Title

Incorporating reserve fund analysis into graduate construction education

Document Type

Article

Publication Date

3-1-1997

Abstract

A central theme of this paper is that construction management graduates posses the necessary knowledge and skills to participate more fully in the development process, and specifically in the post development property management function of reserve fund analyses. Four areas are briefly examined: 1) the real estate development process with specific interest in the post-development stage; 2) the unique characteristics of real estate and particularly as they relate to professional service opportunities; 3) the construction/project management objective's of a quality product, produced on time and within budget, and specifically the techniques of scheduling, estimating and contract administration which support these objectives; and 4) reserve fund analysis fundamentals. This information is synthesized to establish a logical link between the inherent characteristics of real estate during post-development property management, on-going management of the asset, and project management tools and techniques typified by graduate programs in construction science. Based on establishment of this link, the question of supply and demand for reserve fund analysis services is addressed. Trends related to construction value and laws related to association boards' fiduciary responsibility are presented as operationalization of the demand construct. The supply construct is operationalized as availability of specific reserve fund analysis courses and/or concentrations in facilities management in graduate construction programs.

Publication Source (Journal or Book title)

Journal of Construction Education

First Page

13

Last Page

23

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