Measuring Property Management Risk and Loss: Step One Toward Managing Property on a Foundation of Risk, Cost, and Benefit

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Description

This is a period of ever-tightening defense budgets and continuing pressure on the public sector to be more commercial-like, Property policies, practices, and regulations are increasingly being challenged and changed. In these times, we must be leaders in understanding and defining the value of our profession from a commercial standpoint so that we can provide the right services to our customers and explain and defend the value of those services. To do so, we must step outside current property management practices, regulations, and oversight. We must learn to think and speak in the language of those who fund us--a financial ... continued below

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11 Pages

Creation Information

Johnson, Curtis May 17, 1999.

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This article is part of the collection entitled: Office of Scientific & Technical Information Technical Reports and was provided by UNT Libraries Government Documents Department to Digital Library, a digital repository hosted by the UNT Libraries. It has been viewed 20 times . More information about this article can be viewed below.

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  • Sandia National Laboratories
    Publisher Info: Sandia National Laboratories (SNL), Albuquerque, NM, and Livermore, CA
    Place of Publication: Albuquerque, New Mexico

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Description

This is a period of ever-tightening defense budgets and continuing pressure on the public sector to be more commercial-like, Property policies, practices, and regulations are increasingly being challenged and changed. In these times, we must be leaders in understanding and defining the value of our profession from a commercial standpoint so that we can provide the right services to our customers and explain and defend the value of those services. To do so, we must step outside current property management practices, regulations, and oversight. We must learn to think and speak in the language of those who fund us--a financial language of risk, cost, and benefit. Regardless of regulation and oversight, our bosses are demanding that we demonstrate (financially) the benefits of current practice, or else. This article is intended to be the beginning of an effort to understand and define our profession in terms of risk, cost, and benefit so that we can meet these new challenges. The first step in this effort must be defining and measuring risk, cost, and benefit. Our costs, although sometimes difficult to capture, are easy to understand: they are almost exclusively the effort, both within and without the property management organization, involved in managing property. Unfortunately, property risks and benefits are not so simple or so well understood. Generally, risks and benefits are identified and measured through physical inventory results: potential and actual shortages. This paper will explore the weaknesses in the current understanding and use of shortage information as the yardstick for property management risks and performance. It will define a new framework for understanding the purpose and value of property management. And finally, it will set a course for a new method of measuring and valuing physical inventoty shortages. This new method will yield accurate and useful measures of property management risk and benefit. Once risk and benefit are accurately understood and measured, it will be possible to evaluate, adjust, and explain property management practices and regulations from a commercial, financial perspective; it will be possible for us to be the leaders in redefining the purpose and value of the property management profession for today's environment.

Physical Description

11 Pages

Source

  • Journal Name: The Property Professional

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Identifier

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  • Other: DE00007046
  • Report No.: SAND99-1219J
  • Grant Number: AC04-94AL85000
  • Office of Scientific & Technical Information Report Number: 7046
  • Archival Resource Key: ark:/67531/metadc705615

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Office of Scientific & Technical Information Technical Reports

Reports, articles and other documents harvested from the Office of Scientific and Technical Information.

Office of Scientific and Technical Information (OSTI) is the Department of Energy (DOE) office that collects, preserves, and disseminates DOE-sponsored research and development (R&D) results that are the outcomes of R&D projects or other funded activities at DOE labs and facilities nationwide and grantees at universities and other institutions.

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Creation Date

  • May 17, 1999

Added to The UNT Digital Library

  • Sept. 12, 2015, 6:31 a.m.

Description Last Updated

  • Nov. 29, 2016, 7:55 p.m.

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Johnson, Curtis. Measuring Property Management Risk and Loss: Step One Toward Managing Property on a Foundation of Risk, Cost, and Benefit, article, May 17, 1999; Albuquerque, New Mexico. (digital.library.unt.edu/ark:/67531/metadc705615/: accessed December 11, 2017), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.