managerial planning system in a property development & property management organization

7/25/2019 Managerial Planning System in a Property Development & Property Management Organization

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A case study

Managerial Planning System in a Property Development & Property Management

Organization


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Abstract

This case study aims to review the selected organization practice by referring to an eisting

organization in Sri !an"a# Managers are always attached to functions of planning$ organizing$

leading & controlling in organizations# Those are called management functions# Therefore$

planning function of an organization which are doing property development & property

management as their main functions is ta"en into the scope of this case study#

Planning is typically the most controversial management function since organizations in the

modern world are incredibly comple# O%! which is one of the most successful organizations

in real estate property development and management industry is also facing same scenario where

competitive strategies are still oscillating from differentiation$ cost leadership and focus in

business level# At the same time$ mar"eting of residential towers at the corporate level has to be

for an eample formulated based on strategies of portfolio$ '( matri and diversification#

Therefore$ all of the above are based on managers) decision ma"ing ability in the organization#

*ntroduction to the organization in respect of core businesses and main operations is discussed in

the first chapter# Subse+uently$ managerial planning processes of O%! are elaboratedstrategically$ tactically & operationally by referring to some theoretical aspects of management

theories# Then$ recommendation and comprehensive conclusion are followed in chapter , &-

respectively#

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Table of Contents

Abstract#############################################################################################################################################i

Table of ontents#############################################################################################################################ii

!ist of /igures##################################################################################################################################ii

. *ntroduction##############################################################################################################################.

.#. ore 'usinesses in O%!#################################################################################################.

.#0 Main operations in O%!#################################################################################################0

0 Managerial Planning#################################################################################################################1

0#. Strategic Planning Process of O%!################################################################################2

0#0 Tactical goals and plans##################################################################################################.1

0#, Operational goals and plans############################################################################################.3

, %ecommendation####################################################################################################################04

- onclusion##############################################################################################################################00

Anneure A 5 Organization Structure of O%!############################################################################00

'ibliography##################################################################################################################################00

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List of Figures

/igure . Operational Divisions########################################################################################################0

/igure 0 (roup %evenue##################################################################################################################-

/igure , 6 Management 7ierarchy###################################################################################################-/igure - 6 'usiness Processes of O%!##########################################################################################1

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1 Introduction

1.1 Core Businesses in ORCL

The company called O%! is a board of investment approved company incorporated in Sri

!an"a in .894 and it underta"es the principal activities of investment in properties$ property

development$ trading and management# And also it is a public +uoted company which is listed in

the olombo Stoc" :change# The first real estate development pro;ect in Sri !an"a done by

O%! was a well6"nown iconic building located in the heart of olombo ity# *t is named as

Pro;ect

which is based in olombo 42# *t is the one of mied use real estate development pro;ect in Sri

!an"a and is still underway# The concept of ( is @A ity within a ity in which residential

apartments$ commercial facilities and common services facilities are planned in .0 acres of land

area# There are - phases in residential components and each comprises with two towers$ car par"

and roof garden# Phase . & 0 which cover -,- units of the total .044 residential apartments$ are

completed and fully occupied in the mid604.1# Though the commercial comple is in design

stage$ lub house had been built in 04.- in order to fulfill common service facilities such as

swimming pools$ a gym$ functional halls$ indoor sports & mini cinema facilities# 7 Pro;ect is

being underta"en by M! =Pvt> !td#$ which is a 'O* approved ;oint venture =BC> company with

O%! and the 'an" of eylon ='O># Therefore being the subsidiary of O%!$ The overall

development and the management role of 7 Pro;ect are managed by O%!# M! has two

divisions which are the pro;ect division and the mar"eting division# Details of those two

divisions will be discussed in subse+uent sections in details#

Property management is the other core business which has been focused by the company#

Property management role is conducted by %eality Management Services =Pvt> !td#$ =%MS>

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which is another subsidiary of O%!# %MS carries out facility management in


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/acility management division$ on the other hand ensure the smooth operation on


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Figure 2 !roup Reenue

Management hierarchy of the company as illustrated

in figure , is brought into attention$ since this structure will be referred to eplain how

managerial panning process of the organization has been conducted in subse+uent chapters#

7ere$ strategic goals and plans are initiated in top level managers who are basically :! and

'oard of Directors# Tactical goals and plans are generally set up through middle level managers

who are positioned as the divisional heads in the hierarchy# Managers who are in below to these

two layers are all in operational level#

Figure " # Manage$ent %ierarc&'

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2 Managerial (lanning

Management planning is @the process of assessing an organizationFs goals and creating a

realistic$ detailed plan of action for meeting those goals =McGuerrey$ .884>#


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innovative real estate provider in the region# :ven though$ they have progressed in Sri !an"a at

present$ they want to brea" territory barriers and go to the Asia region as a powerful leader in the

industry# Also$ the vision statement needs to be future casting and it should understandable and

motivating employees to reach their organizational targets# The vision statement of the O%! is

very relevant to the industry they are in and therefore$ sta"eholders are clear on what they want

to be and the reason for eisting the company#

Mission of O%!

@To be a truly Sri !an"an$ self6contained$ diversified$ real estate solutions provider$ driven by a

highly motivated professional team to eceed the epectations of customers and shareholders

The values of O%! are customer oriented$ +uality$ team wor"$ honesty$ continuous learning$

innovation$ accountability$ respect$ sense of urgency#

The above mission statement states the basic business scope that is the real estate provider and

the company)s operational capacity$ as self6contained and diversified company who is carrying a

highly motivated professional teams$ in order to distinguish the company from other similar

types of organizations and to state the core competencies of the company# /urther$ it being an

influential mission statement$ they have identified their "ey sta"e holders as customers and

shareholders to accomplish the ob;ectives of the company# On the other hand$ they describe the

company values which include the product +uality and attitudes towards its employees#

Michigan %ealty Solutions is a property management$ real estate bro"erage$ and construction

company that operate in five states including ?SA and focuses eclusively on clean6up and

redevelopment of foreclosed properties# 'eing the one of the best property management

companies having a three year growth rate of 1$1,.$ their mission is to be @To help stabilize$

re6build and revitalize the communities we serve#I :ven though$ it is in a summary form$ the

mission statement does not provide a clear picture to the readers in terms of what is the businessscope$ who are the main sta"e holders$ what are company values such as product +uality and

attitudes towards employees# Jevertheless$ Michigan %ealty Solutions has become a one of the

best property management companies$ O%! has a strong mission statement which was

introduced by their top managers and it will lead to a brighter future of the company#

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An eternal analysis

Analyzing that environment is a critical step in the strategic planning process# The purpose of the

eternal analysis is to "now what are the competitors doing$ what pending legislation might

affect the organization$ or what the labor supply is li"e in locations where it operates# Therefore$

managers should eamine the economic$ demographic$ politicalHlegal$ sociocultural$

technological$ and global components to see the trends and changes# The analysis of P:ST:!

factors related to O%! business environment as a leading real estate development company in

Sri !an"a will give an indication of eternal influences which are discussed as follows#

Political /actors =P>

After the end of the civil war in 0448$ Sri !an"a has become a stable in terms of politics#

7owever$ below political factors are severely influenced the business growth in Sri !an"a#

6 Stability of the national government and ability to continue the designed economic

policies irrespective of governing party# There is a political uncertainty in the country at

the present# e#g# 'ecause of the mansion ta introduced by the new government through

their interim budget for 04.1$ the demand for respirational properties was highly affected#

6 /re+uent change in economic international affairs# :specially *nternational relationship

with ?SA and *ndia6 /avorable policies for tourism sector development#

6 hange in government attitudes on treatments for bare lands = especially in Jorthern

Province> owned by them

6 Political and economic crisis prevails in different parts of the world =*S*S>

6 Ta policies of the government# e#g# *n the budget of 04.2$ the government has removed

the .1 percent land leasing ta for foreign investors# The removal of land lease ta for

foreigners is forecast to increase the number of international investment into Sri !an"a)s

real estate sector#

6

:conomic /actors =:>

6 The recorded annual gross domestic product =(DP> growth is 3#3# The (DP grew by

2#3 in real terms during the second +uarter of 04.1# ontribution of real estate sector to

the (DP is gradually increasing#

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6 :nvironmental regulation and protection applicable for the real estate sector in Sri !an"a

6 Jature and climate conditions in Sri !an"a will be an advantage to attract foreigners to

live in Sri !an"a#

!egal /actors =!>

6 !abour !aws

Sri !an"a has strong labour policies which clearly stipulates the wor"ing hours$ age limits$

prohibition of child labour$ industrial safety etc and the salaries are paid monthly#

6 ompany !aw

The Sri !an"an companies are governed several regulatory authorities such as ompany

%egistrar through ompanies Act$ olombo Stoc" :change$ The Securities and :change

ommission$ entral 'an"$ Monetary 'oard$ etc#

6 :nvironmental laws

O%! management does a mar"et study on the economic potential and social condition of

the forecasted clients# They conduct a social assessment to find the socioeconomic status of

the pro;ect area of influence# This study generate an idea about client)s willingness to pay for

the proposed pro;ect# =*f the customer buying power is low$ management decides rent the

property to reduce maintenance cost#>Then arrange a sta"eholders meeting and identify the

pro;ect related interests and barriers# Management suggests possible development strategies

by identifying and analyzing the reason behind the ris" and necessary mitigation measures

and a strategy for implementing them# This process leads to modify the initial design with

additional components if necessary# O%! has a benefit monitoring program which is not

only evaluate the economic benefit but also consider social benefits such as improving the

community living standard# *f the pro;ect area is already occupied$ management ta"es steps

to resettlement in according to government)s guideline# Top management go through the

:nvironmental *mpact Assessment =:*A> study of the pro;ect area and advise middle level

management to consider the ecological stability# O%! advice their contractors to focus on

eco6friendly construction material during construction# O%! advise its designers to include

more green concepts li"e roof top gardens$ using energy efficient lights$ biological waste

management system etc# Management prepares an :nvironment Monitoring and

Management Plan =:MMP> to control air$ noise and water pollution during construction and

operation# O%! finance division develops a financial analysis model for proposed pro;ect#

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This gives the financial internal rate of return =/*%%> for overall capital cost# /*%% is

calculated with varying rent or selling rates and possible investment during operation#

/inally$ calculate the Jet Present Calue =JPC> and 'enefit 5 ost ratio for the pro;ect#

Management ta"es decision to invest on the particular pro;ect if JPC gives a positive result

and 'enefit 5 ost ratio is greater than one#

An internal analysis

The internal analysis provides important information about an organization)s specific

resources and capabilities# An organization)s resources are its financial$ physical$ human$ and

intangible assets which are used to develop$ manufacture$ and deliver products to its

customers# *ts capabilities include s"ills and abilities in doing the wor" activities needed in

its business# The organization)s resources and capacities will decide its competitive

advantages# O%!)s resources and capacities are described in below S


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maintenance teams abreast with latest

technology

%eputation gained from developing the heart

of the olombo city# This pro;ect has also

provided a good insight for their net pro;ect$

ity within a ity# Therefore the company is

maintaining a good brand in the mar"et#

barriers against rivals#

+ea,nesses T&reats

+ea, R-D ill lead /ualitatie factor to

an increase in costs and de$otiate t&e

innoations.

Lac, of interaction a$ong depart$ents of

ORCL and e$plo'ees are al,ing be&ind

t&e Manage$ent b' Ob0ecties MBO.

T&erefore3 t&e' ill not consider t&e

co$pan' as &ole.

*ntense competitionK due to lac" of %&D$

competitors can entice consumers away from

the products#

'ad economy K A bad economy can hurt

business by decreasing the number of

potential customers

hange in rules and regulations will reduce

the sta"e holders) confidence towards

business and hence$ create the negative

impact#

Colatile costsK 'ased on the economic

conditions and deviations from initial

planning will lead to volatility of the cost and

thus$ reduce the investors) confidence#


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!an"a has more residential and commercial properties developed such as port city$ ore city$

trillium$ haveloc" city$ etc#

/ormulating Strategies

The net step in the strategic planning is to formulate the strategies# There are three level of

strategies in an organization#

.# orporate level strategies 5 the strategies to decide what business are we in# *n O%!$

they have incorporated their corporate level strategies in vision and mission statements#

Also$ they have implemented the strategic plan in such a way that the company operates

with a clear 'usiness Plan within an approved annual budget & variances which is under

review of the 'oard#

0# 'usiness6level strategies 6 *t states that how do we compete# Throughout the business

;ourney of O%!$ they differentiate their real estate products and focus on the different

target mar"ets by introducing different products# /or an eample$ when they were

developing the heart of the olombo ity$ they focused on the business organizations

who need to satisfy their business locations# As a result$ O%! could able to achieve an

occupancy rate of 89 by year 04.-#

,# /unctional level strategies means how do we support the business level strategy# O%!

has segregated its business units which are identified based on functions# The below

strategic map provide the activities carried out by each function so as to assist the

business level strategies#

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/igure 1 6 Strategic Map of O%!

*mplementing Strategies & evaluation results

After deciding the strategies for each level i#e# strategic$ tactical and operational levels$

the net step is to implement the strategies# *n this step$ O%! uses their resources such

as employees$ leadership$ investments$ technology$ brand$ etc# to achieve set goals and

ob;ectives# As mentioned above$ pro;ect teams are wor"ing to capture the mar"et

opportunities# They get the pro;ect designed from their Singaporean company and select a

contractor though a tender process# Also mar"eting teams are performing their ;ob of

selling the residential and commercial properties# /inance team is accountable of

financing the whole activities#

:ven though they do their tas"s through management by ob;ectives =M'O>$ the head of

O%! i#e :O and the 'oard of Directors evaluate the performance with set EP*s and

parameters regularly through periodic meeting or 'oard meetings#

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2.2 Tactical goals and plans

Tactical planning process includes determination and scheduling of the immediate or short term

activities in achieving the ob;ectives of the strategic planning efficiently and effectively# Tactical

planning horizon is narrow than the strategic planning horizon# Tactical planning is done by the

middle level management who are wor"ing along with operational teams# Tactical planning is

concerns mostly about present situation of the business while strategic planning concerns

predictions in long term future# Also tactical planning is more detailed than strategic planning#

O%!)s vision in becoming the most successful and innovative real estate solutions provider in

the region needs an efficient and effective planning# 7ence$ tactical goals$ setup by the middle

management$ is an important constituent for a clear and accurate plan# :ffective tactical plan

should include proposals and suggestions of the employees who are engaging in day today

operational activities# O%!)s middle level management is faced with a huge challenge to

manage several departments and functions in order to convert the strategic plan into a tactical

plan# The tactical planL short term activities needs to ma"e sure that the overall strategy is

accomplished by setting up departmental goals and ob;ectives# :ach department)s individual

goals should interact strongly with one another accomplishing the strategic decisions by the top

level management =T!M># O%! has a dedicated team responsible for pro;ect coordination =P>

activities in order to ma"e sure that decisions ta"en at the strategic level is eecuted by the

operational and tactical level# The middle level management =M!M> consists of departmental

heads who lead each department as mentioned below#

a> Pro;ect Management Department =PMD>

b> 7uman %esource Department

c> /inance Department

d> /acility Managemente> Mar"eting Department

Once$ the T!M gives the approval for a new construction site the M!M comes with the tactical

goals and ob;ectives to accomplish organizations goals and ob;ects# The M!M is responsible for

the smooth run of the entire pro;ect scopeL managing pro;ect duration$ financials and mar"eting

strategies etc# Once a pro;ect is selected and approved by T!M$ M!M draws up the entire pro;ect

plan and is responsible in monitoring the smooth run of the pro;ect$ continuous communication

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between the T!M and lower6level management =!!M> is a vital ;ob role# M!M decides to

recruit temporary staff for managing +uality control aspects during high wor"load seasons#

M!M is also responsible in selecting the best contractor and supplier for the pro;ect# Tenders are

called and advertised by M!M and updates the T!M# M!M not only focus entirely on the

cheapest bid but also the construction +uality$ previous eperience$ financial stability are some of

the important selection criteria# The operational level$ on the other hand shares some of valuable

inputs during preparing the condition of contract by referring their previous wor" eperience of

similar "inds# M!M needs to rechec" the tender details to ma"e sure the constructor has satisfied

pre6+ualification$ positive wor" eperiences and financially stabilized before the tender approval#

Supply of raw materials are also tendered$ evaluated and recommended in the same way as did in

construction tender# A detail report is prepared and shared with the T!M on tender approvals#

M!M)s mar"eting strategies start immediately with pro;ect approval# M!M is responsible in

identifying the type and media of advertisement in order to reach the target mar"et segment in an

effective manner# Media$ type of advertisement$ advertisement contents and etc# are planned by

M!M and shared with !!M for eecution# The /inance department is responsible for budgeting$

forecasting$ management information system$ costing$ financial reporting$ and financial analysis

for strategic decision ma"ing of O%!# The finance department timely reviews the pro;ect cost

with the epected cost forecast particular to the relevant pro;ect#

/acility management is another department under O%!# Once an apartments are ready for use

by the owner$ O%! is directing facility management division to ta"e over the building and

organize tactical strategies li"e preparing service charges$ establishing sin"ing funds$ organizing

routine maintenance schedules and so on# According to contract between O%! and owners of

the particular apartments$ O%! is responsible for loo"ing after the maintenance of apartments

for 1 years# M!M creates a detailed plan for the facility management of the apartments$ this plan

is approved by the T!M for implementation# The facility management plan gives details on the

re+uired s"ill level$ the number of man hours$ financial epenses and e+uipment needed# This

plan is handed over to the facility management operation team to ta"e forward#

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O%!)s management always award separate bloc"s to different contractors in a same time# This

will create competition between contractors and help management to monitor the progress by

comparing each other# This method will be safe even if one contractor got ban"rupt and could not

continue the construction activity$ M!M no need to spend time on finding another contractor# *f

there are too many bloc"s to build$ M!M starts the construction awarding it to a best

constructors for a reasonable price and then cheapest bid is selected and control the +uality with

OT# /inished bloc"s by best contractor is ta"en as a reference to the rest of the construction#

2." Operational goals and plans

Operational planning is a detailed planning process to achieve tactical goals through targeted

milestones# Detailed tactical plan provides clear6cut directions to operational level employees

about the ob;ectives to be achieved in process of achieving strategic ob;ective# Operational plan

gives a clear picture about team)s contribution towards organizational goals# :ach pro;ect

initiated by T!M has its own timeline# The operational team of the Pro;ect Development

department timely focuses on the followings based on the initial pro;ect plan


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schedule is revised and prepare a catch6up plan to meet the target# %evised catch6up plan is

closely monitored with the re+uired allocation of resources#

onstruction activities are done according to approved method of statements# The construction

team will prepare a method of statement for each and every activity and submit it for the

approval of the operational team# This method of statement can support to the operational

planning by clearly identifying the activity to be carried out# This will also help to avoid

repetitive planning#

The operational team uses Management by ob;ective =M'O> in operational planning# Site

supervisors will be given a target in a daily basis# They should develop an action plan to

complete that tas"# There will be chances to incomplete tas"s due to bad weather conditions# This

is a common issue during construction stage# *t may be wasting time on planning during rainy

season# O%! practices a fleible planning during this time# *f wor"ers cannot perform

construction activity due to bad weather$ they are transferred to do internal finishing wor"s# They

are assigned to the supportive role as they may not have the re+uired s"ills to perform different

tas"s from their routine wor"# *n this situation management will focus on internal wor"s to

achieve beyond target# onstruction wor"ers and staff wor"ing in this pro;ect is from many part

of the country# Most of them will get holiday in the month of April and December# These two

months are considered as holiday seasons in Sri lan"a and progress will be very low# *n 7aveloc"

ity$ they plan to complete beyond schedule before the holiday seasons# *t is allow ta"ing

holiday in a rotation rather than going for shut down of site wor"s# Most of the property

developers practice shut down system in Sri lan"a# *f a construction site is closed for a wee"$ it

will ta"e another one or two wee"s of time to bring bac" to its normal speed#

The operation team of PMD coordinate with the designers to initiate a preliminary drawing for

construction# Operation team comment on the conceptual design by considering the advantages

and disadvantages pro;ected population$ social$ environmental and safety aspects# Operation

team =OT> finalize the submitted structural design based on the soil investigation report and land

survey report# OT creates a specific standard with best international practice and applicable domestic

standards for monitoring purpose of construction activity# Payment methods and stages are

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decided with the advice of M!M# OT chec"s the reliability of the utility services throughout the

pro;ect and its maintaining period#

OT has responsibility to ensure the safety during the construction period# PMD has a separate

team to loo" after safety at site# They will chec" the safety of materials using for the pro;ect and

monitor the site safety# They evaluate the ris" assessment and ris" management practice of

contractors to minimize the ris" at site# OT having a chec" list to monitor site safety to ensure the

proper procedures are carried out# O%! believes higher rate site accidents can affect the

progress and their good name in mar"et# *n addition to this$ OT of PMD supports its contractors

in materiel supply during their difficult time# This is also done by OT to "eep the pro;ect on

trac"#

OT of Mar"eting Department do a omparative Mar"et Analysis =MA> which will illustrate theprice of similar property in the region# Then they will finalize the best price for an apartment

throughout a discussion with top management# 'uyers normally as" many +uestions about the

property before they buy it# So mar"eting team prepares a set of +uestions and answers about the

property internally# They decides a payment method for buyers and how to give offer for early

bird with the advice of M!M# Mar"eting team will focus on possible advertising media#

As we discussed earlier$ facility management department is responsible for the maintenance for

five years from handing over# /MD has two difference operation team to loo" after the routine

wor" and repair wor"s# There are separate teams for each property to maintain the routing wor"

li"e cleaning$ gardening and providing security while there is another team of technicians loo"

after the repair wor"s for all properties# O%! creates a resident committee to each property and

it is coordinate with the operation team in maintenance# OT gives its support to % to arrange

community activities li"e yearend party or annual get6together#

" Reco$$endation

O%! does not having its own construction team and totally dependence on outsiders for its

products where O%! is holding responsible for the +uality of product for its clients# This often

creates a barrier to O%! for strong commitments towards client)s epectation# O%! has to

spend more time in line of communication during critical situations or compromise in terms of

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money# *t is better to create an own construction branch for future developments# This will

reduce the degree of dependency in future pro;ects# There are some other property management

companies started to develop its own construction branch and some big construction companies

started to step in property development# So it is better O%! to implement a modified

independent structure#

O%! can consider its future pro;ects with a lot of space for community activity# They can

develop a pro;ect with open gym$ children)s par"$ elder)s corner and study area# They can thin"

about design their residential building with medical center$ grocery shops and child care units#

*nstead of high rise property development$ management can consider development of a mini city

with two or three story house# =li"e millennium city> O%! can able deliver a product according

to their customer wish and their needs# They can achieve a higher level of customer satisfactionthrough this concept#

!imitations of tactical and operational planning

This tactical and operational planning developmental process is time consuming pro;ect# Some

mangers spend ecessive amount of time to develop the plan$ but they are in little concern about

the implementation of the plan# *f the plan is complicated and etensive$ it causes slow down the

operations which leads to reduce the profit of the organization#

Tactical plan is beneficial to the organization as well as there are limitations of tactical planning#

Developed tactical plan uncover the inefficient areas of the operations in the organizations so

that management can ma"e corrective measures in this regard# :ffective tactical plan should

include proposals and suggestions of the employees who are engaging in day today operational

activities#

Special s"ill trainings can be used to improve the s"ill level of the temporary staff#

*n such situations tem staff These temporary staff re+uires close attention from the permanent

staff$ because lac" of responsibility and eperience can bring poor productivity and +uality#

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M!M focus on multi6media mar"eting strategies

however competitors have shown a wider range of mar"eting strategies# M!M is far below their

competitors and needs to improve their strategies# :mails$ web site promotions and banners$ and

SMS have become the newest trend$ M!M has to +uic"ly grasp their techni+ues and implement

for better mar"eting strategies#

urrently$ O%! don)t have any employee training or motivation camps# M!M should put more

focus in improving employee s"ills and building motivation# Motivation is the processes that

account for an individual)s intensity$ direction$ and persistence of effort toward attaining a goal

=Stephen & Budge$ 04.,># ADD MO%:

) Conclusion

BibliographyMcGuerrey$ !# =.884$ 4- 01>#Business Planning Process# %etrieved .0 ,4$ 04.1$ from

www#chron#comK httpKHHsmallbusiness#chron#comHbasic6steps6management6planning6

process6.32-2#html

O%!# =04.-$ .0 48>#Envisioning the future - Annual Report.%etreved from

httpKHHwww#orcl#l"HpdfHorclNarN04.-#pdf#

Stephen$ %# P#$ & Budge$ T# A# =04.,># Organization Behaviour.Jew BerseyK Pearson :ducation$

*nc#$#

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managerial planning system in a property development & property management organization

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