THEME: TOWARDS INTERNATIONAL BEST PRACTICE: THE EFFECTS
OF STANDARDIZATION.
DATE:
6TH APRIL, 2016.
VENUE:
ENVIRONMENTAL FACULTY AUDITORIUM.
TOPIC: The Role of Project Management
in Estate Management
BY: Oluwapelumi OYETIMEIN.
(Member, Project Management Institute. 2015 & 2016 #YTech100
Honouree.)
INTRODUCTION
In the past few years, the practice
of Project Management has continually been on the increase with many
professionals realizing that it essentially makes their job easier and by
extension, their lives.
There are different Project
Management methodologies and schools of thought, certifications as well.
Estate Management is almost as old
as man himself and with the advent of Project Management, sanity is introduced
into the field of Estate Management.
Introduction – The Definitions
•
Estate Management is the supervision
and control of interest in land and landed property with the aim of securing
socio-economic benefits.
•
Project: This is a
temporary endeavour designed to produce a unique product, service or result
with a defined beginning and end (usually time-constrained, and often
constrained by funding or deliverables) undertaken to meet unique goals
and objectives, typically to bring about beneficial change or added value. [1]
•
Project Management is the
discipline of initiating, planning, executing, controlling, and closing
the work of a team to achieve specific goals and meet
specific success criteria. [2]
Estate Management - What It Entails
•
Real Estate Agency
•
Property Management
•
Feasibility & Viability studies
•
Valuations
•
Facility Management
•
Investment Advice
•
Assets Audit
•
Building Survey
PROJECT
MANAGEMENT - WHAT IT ENTAILS.
Project Management traditionally
entails 5 stages.
•
Initiation
•
Planning (and Design)
•
Execution (and Construction)
•
Control (and Monitoring)
•
Closing (and Completion)
Others include Agile which involves
iteration, Lean PM amongst others.
Little History
•
There are two public fathers of
Project Management.
•
Henry Gantt (1861-1919) – father of
planning and control techniques.
•
Henri Fayol (1841–1925) – created the five management functions (planning,
organizing, staffing, coordinating and controlling).
•
Both were students of Frederick
Winslow Taylor’s (1856–1915) Scientific Management principles.
•
Scientific management is the administration of a business,
industry, or economy, according to principles of efficiency derived from
experiments in methods of work and production.
Estate Management in Nigeria – The Figures
•
820 NIESV-registered real estate
firms. [1]
•
1973 NIESV-registered real estate
professionals. [2]
Roles PM Can Play in Estate
Management
Project Managers can play several
roles in the real estate industry but the most obvious needs are in Facility
Management and Construction (Property Development) Management.
•
Facility Management: A profession
that encompasses multiple disciplines to ensure functionality of the built
environment by integrating people, place, process and technology. [1]
•
Construction Management: Organizing, scheduling,
mobilizing, and directing equipment, material,
and personnel in performance of a construction
contract. [2]
Top Five benefits
•
Higher level of Efficiency
•
Better Quality
•
Better client satisfaction
•
Higher quantity
•
Higher profits
Implementation Challenges
•
Inadequate skills
•
Cost constraint
•
Unavailable Manpower
•
Team dynamics
Case Studies – Failed Projects
Lekki Gardens Residential
Development
As a result of improper project
management, two unplanned floors were added thereby putting lives and property
in danger.
The Lekki Gardens Company has lost
its reputation and is also embroiled in a court case to determine the extent of
its liability.
Case Studies – Successful Project
Eko Towers (not the Hotel).
It is a mixed-development complex
that was actually built by Total on a Build-Operate-Transfer basis.
The 17-level
high-rise includes completely fitted out office floors, an auditorium, company
restaurant, heliport, etc.
The land was leased to them by Eko
Hotel.
Observations
•
The bigger companies are the ones
who are able to hire competent Project Managers. Smaller companies usually
can’t hire too many team members due to cost.
•
Also, some companies don’t see it as
a necessary phase in real estate development and management.
•
With the proliferation of estate
agents, too many people building their houses themselves and without
professional input, real estate projects are continually being built by quacks.
•
In a Nigeria where the average
graduate is not employable[1], competent and certified project
managers are not particularly available for employment as they are in high
demand.
•
The adoption of Project Management
is still in its early stages in Nigeria despite three Universities offering it
as full undergraduate courses.
•
Nigeria suffers from a lack of a
very good data management system so gathering statistics could be very
cumbersome.
Recommendations
- More schools should offer Project Management as an
undergraduate course.
- Companies can also engage in talent development. Train
manpower and let it work for you.
- The cost of Project Management training can be subsidized
as well.
- Data management should be implemented so the actual
dearth of talent can be known and a way forward can be planned.
Thank You For Listening!
pelumi@pelumionline.net
www.oluwapelumi.com
This presentation is available for
download - http://j.mp/resummit16
#RESUMMIT 2016
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