Strategic property management Essay Example | Topics and Well Written Essays - 3000 words

Strategic property management - Essay Example (LISC, 2007). It is very essential for any organization to build and improve their performances by using strategic property management. It is strongly recommended that, in providing efficient manpower, goods, materials and property, the local authorities' needs to make sure the fiscal use of capital. But there is a huge amount of costs to deal with these for why these costs receive an enormous deal of consideration, though property has received comparatively less attention. The 3 'Es' in the management of property asset There are two key factors regarding the term strategic property management. "These are: - 1. The efficient and effective management and use of the council's capital assets; And 2. Effective management and budgetary control over council" (Doncaster Metropolitan Borough Council, 2008). Like other organizations, the management of property resources need to apply and maintain the 3'E's, economy, efficiency and effectiveness in a best way in their decision making policies. Figure : The 3 'E's in the management of property asset Example ECONOMY EFFECTIVENESS EFFICIENCY Source: 212278_3 es-background material.pdf Now it is needed to explain the 3 'E's in the management of property asset. At first, the management focuses on emphasizing starting a given job and spending the money to provide the salary cost. Their task is always to get the maximum output by providing the minimum input that refers the optimum uses of resources. This stage is called the economy stage though here efficiency is equally needed to do so. Then at the next stage, activities and other works by the employees are done and the management evaluate the retainable efficiency, whether it is ok or not. Then in the next stage the authority puts emphasis on the... Now it is needed to explain the 3 ‘E’s in the management of property asset. At first, the management focuses on emphasizing starting a given job and spending the money to provide the salary cost. Their task is always to get the maximum output by providing the minimum input that refers the optimum uses of resources. This stage is called the economy stage though here efficiency is equally needed to do so. Then at the next stage, activities and other works by the employees are done and the management evaluate the retainable efficiency, whether it is ok or not. Then in the next stage the authority puts emphasis on the output of the first two stages. This refers the job output done from the previous two stages. Here both efficiency and effectiveness are considered as the measurement of this process. In this stage, the organization gets the first touch of their achievement. Then at the final stage the whole process is done and again the process started. The Audit Commission ha s encouraged the proper utilization of community money by ensuring the proper stewardship of public finances and helps those responsible for public services to achieve economy, efficiency and effectiveness. For example: (a) The quality of the services that the organization offers can be reduced if the wrong types of property are selected. That indicates that the right thing should be at right place and in a right way. (b) There should not be any type of unplanned building that makes the cost increased. Otherwise it would be termed as wastage for the company.