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PROPERTY342 > 3. Development Process > Flashcards

3. Development Process Flashcards

1
Q

What is the asset creation process?

A

A funnel of progressive refinement of risk with increasing detail whilst maintaining maximised value

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2
Q

Which decisions made have the biggest impact?

A

Earliest decisions (funnel)

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3
Q

How is progressive commitment achieved?

A

By setting up milestones along the path; the development process

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4
Q

What are the 8 stages in the process?

A
  1. Initiation
  2. Concept
  3. Evaluation
  4. Definition
  5. Approvals
  6. Construction
  7. Commissioning
  8. Asset management
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5
Q

What is the simplified process for simple, under $5million buildings?

A
  1. Budget (2 and 3)
  2. Commit (4 and 5)
  3. Construct (6 and 7)
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6
Q

What is the first stage and what happens?

A

Initiation
Inception of idea and opportunity report

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7
Q

What is the second stage and what happens?

A

Concept
Refinement of idea and indicative feasibility

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8
Q

What is the third stage and what happens?

A

Evaluation
Detailed feasibility and preliminary design

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9
Q

What is the fourth stage and what happens?

A

Definition
Detailed/developed design

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10
Q

What is the fifth stage and what happens?

A

Approvals
Contracting and working drawings

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11
Q

What is the sixth stage and what happens?

A

Delivery
Construction

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12
Q

What is the seventh stage and what happens?

A

Commissioning
Completion and opening

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13
Q

What is the eight stage and what happens?

A

Asset management
Ongoing - best performance and maximising investment

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14
Q

What main activities happen in the initiation stage?

A

Monitor markets and spot opportunities

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15
Q

What 8 main activities happen at the concept stage?

A
  1. Understand site
  2. Identify and discuss with players
  3. Indicative design and alternative options
  4. Masterplan for larger sites
  5. Authority compliance scan
  6. Cost estimate on area rates
  7. Market and other needs established
  8. Indicative feasibility
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16
Q

What 9 main activities happen at the evaluation stage?

A
  1. Formal market study
  2. Preliminary design
  3. Understand RC requirements
  4. Start consultation
  5. Negotiate terms with users
  6. Risk management considered
  7. Detailed feasibility study
  8. Elemental cost estimate
  9. Make decision to proceed
17
Q

What 9 main activities happen at the definition stage?

A
  1. Lodge details for resource consent
  2. Identify contractor (ECI)
  3. Developed design
  4. Arrange financing
  5. Refined cost for risk management
  6. Set development parameters
  7. Detailed construction and project plan
  8. Building manager part of the team
  9. Stakeholder/user consultation
18
Q

What 4 main activities happen at the approvals stage?

A
  1. Building consent processed
  2. Working drawings and design detailing
  3. Sign contracts
  4. Prepare detailed safety, construction and quality plans
19
Q

What 7 main activities happen at the construction stage?

A
  1. Details approved for construction
  2. Subcontractors tendered
  3. Manage construction contracts - meetings, inspections, report progress etc.
  4. Meet authority conditions
  5. On site work
  6. Monitor market and feasibility
  7. Plan for commissioning
20
Q

What 6 things happen at the commissioning stage?

A
  1. Certifications in place for Council sign off for completion
  2. Designers inspect completed work - prepare remedial list and complete building consent conditions
  3. Building manager and staff inductions to building
  4. Building handover from contractor
  5. Tenant fitout work commences; owner may need to complete services
  6. Bedding down period before official opening
21
Q

What 4 things happen at the asset management stage?

A
  1. Review whether it meets expectations
  2. Maintain watch for opportunities to improve value
  3. Re-development audit when major lease endings are upcoming
  4. Building manager role - maintenance plan, BWoF, monitor operational costs
22
Q

What are the 4 stages in the asset life cycle?

A

Develop
Growth
Ageing OR redevelop
Obsolescence OR growth

23
Q

What is value management?

A

Assemble key parties and get clarity on development requirements to ensure the best solution being developed

24
Q

When should value management take place?

A

Within each development stage to determine needs and best solution (value engineering)

25
Q

What is a value management study?

A

2 day workshop usually during phases 1-4 to bring together range of stakeholders to co-operate.

26
Q

What are the objectives at each stage of the development process?

A

1 - understand why it all works
2 - get it right
3 - make decision and resource consent
4 - plan handling of risks
5 - execute contracts
6 - construct to programme and budget
7 - verify performance criteria
8 - monitor improvement opportunities

PROPERTY342 (21 decks)

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