Project Management – a Holistic Approach

By Dr HO Kim Hin / David

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• Language: English
• Publisher: Partridge Publishing Singapore
• Release date: Jun 2, 2020
• ISBN: 9781543758412

Dr HO Kim Hin / David

Dr HO Kim Hin / David is an Honorary Professor, awarded by the University of Hertfordshire, England, and who has spent the last thirty one years across several sectors, which include the military, oil refining, aerospace engineering, public housing, resettlement, land acquisition, land reclamation, real estate investment and development as well as international real estate investing. He spent six years in the real estate career as part of the executive management group of Singapore Technologies at Pidemco Land Limited, and as part of the senior management team of the Government of Singapore Investment Corporation’s GIC Real Estate Private Limited. Schooled in development economics and in land economy at the University of Cambridge, England, he is well versed in econometric and his quantitative interests include financial economics, artificial intelligent modeling in real estate and system dynamics modeling for real estate market analysis as well as for public policy analysis. He is the member of the UK Royal Economic Society, Academic Member of the National Council of Real Estate Investment Fiduciaries (U.S.), Fellow of the American Real Estate Society (U.S.), member of the American Economic Association (U.S.) and member of the Economic Society of Singapore as well as the Singapore Institute of Management. He holds the degrees of Master of Philosophy (1st Class Honours with Distinction), Honorary Doctor of Letters and the Doctor of Philosophy from the University of Cambridge. He has published widely in top international journals as well as conferences, in chapters of international academic book publishers. Professor HO has written seven major books (including this book), undertaken many consultancies and funded research projects. He has written a total of 275 articles inclusive of 91 articles in top international refereed journalss. He is an editorial board member of the Journal of Economics and Public Finance, Journal of Business Administration Research, Journal of Property Research, Property Management journal and the International Journal of Strategic Property Management. He has published widely international conferences, winning many best paper awards, in chapters of international academic book publishers, has undertaken many consultancies and funded research projects. He was Chairman, Independent Academic Advisory Board, the Nanyang Institute of Management, Singapore; a past Governor of the St Gabriel’s Foundation that oversees nine schools in Singapore (till 2016); and a District Judge member of the Valuation Review Board, Ministry of Finance, Singapore and the Singapore Courts.

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Copyright © 2020 by Ho Kim Hin/David.

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CONTENTS

Foreword

Acknowledgements

About the Author

Introduction

Chapter 1 The Project’s System Life Cycle

Chapter 2 Reliability-Centred Maintenance (RCM)

Chapter 3 Project Management and Reliability-Centred Maintenance

Chapter 4 Project Management in Action

Chapter 5 Project Management: Decision Analysis and Mean Time Between Failures

Chapter 6 Conclusion

FOREWORD

Over one hundred years ago, this was a mudflat, [a] swamp. Today this is a modern city. Ten years from now, this will be a metropolis. Never fear.

— The first prime minister of Singapore, Lee Kuan Yew, 1965

This book introduces the discipline of project management (a holistic approach) to promote its widespread use.

Intensive and extensive physical infrastructural provision, made feasible via pervasive urban project management, enhances the quality of our built environment. Since its independence in 1965 – through the vision of its founder and Singapore’s first prime minister, the late Mr Lee Kuan Yew – Singapore has been transformed from a Third World city into one of the world’s most liveable metropolises. Today Singaporeans are privileged to live in a developed and sophisticated city.

The argument for pervasive project management lies not so much with cost effectiveness but primarily with urban sustainability. There is growing support for the argument that project management, competently and properly carried out, adds to real-estate value, rental yields, and the sustainable and comfortable built environment.

This book discusses the discipline of project management and how it can be competently adopted by design engineers, urban planners, quantity and real-estate surveyors, public and private real-estate developers, and architects for both new and existing developments.

Happy reading.

Yours sincerely,

Ho Kim Hin/David

Singapore

April 2020

ACKNOWLEDGEMENTS

The author wishes to extend their most sincere appreciation to the School of Design & Environment, under the highly able deanship of the provost and chair professor Lam Khee Poh of the National University of Singapore, and the Republic Polytechnic, Singapore. Both institutions have inspired and strongly encouraged tertiary teaching and research in project management.

ABOUT THE AUTHOR

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Dr Ho Kim Hin/David is an honorary professor in development economics and land economy, awarded by the University of Hertfordshire in the UK. He retired at the end of May 2019 as an associate professor (tenured) from the National University of Singapore. Professor Ho spent the last thirty-one years across several sectors, which include the military, oil refining, aerospace engineering, public housing, resettlement, land acquisition, land reclamation, real-estate investment, development, and international real-estate investing. He spent six years in the real-estate field as part of the executive management group of Singapore Technologies at Pidemco Land Limited and as part of the senior management team of the Government of Singapore Investment Corporation’s GIC Real Estate Private Limited. Seventeen years have been spent in the National University of Singapore at the then School of Building and Estate Management, the Department of Real Estate, School of Design and Environment, where his research expertise is in two areas. The first is international real estate in the area of risk–return behaviour behind international real estate investing in direct and indirect real estate. The second is urban and public policy analysis involving real estate, sea transport, public housing, land, and land use. Schooled in development economics and in land economy at the University of Cambridge in the UK, he has effectively extended these disciplines to examine his two expertise areas. Apart from him being well versed in econometrics, his quantitative interests include real-estate demand and supply, investment and finance, artificial intelligent modelling in real estate, and system dynamics modelling for real-estate market analysis and public policy analysis. He is a member of the Royal Economics Society (UK), an academic member of the National Council of Real Estate Investment Fiduciaries (US), a fellow of the American Real Estate Society (US), a member of the American Economic Association (US), and a member of the Economic Society of Singapore and the Singapore Institute of Management. He holds the degrees of Master of Philosophy (first-class honors with distinction), Honorary Doctor of Letters, and Doctor of Philosophy from the University of Cambridge in the UK. He has been published widely in the top international journals and conferences as well as in chapters of international academic book. Dr Ho has written seven major books (including this book), undertaken many consultancies, and funded research projects. He has written a total of about 275 published works (with 91 in peer-reviewed, reputable international journals). He is an editorial board member of the Journal of Economics & Public Finance, Real Estate Economics, the Journal of Property Research, the Journal of Property Investment & Finance, the Journal of Real Estate Finance & Economics, Property Management, and the International Journal of Strategic Property Management. He has also been published widely in conferences and finance projects. He is an immediate past governor of the St Gabriel’s Foundation, which oversees nine schools in Singapore, and a district judge–equivalent member of the Valuation Review Board of the Ministry of Finance in Singapore and the Singapore courts.

INTRODUCTION

Project management (PM) aims to plan and coordinate the work activities needed to deliver a satisfactory product, service, or enterprise endeavour and within the constraints of schedule, budget, resources, infrastructure, and available staffing and technology. Such a knowledge domain seeks to familiarise design engineers with the elements of PM and to explain the relationships between systems engineering (SE) and PM.

This chapter examines the relationship between SE and PM. As with software engineering, there is a great deal of overlap between them. Depending on the environment and the organisation, the two disciplines can be disjointed or partially intersected, or one can be seen as a subset of the other. While there is no standard relationship between them, the project manager and the systems engineer encompass the technical and managerial leadership of a project between them, which requires the enterprise of each project manager and systems engineer to work out the particular details for their own context.

There is a great deal of significant overlap between the scope of SE and other resources and the scope of PM, as depicted in Figure I1. Figure I1 reiterates the importance of understanding the scope of the work at hand, how to plan for critical activities, how to manage efforts while reducing risk, and then how to successfully deliver value to a client.

The systems engineer working on a project is tasked to plan, monitor, and confront risk as well as deliver the technical aspects of the project, while the project manager is concerned with the same kinds of activities for the overall project. Because of these shared concerns, there may arise confusion and tension between the roles of the project manager and the systems engineer on a given project.

Figure I1. Overlap of project management and systems engineering.

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Source: PMBOK® Guide (PMI 2013), CMMI (2011)

Nevertheless, there is no overlap in responsibility for some projects, as depicted in Figure I2. For other projects, there may be shared responsibilities in planning and managing activities. In some projects, in particular smaller projects, the