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Scope

1.1 This practice covers the creation of a set of guiding principles to be applied to the practice of property management. Such principles will enunciate the objectives and intent of the property community, stress simplified procedures, promote less rather than more, judgment rather than "by-the-book" decisions, and encourage the adoption of "best practices."

1.2 The acceptance of guiding principles has the potential to foster a problem-solving mentality within the property management community, encourage the use of innovative and cost-effective practices, create greater commonality between government and industry practices, and increase the ability of organizations to respond to changing needs and business conditions.

1.3 The potential economic and practical benefits of operating in a manner consistent with a set of guidelines outweigh concerns about the loss of predictability, uniformity, and consistency.

Significance and Use

It is the intent of these principles to provide guidance for an economical and efficient system for (1) the supply of personal property, (2) the utilization of available property, and (3) the disposal of property.

Historically, property management practices have often reflected organizational or management processes that did not reflect “best practices.”

One of the greatest challenges facing property managers is how to ensure that overly detailed and costly practices used or proposed for the oversight of property assets are not adopted as representing “best practices” or established as operating policy.

Property management practices must seek, when viewed in totality, to be effective and efficient, to the point at which benefits exceed the costs of operation.

Often the key property management functions are based on compliance with quantitative measures and, as such, compliance with “process” has become more important than the goals that property management systems should seek to achieve.

Keywords

acquisition cost; agency; best-value; care and handling; company; impairment; institution; inventory; materiality; property; reasonable detail; risk management; ICS Number Code 03.100.01 (Company organization and management in general)

To find similar documents by ASTM Volume:

04.12 (Building Constructions (II): E2112 - latest; Sustainability; Property Management Systems; Technology and Underground Utilities)

To find similar documents by classification:

03.100.01 (Company organization and management in general Including legal aspects and risk management)

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