NATIONAL ECONOMIC UNIVERSITYBUSINESS SCHOOL BUSINESS SCHOOL TRUONG THU HANG PROJECT PLANNING FOR PREPARATION STAGE OF PROJECT MANAGEMENT AT CBRE COMPANY IN HANOI Bachelor of Business Ad
Rationale
Since the early 20th century, economic development has driven significant modernization, leading to rapid growth in building infrastructure and household improvements The demand for construction has increased steadily, fueled by higher incomes and a rapidly growing population, especially in countries like Vietnam This rise has attracted numerous foreign real estate companies seeking to capitalize on what is often termed a "golden land." As a result, the need for diverse and high-quality construction projects has surged However, managing these complex projects is challenging, particularly when multiple firms from different backgrounds are involved, making construction project management increasingly intricate.
Hotels, industrial parks as well as high rise building and commercial mixture are built with a long term plan in many places in Vietnam such as Hanoi,
In Da Nang and Ho Chi Minh City, investing in high-quality buildings that prioritize resident safety is essential Foreign real estate companies often fulfill the demand for expert construction project management services, given their adherence to international standards, professional expertise, and rigorous safety criteria.
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Research Objectives
The thesis would like to get following objectives:
Clarify the project planning activities and tools used in preparation stage of project management
Evaluate the current achievements and failures of project planning at CBRE company in Hanoi
Propose recommendations to improve project planning for preparation stage of Project management at CBRE company Hanoi branch
Research Questions
In order to achieve the above objectives, the thesis has answered the following questions:
What are activities would be carried out in project planning period?
Which tools would be used in the project planning period?
What are current situation of project planning at CBRE Company in Hanoi?
What should be taken into account to improve project planning for the preparation stage at CBRE Company in Hanoi?
Research Scope
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Location: CBRE Company, in Hanoi.
- Primary Data: from October 2015 to November 2015
Research Methodology
(Source: Researcher’s Analysis) b Data Collection
The final thesis uses both secondary and primary sources
The secondary data were collected from the company’s websites, market report, yearly reports and relevant news on the internet
The primary data was gathered by questionnaire survey
Factors affecting project planning for preparation stage
Current situation of project planning for preparation stage Primary Data
Achievements and shortcomings of project planning for preparation stage
Solutions to improve the project planning for preparation stage at
- Respondent: all employees in departments that have been involved in projects of CBRE Company in Hanoi
This questionnaire comprises 15 carefully designed questions, including three on personal information and twelve focused on factors influencing project planning during the preparation stage Each main question features sub-questions with scale options and tick boxes, allowing respondents to assess how various factors impact their project planning processes The primary objective is to gain an accurate understanding of project planning practices at the preparation stage within CBRE Company, identifying any potential issues and areas for improvement.
The questionnaire is created online using Google Drive and distributed via email to respondents If recipients do not complete the questionnaire within two days, it will be reissued in person to those who have not yet responded, allowing them 20 minutes to complete it This approach ensures comprehensive data collection for subsequent analysis.
All collected data were analyzed and visualized by using Microsoft Excel, tables,graphs and charts.
Thesis Structure
The thesis was structured in three chapters as following:
Chapter 1: Theoretical background on project planning for preparation stage of project management
Chapter 2: Analysis of current project planning for the preparation stage of project management at CBRE Company in Hanoi
Chapter 3: Solutions to improve the project planning for preparation stage atCBRE Company in Hanoi.
THEORETICAL BACKGROUND ON PROJECT
Definition of project and project life cycle
A project is a temporary endeavor undertaken to create a unique product, service, or result, with a defined beginning and end, specific scope, and allocated resources It is distinct from routine operations because it aims to achieve a singular goal through a specific set of tasks Project teams often comprise members from different organizations and locations, working together temporarily to accomplish the project objectives (Project Management Institute, PMI’s A Guide to the)
Project Management Body of Knowledge)
Projects are driven by clear objectives, aiming to address specific problems through thorough needs analysis Their primary purpose is to develop effective solutions that lead to lasting social change By focusing on well-defined aims and results, projects ensure targeted impact and sustainable outcomes.
Projects are realistic: their aims must be achievable, and this means taking account both of requirements and of the financial and human resources available.
Projects are limited in time and space: they have a beginning and an end, and are implemented in a specific place and context.
Projects are complex: projects call on various planning and implementation skills, and involve various partners and players.
Projects are collective: projects are the product of collective endeavor They are run by teams, involve various partners and cater for the needs of others.
Projects are unique: all projects stem from new ideas They provide a specific response to a need (problem) in a specific context They are innovative.
Projects are an adventure: every project is different and ground-breaking; they always involve some uncertainty and risk.
Projects can be assessed: projects are planned and broken down into measurable aims, which must be open to evaluation.
Projects are made up of stages: projects have distinct, identifiable stages
(Els van Mourik and Danny Hearty, 1999)
The project life cycle is fundamentally defined by its four key phases, guiding a project from initiation to final handover Each stage involves specific tasks that must be completed before progressing to the next, ensuring a structured and efficient workflow Once one stage concludes, the subsequent phase begins immediately, maintaining project momentum For example, Patel and Morris highlight the seamless transition between phases in their insights on the role of the project life cycle, emphasizing its importance in project management success.
In project management, during the start-up phase, the team must establish the project's purpose, strategic fit, and objectives, typically through an initial draft outline They should also define the scope and terms of reference to prevent irrelevant tasks and ensure the project stays focused Additionally, a preliminary schedule should be drafted to guide the project's timely completion, laying a strong foundation for effective project execution.
According to the Project Management Institution (PMI), the world leading professional association for project management, theoretically, each
The initiating stage, or starting phase, involves key activities such as conducting alignment and kickoff meetings, assembling the project team, developing necessary resources, and establishing the project management infrastructure This foundational phase is crucial in the project life cycle for defining the project scope, core characteristics, and team values, setting the stage for successful project execution.
The planning stage, known as "organizing and preparing," involves developing comprehensive staffing, procurement, and project control plans Its primary goal is to define the overall project parameters and establish an effective project management and quality environment Proper project planning sets the foundation for successful project execution and completion.
The implementation or executing stage, also known as "carrying out the work," involves key activities and tasks essential to completing the project This phase transforms the plans created in earlier stages into action, with the primary goal of delivering the project's expected results, including deliverables and other direct outputs As the longest phase of the project life cycle, it typically requires the greatest allocation of resources to ensure successful project completion.
The closeout stage, also known as the termination phase or project closure as defined by PMI, involves essential activities such as transferring staff, archiving project documents, closing offices, completing punch list tasks, and handing over project deliverables to the client The primary goal of this phase is to ensure a smooth transition, formally conclude all project work, and facilitate knowledge transfer for future reference.
“assess the project and derive lessons learned and best practices to be applied to future projects”
This thesis focuses on the project planning within the planning phase, distinguishing it from overall project planning It emphasizes the importance of clarifying project preparation and development, primarily concentrating on establishing the framework before legal documentation activities begin Drawing on the project life cycle, the study specifically examines planning processes during the early stages Therefore, the project planning process analyzed in this thesis pertains solely to the initial planning stage, ensuring a clear understanding of foundational setup prior to project execution.
Project Planning
Project planning is essential for outlining the project activities and deliverables, providing a clear roadmap for successful execution Its primary purpose is to define each major task, estimate the required time and resources, and establish a framework for ongoing management review and control Key goals of project planning include identifying detailed activities, allocating necessary resources efficiently, and ensuring all tasks align with project objectives for optimal results.
The specific work to be performed and goals that define and bind the project.
Estimates to be documented for planning, tracking, and controlling the project.
Commitments that are planned, documented, and agreed to by affected groups
Project alternatives assumptions and constraints
(Source: R.S Russell and B.W Taylor III, Operation and Production
Repetition of these steps is necessary to establish the project plan. Typically, several iterations of the planning process are performed before a plan is actually completed.
Effective project planning is essential before implementing any tasks, as it involves thorough preparation, development, forecasting, and risk assessment to ensure successful execution All company projects, regardless of complexity, must undergo this critical phase to set a solid foundation for the next steps Unlike other phases that focus solely on executing main activities, project planning is unique in its comprehensive approach to organizing and strategizing the entire project lifecycle Proper planning minimizes risks and increases the likelihood of project success, making it an indispensable part of the project management process.
Types of project plan for planning stage
A "project plan" is often misunderstood in project management; it is a dynamic, living document that evolves throughout the project lifecycle Serving as a strategic roadmap, it guides the team by providing clear direction and structure Effective project planning is essential for ensuring project success, adapting to changes, and achieving desired outcomes.
A project plan is a crucial formal document that guides the control and execution of a business project, serving as the foundation for success It outlines clear objectives, timelines, and resources, ensuring effective project management from start to finish Creating a comprehensive project plan is essential when initiating any business venture, as it increases the likelihood of achieving project goals efficiently.
In IT, a project plan encompasses more than just Gantt charts or project schedules; it is a comprehensive document that outlines all project activities along a timeline While project schedules visually display tasks over time, they represent only a part of the broader project plan A complete project plan serves essential functions such as guiding project execution, coordinating team efforts, and ensuring timely delivery Understanding the distinction between project schedules and the full project plan is crucial for effective project management and successful project outcomes.
To document and communicate stakeholder products and project expectations
To control schedule and delivery
To calculate and manage associated risks
Figure 1.3 Example of a project plan for a Microsoft Project
(Source: European Union agency for Network and Information Security
A project master plan is a comprehensive, step-by-step roadmap for the future development and improvement of a system, serving as a foundational step before detailed component design It plays a crucial role in long-range capital improvement programs by identifying current and future needs This strategic plan directs the overall development of the system’s facilities, ensuring alignment with long-term objectives and sustainable growth Properly developed, the project master plan helps guide decision-making and resource allocation for successful system upgrades.
A comprehensive project master plan encompasses essential elements such as a clear project overview, well-defined objectives, and detailed descriptions of technical and managerial approaches It should also include all contractual agreements, schedules of activities, resource requirements or a project budget, and personnel needs Additionally, the plan must outline project evaluation methods and preparations to address potential problems, ensuring a structured and effective approach to project management.
The New York New Parkland Fresh Kills factsheet highlights that the project master plan is an evolving, long-term document that provides the foundational framework for the site It reflects a clear vision developed through an open, inclusive process, incorporating civic goals and public aspirations The master plan organizes these objectives into a coherent framework, offering a realistic roadmap for implementation that aligns with community needs and long-term sustainability.
An action plan is a vital document that outlines the steps needed to achieve a specific goal, benefiting both individuals and businesses It enables project managers and team members to monitor progress and execute tasks systematically, ensuring efficient project management By providing a structured approach, an action plan helps prioritize tasks, optimize time management, and prevent distractions Additionally, it fosters team cohesion by clearly defining each member's role and supplying essential information to ensure the project's success.
In project management, a well-developed action plan serves as a crucial roadmap that helps managers break down large, complex tasks into smaller, more manageable and specific steps These detailed plans act as the foundational document for effectively guiding the project's progression and ensuring successful completion.
Table 0.1 Types of project planning for preparation stage
A project plan is a formal document that guides the control and execution of a project, outlining all ideas, reasons, and conclusions to ensure successful completion It details the project’s objectives, strategies, and methods to gain management’s approval, serving as a roadmap for project implementation Well-structured planning is essential for aligning team efforts, managing resources, and achieving desired outcomes efficiently.
A formal document summarized the conclusion of project plan
A document that details all the tasks required to complete in the Project Master Plan
Scope All contents related to the project from preparation to close out with the view to getting permissions from the management
Details all contents with summary of each part
Break all the big concluded tasks and detailed all of the activities for preparation
General More Detail about conclusion of Project Plan
More details about activities to execute the project from project master plan
Project planning activities and tools used in planning stage
1.3.1 Project planning activities in planning stage
During the planning phase, it is crucial for team members to complete essential tasks on time to ensure project success The project management plan (PMP) serves as the primary managerial document throughout the project lifecycle, guiding key decisions and activities Designed to be adaptable, the PMP can be tailored to the specific circumstances of each project, typically incorporating new or updated plans related to scope, schedule, resources, and risk management to ensure comprehensive planning and effective execution.
Describing project scope, alternatives, and feasibility The understanding of the content and complexity of the project Some relevant questions that should be answered include:
What problem/opportunity does the project address?
What results are to be achieved?
What needs to be done?
How will success be measured?
How will we know when we are finished?
Divide the project into tasks This technique is also known as the work breakdown structure This step is done to ensure an easy progression between tasks.
Estimating resources and creating a resource plan This helps to gather and arrange resources in the most effective manner.
Developing a preliminary schedule is essential for successful project planning, as it involves assigning accurate time estimates to each activity within the work breakdown structure This process enables project managers to establish realistic target start and end dates, ensuring effective time management and project control Creating a detailed schedule helps identify potential time constraints early, facilitating better resource allocation and overall project coordination.
Developing a communication plan The idea here is to outline the communication procedures between management, team members, and the customer.
Determining project standards and procedures The specification of how various deliverables are produced and tested by the project team.
Identifying and assessing risk The goal here is to identify potential sources of risk and the consequences of those risks.
Creating a preliminary budget The budget should summarize the planned expenses and revenues related to the project.
Developing a statement of work This document will list the work to be done and the expected outcome of the project.
Setting a baseline project plan This should provide an estimate of the project's tasks and resource requirements
The project manager collaborates with the business owner to verify the scope of the proposed program and identify key organizations and individuals suitable for formal project reviews This process ensures alignment on both programmatic and information management participation, addressing technical interests and stakeholder involvement from the outset Proper scope verification and stakeholder engagement are essential for successful project planning and execution.
Effective project management involves planning subsequent phases by developing a detailed project schedule and budget, ensuring alignment with desired performance benefits The project manager (PM) creates a comprehensive project process agreement that clearly defines deliverables and their required level of detail Additionally, the PM outlines specific activities and timelines for preparing acquisition documents, selecting vendors, and awarding contracts, ensuring a streamlined procurement process that supports project success.
The integrated project team systematically identified all feasible alternatives to address project needs while evaluating potential programmatic and technical risks They also conducted thorough risk assessments for further development stages, with findings summarized in the Business Case and Project Management Plan To ensure compliance with privacy regulations, the project manager proactively addresses privacy considerations early in the project lifecycle by preparing a comprehensive Privacy Impact Assessment.
During the planning stage, activities are structured around the triple constraints, also known as the iron triangle, which are essential for effective project management Understanding and balancing scope, schedule, and budget helps in deliberately prioritizing project goals and making informed decisions Analyzing these three aspects allows project managers to align objectives with available resources, ensuring successful project delivery By focusing on the interdependent nature of scope, time, and cost, teams can proactively address potential challenges and maintain project efficiency.
Figure 1.4 Activities in planning stage
(Source: Peter Stommer, Project Management knowhow, 2015)
The project scope is organized into two key steps First, the Product Breakdown Structure (PBS) clearly defines the product or service that the project team aims to develop Following this, the team creates the Work Breakdown Structure (WBS), which delineates all the necessary tasks and work packages required to successfully deliver the target product or service This structured approach ensures comprehensive planning and efficient project execution.
After establishing the Work Breakdown Structure (WBS), the next step involves estimating the effort and duration for each work package This process includes consulting with work package experts to determine the required resources and the time needed, ensuring accurate effort estimation for successful project planning and management.
During the project planning phase, the project manager emphasizes the importance of combining effort estimation with initial risk analysis in a collaborative workshop involving all expert stakeholders This approach enhances the project’s chances of accurately estimating work, preventing overestimation or underestimation, and identifying hidden “security blankets” for work packages Open discussions of critical risks and issues with the entire team help proactively address potential challenges, leading to more realistic project planning.
Effective project scheduling is a crucial element of the planning stage, involving both internal and external factors Key steps include defining project milestones to provide a high-level overview, creating a network diagram to establish the logical sequence of work packages, and developing a Gantt chart to visualize the detailed time schedule These tools not only help in organizing the project but also facilitate critical path analysis, enabling the team to identify potential schedule risks and ensure timely project delivery.
In Activity 7, effective resource allocation is essential, involving the assignment of human resources, tools, and materials to each work package Preparing for this step includes assessing skill levels and experience of available personnel, establishing clear target agreements, and negotiating subcontract contracts with external suppliers Maintaining close communication with all critical resources ensures smooth project execution and successful achievement of project goals.
Activities 8, 9, and 10 are essential for effective project planning, focusing on developing a comprehensive project budget These steps form the core of the project planning process by ensuring all resources—human, tools, and materials—are properly allocated The project manager integrates resource data with the project schedule at the work package level to enable accurate cost estimation and timeline management Proper resource allocation and budgeting increase the likelihood of delivering the project on time and achieving complete, successful project completion.
1.3.2 Tools used in project planning phase a Work Breakdown Structure
Work Breakdown Structure (WBS) is a key project deliverable that organizes the team's work into manageable sections The Project Management Body of Knowledge (PMBOK) defines the work breakdown structure as a
A deliverable-oriented hierarchical decomposition effectively breaks down project work into manageable components, enhancing clarity and focus The Work Breakdown Structure (WBS) visually defines the project scope by dividing it into smaller, more understandable sections, with each level providing increasing detail As a key project management tool, the WBS helps teams organize and control project tasks efficiently, ensuring alignment with project objectives An example of a three-level WBS is shown in Figure 1.5, illustrating how detailed planning supports successful project delivery Incorporating a well-structured WBS improves project planning, scope management, and overall project success.
Figure 1.5 Example of Work Breakdown Structure
The work breakdown structure offers several key benefits, including defining and organizing project tasks effectively It allows for accurate allocation of project and departmental budgets, facilitating quick budget calculations based on the detailed breakdown When a project falls behind, the work breakdown structure enables rapid identification of impacted major deliverables caused by delays or issues with specific work packages Additionally, color-coding the structure—using red for late, yellow for at risk, green for on-target, and blue for completed deliverables—creates a visual heat-map of project progress, helping management quickly pinpoint critical areas requiring attention.
PERT (Program Evaluation and Review Technique) is a vital project management tool for planning and controlling tasks to ensure successful project completion PERT charts and Critical Path Method (CPM) diagrams are used interchangeably, with the main difference lying in how task durations are calculated Both visualization methods display the entire project schedule, highlighting tasks performed sequentially and those that can occur simultaneously The "Project Network" or "CPM Diagram" provides a clear graphical overview of task interrelationships and the order in which activities should be executed, facilitating efficient project execution and timeline management.
Figure 1.6 Example of Pert Chart for Vermont Teddy Bear Making, 2013
(Source: An Introduction to Business, Graphical tools: PERT and Gantt chart)
PERT planning involves the following steps (NetMBA):
Factors affecting project planning in planning stage
Pinto and others have published a number of articles between 1987 and
Since 1990, there has been a widely accepted framework identifying 10 critical success factors for project management Pinto's Project Management Profile (P.I.P), a 50-item assessment tool, measures a project’s performance across these factors by comparing over 400 projects The first three factors—mission clarity, top management support, and scheduling—along with communication, are primarily linked to the planning phase, while the remaining seven focus on the execution stage of the project life cycle Effective project management requires balancing strategic and tactical considerations, with strategic focus emphasized at project initiation and tactical priorities increasing during project execution A successful project manager must skillfully transition between strategic and tactical perspectives as the project progresses to ensure success.
In 2012, an article research on the Socio-political factors affecting project planning, management through implementation in Nigeria (Agu Justina
Chioma, 2012) also gave information about factors affecting directly the project
The success of the planning stage largely depends on having a qualified team and effective leadership style However, a significant manpower shortage has undermined project planning and scheduling, with trained professionals virtually absent Administrative officers handling planning functions often lack proper training and experience, primarily due to employment practices rooted in tribalism and nepotism This situation leads to poor plan formulation and a lack of continuity, affecting key factors such as project team leaders’ experience, commitment to time, cost, and quality, as well as their involvement, adaptability, and working relationships.
Effective project personnel training is crucial, as research shows that supervisors often lack exposure, focus, and necessary skills for challenging projects A common issue is insufficient collaboration and cooperation among team members, stemming from differing orientations and training backgrounds Furthermore, limited motivation and logistical support lead officers to compromise roles and standards, resulting in project failures shortly after handover (Oladipo, 2004).
Various researchers support ‘‘environment’’ as a factor affecting the project success Akinsola et al (1997); Kaming et al (1997); Songer and Molenaar (1997); Chua et al 1999; Walker and Vines (2000), Akinsola et al
The external environment significantly influences the planning process, encompassing social, political, and technical systems Key attributes used to assess this environment include the economic, social, political, and physical surroundings, along with the industrial relation environment Additionally, the level of technological advancement adopted by the company during project planning plays a crucial role in shaping outcomes.
Project participants, including the project manager, client, contractor, consultants, subcontractors, suppliers, and manufacturers, are considered key players in project success (Chua et al., 1999) Additionally, the influence of the client and the client’s representative is recognized as a significant factor affecting project outcomes (Walker, 1995).
This factor's attributes can be primarily categorized into two areas: the client and the project team The client is an external stakeholder whose changing requirements can significantly impact project planning When clients alter their preferences, the project must adapt accordingly, often requiring adjustments or reworking of the entire plan Effective project management must account for client flexibility to ensure successful project delivery.
Q u a lifi e d te a m a n d le a d e rs h ip s ty le
P ro je c t p e rs o n a l tra n in g
E c o n o m ic e n v iro n m e n t In d u s tria l e n v iro n m e n t S o c ia l e n v iro n m e n t P o liti c a l e n v iro n m e n t P h y s ic a l e n v iro n m e n t L e v e l o f te c h n o lo g y a d v a n c e d
Figure 1.8 Factors affecting project planning for preparation stage
ANALYZING CURRENT PROJECT PLANNING FOR
Overview of CBRE Company and its projects
CBRE Group Inc., headquartered in Los Angeles, is the world's largest commercial real estate services firm based on 2012 revenue As a Fortune 500 and S&P 500 company, CBRE boasts unmatched global capabilities, extensive local market expertise, and a robust business platform built on industry leadership in every major market worldwide.
In 2013, CBRE marked its 10th anniversary in Vietnam, celebrating a decade of sustained growth in a competitive market Throughout this period, they experienced record-breaking demand from eager buyers, even amidst the challenges posed by the global financial crisis CBRE's success has been driven by a strong client focus, a dedicated team of professionals, and the extensive institutional knowledge of their global network, enabling them to thrive in Vietnam’s dynamic real estate market.
CBRE's core mission is to prioritize client needs, ensuring they deliver superior real estate solutions through cross-market collaboration and diverse service lines They emphasize creative thinking combined with practical action, fostering a supportive environment that empowers their professionals to serve clients effectively.
We offer a comprehensive range of real estate services to institutional, corporate, public, and private sector clients Our expertise includes strategic advice and execution for property sales and leasing, corporate property services, facilities and project management, as well as property valuation and advisory solutions We specialize in investment property services, supported by in-depth research and consulting to help clients make informed decisions and optimize their real estate portfolios.
CBRE emphasizes the importance of responsibility by leading with integrity, respecting their people, partners, and the planet, and supporting local communities Their corporate vision is reflected in core values—RESPECT, INTEGRITY, SERVICE, and EXCELLENCE (RISE)—which are timeless and universal, transcending markets, service lines, languages, and business cultures.
Some rewards and achievements of CBRE Vietnam were recorded in the Asia regions and worldwide:
Table 0.2 Several awards and achievements of CBRE Company Vietnam
CBRE named “Most Admired” Commercial Real Estate Services and Investment Company in 2014
#1 Real Estate Brand RICS 2013 Hong Kong
Won Asia Pacific Property Awards in 3 categories for Vietnam: Property Consultancy, Real Estate Agency and Lettings Agency
World’s Top Brokerage and Property Management Firm
Golden Dragon Award from Vietnam
Highest ranked commercial real estate services and investment company for three consecutive years
Consultancy 2013 bySouth East Asia Awards across all industries
Only commercial real estate services firm included on the Forbes Global 2000
&Consultancy in Vietnam Euromoney Real Estate Awards 2013
Top real estate company services in “green” ranking
G.I.Jobs – Top 100 Military Friendly employer
CBRE Named Top Global Real Estate Brand by Lipsey for the 13 th consecutive year
Named to “Companies that Care” 2012 Honor Roll; 5 th year in a row
2.1.1 Organizational Structure of CBRE Company in Vietnam
Figure 2.9 CBRE Organizational Structure in Vietnam
(Source: CBRE Company website in Vietnam)
Headquarter in Vietnam was located in Ho Chi Minh City, therefore some important projects will be sent there for evaluation and investigation before putting into practices
In Vietnam, there are eight different departments that provide separate services to wide range customers’ segments
Our valuation and consultancy services cover a wide range of property types, including residential, office, retail, industrial, as well as complex projects like hotels, entertainment complexes, and master planned townships Leveraging the most comprehensive transaction database in the market, our team delivers accurate valuations across Vietnam, Cambodia, and Laos We provide expert valuation advice for single assets or multi-property portfolios, enabling clients to make informed and strategic real estate decisions.
Our expert service team specializes in supporting clients with investment properties by structuring joint ventures and marketing both single and multi-asset portfolios Leveraging extensive market knowledge and an established client network, we help identify and analyze the potential return on investment, ensuring optimal outcomes for your real estate investments.
Brokerage services provide a comprehensive “one-stop-shop” for commercial real estate solutions that support clients' corporate activities By partnering with clients to create customized real estate strategies—including consultation and negotiation—they maximize transaction effectiveness and real estate utilization With extensive expertise in Vietnam’s real estate market, they expertly handle leasing transactions and navigate market complexities to deliver optimal results.
CBRE's office services deliver professional commercial strategies tailored for local and international developers, landlords, and multinational occupiers, leveraging their deep market insight and extensive database They provide specialized tenant and landlord services, helping clients find ideal properties, restructure leases, or renew agreements Trusted by leading global and local tenants across multiple lease cycles, CBRE also supports developers with innovative marketing and leasing strategies, optimizing property value by reviewing existing developments and recommending modifications to maximize rental returns.
CBRE's industrial and logistics services deliver comprehensive brokerage solutions for tenants and property owners, leveraging in-depth market research and industry expertise They approach each transaction strategically by combining local insights with international best practices, ensuring transparency and clarity throughout complex negotiations Their Asia Pacific team collaborates seamlessly with other CBRE business units to develop a consistent, portfolio-wide process for brokerage transactions at local, regional, and global levels, offering a holistic approach tailored to client needs.
Our retail services combine international expertise with local market insights to support the growing retail sector We offer a comprehensive approach that benefits property owners and investors through in-depth retail research, strategic tenant mix guidance, innovative design layout advice, and effective retail management solutions Additionally, our services include positioning strategies and disposition assistance to maximize retail property value and success.
Asset services efficiently manage commercial, retail, industrial, and residential properties to maximize clients' returns and align property assets with overall business strategies They deliver measurable results through a comprehensive range of services such as property management, leasing, tenant relations, technical support, risk management, purchasing, energy optimization, and financial reporting Additionally, they feature Asia’s most advanced property management system, providing clients instant access to detailed asset information and enabling effective evaluation and management of property portfolios to add value.
Project management services provide a dedicated single point of contact within complex processes, ensuring impartiality by specializing solely in project management without mixing other skills Clients can trust that their projects are professionally managed with robust reporting structures in place, guaranteeing transparency and accountability These services prioritize achieving clients’ objectives, emphasizing value for money alongside maintaining high standards and quality in every aspect of the project.
Table 0.3 Several projects implemented by the CBRE Company in Hanoi
No Projects GFA Budget Progress
1 Provide full service project management for Wearnes
Automotove showroom, service facilities and offices in
Ho Chi Minh city and Hanoi
2 Fitting out office and relocating management for
Set 9 days to relocating all existing IT systems….
3 Full service project management for Regal Motor
Cars (Rolls Royce) in Hanoi
4 Office expansion services and full project management services
5 Office Reinstatement and downsizing, full project management services for JP
6 New office Fit-out and move coordination, full project management Services for
7 British council Expansion, fit out and full project management services in Hanoi
8 Technical Due Diligence for site selection, Design
Danish Embassies in Hanoi feet
9 New office Fit-out, full project management Services for
10 New office Fit-out, Full
(Source: the CBRE’s project quarterly reports, 2014)
Analyzing project planning of preparation stage of project management at
2.2.1 Current project planning activities and tools used in the project preparation stage at CBRE Company
Effective project management at CBRE follows a structured six-step process, comprising three pre-construction phases and three post-construction phases, as illustrated in Figure 2.2 The initial three steps focus on project preparation, emphasizing key activities and tools essential for successful planning This thesis primarily concentrates on the preparation stage, providing insights into the specific tasks and methodologies employed during this critical phase In comparison to theoretical frameworks, project planning during the preparation stage aligns with the first three steps, laying a solid foundation for successful project execution.
Figure 2.10 CBRE's Project Management Process
(Source: PJM presentation to VIB, CBRE Company in Hanoi)
Establishing a clear project strategy involves selecting project steering committees to oversee overall operations, ensuring the project follows its planned trajectory It is essential to define team members based on project requirements, whether from the PJM Department or other departments, and clearly communicate their responsibilities and roles Developing a comprehensive design brief outlines the project's scope, including service details, location, and specific tasks, providing clear guidance for the team Key milestones are identified to highlight critical phases necessary for meeting project objectives, while accurate cost estimates are vital for securing approval from top management and clients, ensuring the project's financial feasibility.
(2)Team selection and Design management: Because mostly project of
CBRE construction services vary from full-service offerings and furnished options to buildings with minimal amenities, requiring careful selection of architectural teams through a thorough shortlisting process At this stage, developing a comprehensive master plan and distributing detailed step-by-step documentation to all team members is essential before submitting for leadership approval Planners then create a detailed phasing plan to guide project stages, ensuring all team members stay aligned During the design development, leaders oversee progress, and upon completion, benchmarking and analysis are conducted to evaluate the design’s effectiveness All relevant experts and leaders review and refine the design, addressing any issues before proceeding to the next phase or redesign if necessary Ultimately, a detailed work package or scope of work is defined, outlining all tasks and responsibilities required to successfully complete the project.
Procurement management is a crucial step where planners review and finalize work packages, draft general contract conditions for clients, and identify potential vendors They evaluate and select the most suitable suppliers and partners to ensure project success within budget Additionally, planners develop a detailed delivery schedule for project completion and an implementation plan for each construction phase, ensuring smooth project execution.
CBRE, primarily a consulting firm rather than a construction company, serves as a trusted intermediary between construction firms and clients, delivering highly professional services that consistently satisfy even the most demanding customers As a result, construction companies partnering with CBRE adhere closely to their strategic plans and requirements to ensure mutual success and maximize project benefits.
The project planning activities introduce a new framework for executing projects effectively During the preparation stage, CBRE projects define the project scope and alternatives, focusing on setting practical activities rather than assessing feasibility at this point They establish a steering committee, quickly plan project milestones, and develop a design brief to outline essential actions, aligning with the second step of the theoretical framework introduced in Chapter 1 CBRE's detailed project plans incorporate more specifics than the basic theoretical model, tailored to each company's unique services and products Overall, the initial three steps of the theoretical background encompass the core activities outlined in CBRE's preparatory project planning phase.
CBRE Company has developed a comprehensive master plan to establish a clear project schedule, including task assignments through a work breakdown structure While the theoretical planning covers resource estimation, resource planning, preliminary scheduling, and communication strategies, the practical activities in this phase focus on implementing these steps firsthand This ensures effective alignment between theoretical concepts and real-world project execution, emphasizing the importance of detailed scheduling and task allocation for successful project management.
Moreover, CBRE company’s project planning for preparation don’t have an official steps for identifying and assessing risks like the theory framework
The final steps in project planning include the statement of work, which details all tasks to be completed, and the baseline project plan, which estimates the project's tasks and resource requirements These crucial steps are partially addressed in Step 3: project procurement, within CBRE's company projects.
CBRE’s project planning during the preparation stage is more detailed and tailored than the standard theoretical framework, reflecting the unique services and products they offer As a leading real estate firm serving discerning clients, CBRE emphasizes meticulous planning to ensure project success While these customized processes are advantageous, they also present challenges, as the company recognizes the difficulty in quickly adjusting long-term and consensus-based project plans.
2.2.1.2 Tools used in project planning of preparation stage at CBRE Company a Fact Sheet
A comprehensive project specification document outlines key details such as location, accessibility, and prestige factors, including the involvement of renowned architects, designers, interior specialists, building contractors, and developers It summarizes the building's appearance metrics, such as project completion time, total building levels, ceiling heights, gross floor area (GFA), and floor loading capacities Additionally, it highlights important design elements like lobby and corridor features, along with distinctive attributes or added value that enhance the property's overall appeal and marketability.
This project management tool enhances team members' understanding of the project's subject, enabling them to contribute valuable ideas to the master plan Additionally, gaining insight into the surrounding environment is crucial for consulting partners during construction and advising clients on factors that may impact the project's success.
A Fact Sheet provides a comprehensive overview of the project scope, objectives, and requirements, ensuring the project team is well-informed and fully understands the subject's position Complementing this, the Design Brief outlines specific design goals, preferences, and constraints, serving as a vital guide for successful project execution Both documents are essential for effective communication, project clarity, and alignment with client expectations.
Figure 2.12 Design Briefs of Hanoi Tower
(Source: CBRE‘s project management report)
A Design Brief is a comprehensive document that outlines all the required activities in detail, ensuring clarity and organization It is distributed to all team members prior to submitting it to project leaders for review This essential document facilitates effective project planning and communication, helping to ensure that everyone is aligned on tasks and deadlines Following SEO best practices, incorporating keywords like "Design Brief," "project planning," and "team communication" can enhance online visibility.
This Design Brief guides project members through each stage of the process, ensuring they understand their responsibilities from start to finish It enables easy tracking of progress, helping team members identify their current position within the project timeline By listing all necessary activities, the brief allows planners to verify that no tasks are overlooked, reducing the risk of delays caused by missing or hidden activities Additionally, the Responsible Matrix clearly defines roles and accountability, promoting efficient workflow and project management.
Figure 2.13 Responsible Matrix of Hanoi Tower
A responsible matrix in project management clearly defines leadership roles and coordination responsibilities among parties As shown in the table, the project lead is responsible for specific key tasks, such as the appointment day for contract signing, a separate day for reviewing the project plan and obtaining approval, and an additional day for stage gate approval For other activities within the client project team, authority is delegated to the CBRE team to provide consultation and manage project planning, ensuring efficient collaboration and clear accountability.
During the planning process, the client could give out additional requirements to the CBRE PJM in which activities that CBRE take responsible (C)
Summary of findings
2.3.1 Achievement of CBRE Company’s project planning for preparation stage
Effective project planning during the preparation stage involves detailed, step-by-step processes that enable easy tracking of timelines and project progress Utilizing comprehensive project scheduling ensures that most projects adhere closely to their initial plans, facilitating timely completion Although unforeseen factors can impact the implementation phase, careful planning helps ensure projects are completed on time and meet the expectations of even the most demanding clients.
At CBRE, project planning for the preparation stage is more complex and differs from textbook theories, involving a streamlined three-step process: establishing project strategy, selecting the team, and managing design and procurement These steps encompass various detailed tasks that utilize advanced tools like responsibility matrices, fact sheets, design briefs, Gantt charts, and PERT charts to effectively plan activities and schedule project timelines CBRE’s approach emphasizes practical application, integrating sophisticated planning tools to ensure efficient and precise project execution.
Effective task assignment based on team members' skills, knowledge, and qualifications ensures project success from the start Leveraging diverse expertise among team members accelerates project progress and guarantees high-quality results This strategic approach is a key reason why many international companies trust CBRE's project management services for reliable and efficient project delivery.
Nearly all respondents agree that personal training is crucial for effective project planning during the preparation stage, as it equips employees with essential knowledge and information through pre-project meetings Participating in sample and trial projects enhances employees' abilities and raises awareness of potential unforeseen events Mandatory training meetings ensure planners do not overlook critical details and receive top management support throughout the preparation phase Additionally, technological advancements significantly influence project planning quality at CBRE Vietnam, with the company leveraging robust IT systems to protect sensitive information and facilitate detailed, secure planning processes in compliance with local data protection laws.
Political factors, including laws and government hierarchy, significantly influence project planning during the preparation stage A stable legal background allows for effective project planning within existing regulations, ensuring all legal requirements are met to facilitate smooth project progression Conversely, when new laws or legal ambiguities related to contract terms arise, project plans must be carefully adjusted to prevent illegal activities and ensure compliance with legal standards.
CBRE, as a foreign company, demonstrates a strong ability to adapt to new environments and collaborate effectively with third parties to ensure growth and success Vingroup is their largest client and potential partner, serving both international companies such as TML, KPMG, L&G, and the US Embassy, as well as domestic firms like Microchip Vietnam, Trung Nguyen, and Vincom CBRE leverages new environmental conditions and market opportunities to enhance their development and expand their influence in Vietnam.
Despite thorough and detailed planning by CBRE Company, unexpected challenges often arise, making adjustments difficult Common issues include project delays caused by weather, supplier missed deadlines, or clients changing their requirements These disruptions result in significant waste of work and diminish employee morale and determination.
CBRE has garnered significant recognition and success within the industry, establishing a prominent reputation However, in Vietnam, the company faces challenges in project planning due to sudden internal and external changes These unforeseen factors, coupled with their own project planning processes, hinder their ability to execute projects smoothly.
2.3.2 Shortcomings of CBRE Company project planning for preparation stage
From study, the author found out some shortcomings of the company project planning for the preparation stage Below are these shortcomings:
This thesis highlights that the plan is highly detailed and elaborate, lacking backup strategies for unforeseen incidents like severe weather or legal changes Additionally, the complex, multi-layered structure makes it challenging to adapt new plans promptly, potentially causing employee unease and resistance to change during ongoing operations.
Effective project planning during the preparation stage can be complex and time-consuming, often resulting in mistakes that are difficult to avoid Since planning activities are primarily forecasted by team members and planners in an office environment, they may not always accurately reflect real-world conditions This disconnect between the project plan and practical reality can lead to project delays or failure, highlighting the importance of aligning planning processes with actual project circumstances for better success rates.
While task assigning is generally effective and well-adapted, some employees experience significant stress and workload overload, leading to feelings of inactivity and depression In the Hanoi Tower project, new employees struggled to cope with high pressure, prompting some to wish to return to their previous roles and withdraw from the project Consequently, the team needed to recruit additional internal members to fill these vacancies, which delayed project progress due to the time required for new team members to become familiar with the project background and workflows.
Vietnam’s current policy environment is less stable than in the past, with frequent changes in laws that hinder long-term planning Unpredictable regulations and fluctuating taxes on land and imported materials—often higher than in neighboring countries like China—pose additional challenges Consequently, even experienced firms like CBRE must continuously revise their strategies to comply with evolving legal requirements, impacting effective project execution and investment planning.
The company is currently facing significant hurdles that require strategic solutions to maintain its reputation and industry position To succeed, it must prioritize satisfying its most dedicated, hardcore customers, as their loyalty is essential for long-term stability and growth in a competitive market.