the real estate. The difference between the two, is that such financial assets are more liquid when compared with real estate since the y can be easily converted into cash. In fact, financial assets such as stocks can be easily sold within a matter of hours while real estate normally takes months to sell. Another difference between the two, is that the actual property may experience depreciation through the years while financial assets may generate more cash flow imputable to perpetual growth over the years. Needless to say, one must come up that in real estate the client would own the actual land, a land component which will have an infinite life condemnation. Also, financial assets may possess a greater risk since the investment being done cant be physically seen or studied. Finally, one must also keep in mind that the economic cycle is always changing by m (as seen in the image below) and therefore if such investment is to be done, the client must have an idea of the economys situation in the weedy future.http//smallbusiness.chron.com/financial-vs-real-asset-79865.htmlhttp//www.gulfbase.com/InvestmentTutorial/ Section?id=24https//books.google.com.mt/books?id=ciJwGJfjHGkCpg=PA739lpg=PA739dq=real+estate+versus+financial+assetssource=blots=rJtkg_kdgksig=D5u9lFi7MdLceg06jRKJrKMja7chl=ensa=Xei=RMCGVIXxGMz5UKOtgsgDved=0CEEQ6AEwBQv=onepageq=real%20estate%20versus%20financial%20assetsf=falsehttp//pages.stern.nyu.edu/adamodar/pdfiles/valn2ed/ch26.pdfb) Give at least three reasons why a client makes an investment in real estate.There are various reasons why a client should invest in real estate. These three main reasons areRentalSuch procedure is considered to be an old practice which is static comm still used nowadays, were the client buys a property and rent it out to a tenant/s. In fact, in such system the client/landlord is responsible to maintain such property in a condition and ensure that all taxes and other payments are also paid by this individual. On the other hand, the landlord will then request the tenant to pay a unique(predicate) fee to cover all of the cost for maintenance and acc ommodation. Usually, when the mortgage of such property has been paid, the consequent rents will become a profit to the client.TradingUnlike the lease procedure, trading involves the buying of property with the intention of holding them for a short period before sell them in order to make profit. Especially when it comes to undervalued properties, a prospective client can make a substantial number of profit for a low capital investment especially when renovation are done.DevelopAlthough the previously mentioned reasons can offer a reasonable profit to the client, one must not forget that once an investment is done on a real estate it can offer multiple possibilities to develop such property. Therefore it is very important that when a client is buying a property, one makes sure that such investment can offer such profit possibilities in the future.http//www.investopedia.com/articles/pf/06/realestateinvest.asphttp//realestate.about.com/od/realestateinvesting/qt/why_invest.htmhttp//w ww.yourinvestmentpropertymag.com.au/buying-property/35-reasons-to-invest-in-real-estate-120946.aspxTask 1.2a) In line with the scenario, List and explain all of the following- the reasons for the client to appoint a Project Manager, referring to a least five (5) clients tasks (200 words)In order to have an optimum office building, one must have a combination of a specific target definition, adequate planning and professional execution from a group having an expert understanding. If adequate planning is used within the timeframe of the office building, it can reduce losses while also saving from the overall cost and time. In fact, such client tasks may includeSchedule MonitoringQuality AssuranceDecision makingCost MonitoringPermit compatibilityAlthough these are only few of the tasks that fall under fuddle management, for this reason a project manager is appointed on behalf of the client. Such appointment must be done in order to have an individual which can make decisions and repo rt back to the client. Since the office building may require a substantial amount of time to manage, a team of project management must be set up in order to realise the clients concept. deep down the office building the project manager will handle the mentioned client tasks like monitoring of schedule to ensure the deadline date is met, monitor cost to keep in line with the budget, conduct quality assurance to make sure they are within the agreed specifications and also support the client in the be tasks. Such procedure must be done to reduce the load or handle those which cannot be delegated by the client.Slide 68- understand with relation to time cost and quality.https//books.google.com.mt/books?id=BNVOAaPw6qMCpg=PA106lpg=PA106dq=why+should+a+client+appoint+a+project+managersource=blots=sCklzzM8IWsig=lVnUwtNFt38m1VYKXjYzFwdm0S0hl=ensa=Xei=ahqIVNr7GMnsO8yJgfgDved=0CCgQ6AEwAAv=onepageq=why%20should%20a%20client%20appoint%20a%20project%20managerf=falsehttps//books.google.com.mt/boo ks?id=7Tif1JpevVwCpg=PA7dq=why+should+a+client+appoint+a+project+managerhl=ensa=Xei=ih6IVNWoKIG5OMn_gKgHved=0CCUQ6AEwAQv=onepageq=why%20should%20a%20client%20appoint%20a%20project%20managerf=false*b) The kind/type of skills a Project Manager should have, and explain why s/he should be generalist within a clients organization. (200 words)As the project manager of the office building, it is important to have a number of skills that ensures one can be comfortable with the specific project type and responsibilities associated with it. Such responsibilities may include process organisation, target definition, planning process and construction implementation. The project manager has to be able to give the best advice to the client, while building a healthy communication with the architects and specialists found within the project. Furthermore, by clearly defining the bespeak Definition, the project manager will ensure that all phases are done one after the other in the smoothest way poss ible. More importantly, the project manager must be also a generalist within the clients organization in order to handle both the stages of the project and participants involved. A generalist project manager, will have enough experience to know that when involving participants at the early stages of the project they will put their knowhow and transmit their nurture to achieve a better overall outcome. Furthermore, such project manager will be able to look into the various project processes and create specific management functions in order to integrate the planners objectives with the demand of the executing companies.CHECK WHETHER TO ADD SPECIALISTShttps//www.linkedin.com/groups/Project-Manager-Specialist-Generalist-37888.S.204373857think about cost implication regain the balcony alteration in midi projectTask 1.3c) In line with the scenario, List and explain the differences between line and staff functions (Project Leadership and Project Controlling) within different project manag ement functions, giving at least five (5) examples concerning clients tasks.http//www.ukessays.com/essays/construction/commercial-real-estate-residential-real-estate-construction-essay.phpDuring the project leadership and project manageling of the verbalise office building, one can decide to choose either line or staff function.Line FunctionIn this system, the hierarchical structure starts with the client and continuous with the other participants involved within the project. Since our office building is relatively complex, the client may not be able to manage all tasks and so, by assigning a project manager he will be responsible to handle the various clients tasks. This will give a good idea of the projects management requirements since they can directly impact the outcome of the project. Such clients tasks areProject presidential termEnsure permit compatibilityProcesses executionEnforcementEnsure project financingSuch procedure, may also be adopted when the clients does not ha ve a trustworthy management knowhow. In such cases the engaged project manager will act as a Temporary CEO and represent the client in various managerial functions especially when it comes to the control of planner and executing entities.However, one must keep in mind that the project manager will still report to the clients request.Staff FunctionOn the other hand, within a staff function the client no longer has the cleverness to act as the primary deciding role but now he has to report to the projects consultants. This system gives the client the responsibility to control this project (office building), however constant reporting must be made with the project manager. Add sometingTask 1.4d) List and explain the differences between transferable and non-transferable clients tasks. (400 words)In large scale projectTransferable tasksNon-transferable taskse) List, explain and debate the major aspects/characteristics, to optimize the investment cost and subsequent (follow-up) costs wi thin the design under constant consideration of the intended purpose. Also explain the basic interrelation between investment cost and subsequent cost. (500 words)One must ensure that the design of the scenario matches the concepts and sketchesMake sure that the concept has been followed to ensure that the agreed initial concept is after all met.Any saving done at design stage one must see a saving at a later post-commission.