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During the last decades, strategic planning has spread across Italy so that, nowadays, a quite large number of cities have their own plan. This paper aims to provide an insight into the role of the financial evaluation in supporting the implementation of strategic planning projects, under the methodological framework of the Feasibility Study. By discussing the case study of the Strategic Plan of Palermo, the paper highlights strengths and weaknesses of action projects and their dependence both on exogenous and endogenous factors. The paper concludes by stressing the role of financial evaluation as a means to identify weaknesses able to affect the project implementation, as well as to highlight the conditions to be exploited in order to improve the probability of success of strategic projects
It is well-known that the persisting crisis of the real estate market, in the wake of the large-scale financial and economic crisis starting from the year 2008, is leading to diminishing property values. An earlier and more pronounced effect lies in the lower number of transactions resulting in the scarcity of sales that characterizes several sub-markets, including the one concerning the manufacturing buildings. Within the real-estate appraisal discipline, the aforementioned framework entails growing difficulties—if not even the inability—to find an appropriate number of so-called comparables, to implement the market-value estimation process. This condition involves the need to identify alternative estimation procedures. Some specific features of manufacturing buildings pave the way to the adoption of the Depreciated Replacement Cost method. Indeed, due to the evolution of the construction techniques, the old factory buildings are frequently classed as ‘out of production’. Meanwhile, the poor market conditions make them prone to be treated as out of the market. The depreciated replacement cost procedure has been debated occasionally within the literature, both national and international. Nonetheless, its application still deserves further research due to the fact that it entails several relevant issues. This study focuses on three of them. The first concerns the estimation of the useful life and the residual life of the buildings characterized by heterogeneous structures, finishes, and installations, due to their realization or replacement during different time periods. The second topic refers to the distinction between land value and improvement value. Finally, the third issue relates to the relationships among the results of the estimation procedure, the real-estate appraisal discipline as a whole, and the accounting principles, on which companies’ balance sheets rely
The design of VISTA (Visible and Infrared Survey Telescope for Astronomy) requires close interaction between the science requirements, the optical and active mechanical design of the telescope and its instrumentation with the wavefront sensing. The optical design is based on an integrated approach of the telescope with two separate cameras, one working in the JR waveband and the other working in the Visible waveband. The large field of view (2 degrees in the visible and 1.65 degrees in the IR) , the seeing-limited resolution required (FWHM of 0.4 arcsec for the visible and 0.5 arcsec for the IR) the technological advance in active telescopes and large JR arrays and the f/i quasi Ritchey-Chretien telescope design, makes this telescope a very powerful tool in performing high resolution and large astronomical surveys. A system analysis, modelling the various sources of errors such as optical aberrations, surface errors, alignment errors, control errors, environmental effects and detector effects is presented in this paper.
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