Following on from the guest lecture this week by Anthony Pycroft & Quinton Miller (presentation available on Vula), and the first lecture my Prof Bowen on Value Management, I invite each of you to indicate how you could apply the principles of VM to the design of retirement housing across the economic spectrum.
Cheers,
Jonathan
This is likely to be my first comment on this weeks topic, with one to potentially follow later.
ReplyDeleteThe concept of retirement housing is complicated by the pertinent need to address the financial power of the elderly and provide cost efficient housing thereby giving us the connotation that our prime consideration should be cost. Prof Bowen's lecture, as well as the guest lectures proved that this is not the case. There are other issues such as health, hapiness and the atmosphere created in the retirement village.
It is obvious that there wouldn't be such a desire to develop such property if there wasn't a return that could be derived. But we also realise that these homes need to be developed because of the inherent need to provide suitable housing for the elderly in to the future. We would all, one day, like to be able to have somewhere to go to that would cater for our needs and not be disregarded simply because a profit may not be derived from us.
Value mangament is a very complex but necessary part of the development process. VM focuses on future possible, feasible design, optimal cost and optimal utilisation which will all form part of the projects life cycle at various different stages. I think VM will be a vital part of developing our retirement village as it will stimulate creative and lateral thinking in order to come up with the most cost effective and optimal model. I do however think, that VM would not be used on retirement village development. this is because the cost to incorporate VM is incredible and the companies who are developing retirement housing are not looking to spend copious amounts as they seek to provide affordable accomodation for affordable prices. It is an effective part of money saving in the long run but the inital costs can be far too hefty to provide.
ReplyDeleteEven though the process of VM may incur high costs and be seen as a tool for major building development processes, by virtue of how we will approach this task as a team, we will effectively be using some principals that VM entails. Within our randomly allocated groups, we will all have various independent knowledge that we will apply to our given situation, taking in the past experiences we have all had. We will also be working with our respective allocated companies, who will shine additional thoughts and requirements that will help us tackle the issue at hand. Our process will most probably follow an adapted version of VM, but the theory thereof will be useful nonetheless.
ReplyDeleteLinked to my previous comment, I feel that the principles of VM should be applied to our retirement village design in order to determine the optimal future and current utility that can be achieved through the most appropriate design and costing through creative and lateral thinking. This is in contrast to simply a cost control. The practicality of such a task will be hard to implement as a student as we will not have the budget or knowledge to perform such a task. We are unlikey to ask our peers to perform this due to the competition between group, as are they unlikely to want to help us. The individuals in a real-life situation however, would not simply be composed of property developers, etc as we will be in our groups, it will feature independent engineers, architects, QS's etc.
ReplyDeleteThe initial cost of a VM would propably be an issue for most retirement scheme developments but our group is currently studying the Pinewood model so we have slightly more financial flexibility. This initial cost could be offset by the dramatic savings that could be made in the future.
VM is an essential part of the development process; however we must remember that VM can be perceived in different ways. VM is very important to ensure that the development is successful in generating a return from our perspective, but also that there is value created for the inhabitants of the retirement village. It is this value that we create for the inhabitants that will in turn increase returns for us.
ReplyDeleteAlthough cost is the primary concern of some developers, cost is not and cannot be the only consideration for us when it comes to retirement villages. Natural lighting, natural ventilation, a happy atmosphere and many other factors need to be remembered when redesigning or construction the building. As Mr Miller said, these people are looking for a place to reflect and look back on their lives and to appreciate nature. They also need space to meditate on what is to come.
Therefore, when creating our development in our group, for Communicare, we must try and incorporate as many of Mr Miller’s value adding principals into our building to increase value for the people living there.
VM is a very important consideration in developments, and I believe that it is moreso important when it comes to retirement villages. Cost cannot be the only consideration when designing a retirement village. It is highly important that the elderly particularly enjoy this stage in their lifestyle, and thus value must be maximised (whilst taking cost into account) so that value is delivered to the residents at a profit. There is a common mundane impression of retirement villages being a gloomy, depressing place that is the last step before the afterlife. However, Mr. Miller's presentation said otherwise, in that the facilities on offer at some of these retirement villages are highly enjoyable undertakings, and seem to be highly extensive in certain instances. An 'open-environment' feel can be achieved through careful consideration of the spatial and comfort needs of the elderly residents. An upliftment of the atmosphere of retirement villages was achieved, and this shows that retirement developments can be a win-win undertaking for developers and retirees.
ReplyDeletewell firstly i did fond the lecture from prof bowen on VM very enlightening. From our guest speakers i did find that its aover complicated process its not as easy as i initially thought and the concept of a life right aswell. i do believe that there is a niche in the market but it dies come against personal ethics that you should make an elderly person have to pay for the right to live when the initial elderly is who had brought us up and we owe it to them. then again it doesnt always work like that so when i think about VM in the sense of a retirment home costing is a major influence and depending also on the target market is how you can decide to try and make the ambiance within your village suit a particular needs. i do believe that the niche i there for the taking but its all about timing and you need time on your hands as pay outs pay not happen immediately so that could hamper developers form actually under taking this kind of development
ReplyDeleteas mentioned in nearly every other comment, value management is one of the key aspects in a development. Listening to the guest lecturer it became evident that the value management of a retirement development is that much more difficult than the normal development. When going about managing the value of this development it is important to remember, as said by Mr Miller, that retirement homes are meant to give their residents a peace of mind and also a place where reflection and relaxation can take place. A retiree does not want to have extra worry's, but rather to move into a residence whereby most of his needs are met or take care of. This may mean medical staff on stand by or a dining club of sorts. Therefore when looking at our projects we must look at the need of the retiree client and how the development can meet their needs for their remaining time there.
ReplyDeleteAs indicated by last week’s lectures, VM is an important process to undertake in order to generate a sustainable return on investment for developers as well as to create value for the inhabitants of the retirement village. For the people buying into such developments, this will most likely be their last property investment so in order to provide them with value for money and peace of mind in terms of the physical appearance and features of the retirement village careful attention needs to paid whilst keeping costs in mind. Mr. Miller made special mention of incorporating ample natural light, good ventilation and open spaces in order to create a comfortable environment as opposed to a design which resembles a hospital or similar melancholic environments. As for the developer, VM creates an opportunity for independent professionals to assess the project plans and try to achieve the most efficient design whilst adhering to the project brief. Although a big initial cost to the developer, the VM process ensures that in the long term costs will be saved and thus returns will be stable.
ReplyDeleteOne of the things I learnt with VM is to always think of the effects of cutting costs in the present and in the future. For example, savings made now buy cutting costs may reduce success in the future as you might have removed something important to the market at which your development is aimed towards. Likewise, with regards to the retirement villages we will be working on, it is important to manage value such that for the us the developers, we can keep costs as low as possible without compromising on the value our market of the aged is looking for such as security, health and recreational facilities as well as an adequate and agreeable living space.
ReplyDeleteVM is an important aspect of the development process, due to its ability to create more value whilst potentially reducing costs of the development in question. This is important for any development in order to create a cost effective design and a structure that serves its purpose well. when one applies this to retirement villages it almost becomes more of an issue - its important that the elderly particularly enjoy this stage in their lifestyle as its likely to be there last investment into housing or living facilities and at there age one does not want to wait to die in a bleak environment but rather be inspired by it everyday and reflect on the past. Thus value must be maximised (whilst taking cost into account) so that value is delivered to the residents at a profit - value management goes along way in achieving his combination of ultimate client satisfaction with the utility/value derided from the development and the overall cost.
ReplyDeleteValue Management allows you to increase value through reducing costs while keeping the same function OR improving functionality with the same cost. This is an important concept with retirement housing as there are so many components (heath care, safety, etc) that if you don't monitor them closely your costs will sky rocket. This means that you would have to charge high prices, which few people would be able or willing to pay, thus decreasing profits.
ReplyDeleteCertain aspects of a retirement home are essential in terms of design. (Eg: wider doors for wheel chairs, raised toilets for easier access, etc) It is important to ensure that the functionality of these homes do not decrease, with the decreasing of costs, as these aspects of design are very important to occupants.
While the process of VM can be expensive to implement (workshops, etc) the results usually enable large reductions in cost. I believe this process should be implemented as early as possible. As indicated by Ferry&Brandon (time/cost commitment curve of building procurement) 80% of costs are decided within 20% of the design phase of the building process.
Whether developing high cost or low cost old age retirement facilities the principles of VM should be applied in order to reduce cost without sacrificing the quality of the materials. Although VM is a costly activity to employ and requires significant financial input, the benefits of undertaking the process will result in reduced costs in the long run and maintain consistent returns.
ReplyDeleteVM focuses on achieving Value for Money,which can be defined as "the balance between long and short term costs and the client's needs" (i.e- balance of function and cost). In a retirement village, I do think that function in the design is a vital role in accommodating the special needs of the target recipients. This was made clear by the guest lecturer, who showed that a simple design change to bathroom facilities could easy simple daily task which are hard for the age-ed.
ReplyDeleteIn saying so, there is definitely a trade off in increasing functionality and decreasing costs when it comes to low cost retirement developments. Mr Pycroft showed us an extensive break down of additional costs needed specifically for a retirement development. These recipients special needs need to be catered for and at same time one needs to account that they no longer work and live off a set amount of money for rest of their lives, or those that only have a state pension (bare minimum).
I do think a VM exercise would be of the utmost importance in ensuring a successful retirement development, proving effective functionality to suit their needs and efficiency in analyzing and reducing costs. To achieve value for money, the development needs to offer the 3 securities (physical,welfare & financial). Dedication to these factors of consideration is crucial. The team who would under take the VM assessment would maybe also need to include a professional in the care of the age-ed or law of the age-ed to ensure all aspects are assessed, as these are two important aspects of a retirement development.
Value Management is an added cost that some clients may not wish to spend money on, as it could be seen as a 'luxury' and not a necessity. The lecture allowed us to understand that this is not the case. Yes, VM is a large expense, but the savings that it generates are much greater. The principles of VM should be applied so that as many costs as possible are reduced without sacrificing the quality or functionality of the project. In doing so, the client can experience immediate savings as well as long term savings with regards to maintenance costs.
ReplyDeleteValue Management is an approach which seeks to give the client optimum value by increasing function and reducing unnecessary costs. Through VM, the project team is able to develop innovative solutions that will address and manage problems that will/may impact on the success of a project.
ReplyDeleteWith retirement village projects, VM needs to be applied from the inception stage, where this ‘soft-systems’ approach will ensure that the project team has a clear understanding of the client’s needs and requirements, the expected outcomes of the project as well as an understanding of other factors such as legislation applicable to retirement developments. Having a clear understanding of elderly people’s needs for security (physical, healthcare and welfare, and financial), the project team is able design structures that will best satisfy those needs.
The guest lectures did well to illustrate the intricacies of developing structures to house the elderly. It was noted that our population is ageing and therefore perhaps the market for retirement villages is in growing demand.
ReplyDeleteIt was interesting to listen to the architectures design implications as one must realise the extra thought and effort required to create a place suitable to house the aged. The cost implications are immense, however we must realise that cost is not a direct influence of value.
This is perhaps where VM can play a part. The idea is to create a place that is suited for the role, but cost effective. Value is derived as a result of interacting influences. The goal is to create a development that is aesthetically pleasing, as well as effective and efficient, for a cost that is reasonable and still able to generate sufficient returns for the development to be
feasible.
So therefore VM plays a vital role in the development process because the goal is to establish a cost effective development but still one with high value.
VM is essentially about increasing the value of the building while simultaneously minimizing costs. When used on a project involving the elderly, then value in that case could be illustrated in form of a safe, accessible and comfortable residence.
ReplyDeleteThe guest lecturers made this concept very easy to grasp. The slideshow with the pictures of a recently renovated retirement home showed how paying attention of the tinniest of details is essential when client satisfaction your goal. From increasing door sizes to lowering bathroom facilities, every bit of information is important.
Value management in the context of the built environment is the process of decreasing client costs without compromising on ''quality'' and ''functionality''. This concept would be implemented in the design of a retirement centre or housing by taking into consideration what the elderly's needs and wants are. For example, raised toilets and well designed showers as stated by Quenton Miller. Analysis of the elderly's needs is crucial because they would be the final investors into the project in the end. So functionality is of the utmost importance in the architectural design of the retirement home. This goes hand-in-hand with the economic spectrum aspect of the development. If client needs are adhered to, costs are lowered because of the clarity in the conceptual idea of what is to be developed.
ReplyDeleteIn the guest lecture the architect of Nazareth House showed us how he used economical and environmentally friendly factors to increase the value function to the occupants of the retirement home. Having Prof. Bowens lecture after this helped me to understand the theory aspects behind achieving optimum value. The principal that value is defined be function and cost is important in retirement villages. To optimize value either function needs to increase or cost needs to decrease. examples such as increasing windows will increase natural lighting and decrease electricity needed and therefore increasing function and decrease running costs.
ReplyDeleteThe guest lectures were highly valuable to both our term project, as well as our course in general. Each property development encompasses and requires individual requirements, suitable to the target market. In the case of accommodation for the elderly, needs are highly specific and essential in producing a successful end result. Having said this, the guest lecturers addressed the specific needs of the elderly and how we are to approach design and development for this market. It is my opinion, that prof Bowen's lectures and research on VM, should be intuitive to anyone in the industry with a moderate quantity of common sense. It is therefore my opinion, that such detailed analysis of simple concepts is an unnecessary complication of simple and intuitive concepts.
ReplyDeleteUsing the principles of Value management on old age homes starting from the lowest scale on the economic spectrum right up to the top of the spectrum is important. At both ends of the spectrum their aims are to provide quality whilst trying to minimize costs and mantaining returns, and through using the principles of VM's this may be achieved. In addition understanding that the necessary knowledge is required when implementing these principles.
ReplyDeleteDue to the fact that there are numerous aspects to a retirement village, (healthcare, safety, security) VM is (particularly) essential in improving functionality or increasing value through a reduction of cost. Ultimately, retirement villages need to be affordable in order to build a high occupancy but more importantly, enjoyable in terms of value for the elderly. Therefore despite the costly process of VM, it could ensure reduced costs in the long run and maintain consistent returns by providing for these requirements.
ReplyDelete“The usage of Value Management is invariably founded on a cost-minimization driver. Value management is regarded as a structured and analytical process aimed at achieving value for money by providing the necessary functions at the lowest cost”. In essence, VM aims to decrease client costs without compromising the quality and ‘functionality of the development.
ReplyDeleteThe VM process is most likely to help stimulate innovative and lateral thinking which will inevitably result in a creative yet cost effective design model. VM is also bureaucratic and administratively intensive in nature, this will help ensure that the team’s creative ‘juices’ are appropriately channelled at all times.
In reality, the process that we chose to follow will have to be a modified version of VM as there are numerous barriers which make it difficult to fully implement. The greatest barrier is the exorbitant cost to implement VM. Despite the high initial costs of implemention, the developer should be open to its inclusion as cost should not be an exclusive consideration when designing a retirement village. As shared by Mr Miller: a retirement home is supposed to be peaceful and comfortable, giving its residents ample space for reflection, leisure and rest. VM will be extremely useful in ushering great design considerations for the elderly as we try to enhance the value of the village, to both the residents and their loved ones.
Value management needs special attention when it comes to developing a retirement village. Value management does not necessarily mean a reduction in the cost of the development. Small changes in the design of the units in the retirement village can add tremendous amounts of value to the development. These design changes are small such as the height of a toilet, higher positioning power points, lowering kitchen counters. These alterations to what is considered the norm are small and do not create large changes in the cost of the project but can greatly increase the use value to the retiree.
ReplyDeleteValue Management is concerned with improving and sustaining a desirable balance between the wants and needs of stakeholders and the resources needed to satisfy them. When considering Abbeyfield - the retirement scheme specific to my group - the budget constraints are significant. VM in this case will involve very innovative thinking in order to maximise function within the very limited budget that is available.
ReplyDeleteI really enjoyed the guest lectures this week in particular the architects’ emphasis on a stimulating environment for the elderly. The VM lectures felt too “academic” where a simple concept has been over-complicated and turned into a profitable market, I candidly believe 12 lectures on such an elementary subject is overkill.
ReplyDeleteI believe the presentations by the architects were very informative. Specifically, the part of the presentation on the healthcare that should be available in the elderly homes will be greatly beneficial to our project. The value management lectures taught me to focus on the concerns of the respective stakeholders and not to lose track of this when undertaking the project.
ReplyDeleteThe guest lectures were very interesting and informative and gave us a good starting point for our projects and provided the group with a lot of enthusiasm going forward. Both guest lecturers provided the class with good points and brought across the points of the needs and requirements for a successful retirement village quite accurately. Ultimately Value management is mainly focused on improving and sustaining a desirable balance between the needs and wants of individuals and the resources required to satisfy their needs and wants. It is a process that will bring about achieving value for money and creating the most cost effective design model. Therefore value management is very relevant to retirement villages as whilst we are trying to satisfy the needs and wants of the elderly, we will focus on the best design considerations to enhance the value of the village whilst coming up with a cost effective design.
ReplyDeleteValue Management is a very important concept with regard to retirement villages. This was emphasized during our lecture with a guest lecturer whom spoke to us regarding value management and retirement villages. Mr Miller explained that one cannot solely look at costs with developments of retirement villages but also need to look at other aspects.
ReplyDeleteBuying into a retirement village is not the same as buying a house. This is the last stage of ones life and many factors need to be taken into account. The developer of a retirement home needs to factor in aesthetics for the development. With the increasing population , the market for retirement villages is been affected and thus increasing the demand for retirement homes.
Mr Miller explained the concepts of value management and this was very useful and enlighten me in many ways.
My understanding of the term "value management" is based on increasing customer satisfaction by providing goods and services based on a value scale. In terms of retirement homes, value management plays an integral part in improving the quality of life of the customer buying into the lifestyle of the home.
ReplyDeleteThe application of value management across the economic spectrum will vary because of the difference in means. Taking market extremes, the wealthy and the impoverished will not view the same amenities as having the same value and as such, economic means forms a distinguishing factor in ones assessment of value. Example, a poorer individual may not derive the same value from a swimming pool as a richer individual would; The poorer individual would view that amenity as a luxury whereas a richer individual may view it as a necessity.
In the design of a retirement village, value management will be concerned with maximizing customer satisfaction of a particular economic bracket through the value they attach to certain amenities.