Risk assessment in real estate development: an application of analytic network process

Sukulpat Khumpaisal, Zhen Chen

Research output: Contribution to journalArticle

Abstract

A novel analysis approach to support real estate developers in making decision to deal with potential risks in each project development stage is introduced in this paper. The analysis model applied in this research is a multi-criteria approach, based on Analytic Network Process (ANP) theory. Risk assessment criteria to accomplish the ANP calculation are defined based on both literature review and related experience, against Social, Technological, Economic, Environmental and Political (STEEP) requirements of the real estate development in order to assess the risks in this business effectively. A case study of a residential and commercial mixed-use project in Liverpool City Centre was used to demonstrate the effectiveness of the ANP model. The result of an initial case study revealed that ANP is an effective tool to support developers in making decision based on risks assessment. It was found through this study that the established ANP model is effective and can be adopted by real estate developers to suit for the business needs.
LanguageMultiple languages
Pages103-116
Number of pages14
JournalJournal of Architecture/Planning Research and Studies
Volume7
Issue number1
Publication statusPublished - Sep 2010

Keywords

  • risk assessment
  • sustainable construction
  • real estate
  • analytic network process (ANP)
  • STEEP factors

Cite this

@article{3c481da2a7c94091baba73aedb2c424e,
title = "Risk assessment in real estate development: an application of analytic network process",
abstract = "A novel analysis approach to support real estate developers in making decision to deal with potential risks in each project development stage is introduced in this paper. The analysis model applied in this research is a multi-criteria approach, based on Analytic Network Process (ANP) theory. Risk assessment criteria to accomplish the ANP calculation are defined based on both literature review and related experience, against Social, Technological, Economic, Environmental and Political (STEEP) requirements of the real estate development in order to assess the risks in this business effectively. A case study of a residential and commercial mixed-use project in Liverpool City Centre was used to demonstrate the effectiveness of the ANP model. The result of an initial case study revealed that ANP is an effective tool to support developers in making decision based on risks assessment. It was found through this study that the established ANP model is effective and can be adopted by real estate developers to suit for the business needs.",
keywords = "risk assessment, sustainable construction, real estate, analytic network process (ANP), STEEP factors",
author = "Sukulpat Khumpaisal and Zhen Chen",
year = "2010",
month = "9",
language = "Multiple languages",
volume = "7",
pages = "103--116",
journal = "Journal of Architecture/Planning Research and Studies",
issn = "1905-2022",
number = "1",

}

Risk assessment in real estate development : an application of analytic network process. / Khumpaisal, Sukulpat; Chen, Zhen.

In: Journal of Architecture/Planning Research and Studies, Vol. 7, No. 1, 09.2010, p. 103-116.

Research output: Contribution to journalArticle

TY - JOUR

T1 - Risk assessment in real estate development

T2 - Journal of Architecture/Planning Research and Studies

AU - Khumpaisal, Sukulpat

AU - Chen, Zhen

PY - 2010/9

Y1 - 2010/9

N2 - A novel analysis approach to support real estate developers in making decision to deal with potential risks in each project development stage is introduced in this paper. The analysis model applied in this research is a multi-criteria approach, based on Analytic Network Process (ANP) theory. Risk assessment criteria to accomplish the ANP calculation are defined based on both literature review and related experience, against Social, Technological, Economic, Environmental and Political (STEEP) requirements of the real estate development in order to assess the risks in this business effectively. A case study of a residential and commercial mixed-use project in Liverpool City Centre was used to demonstrate the effectiveness of the ANP model. The result of an initial case study revealed that ANP is an effective tool to support developers in making decision based on risks assessment. It was found through this study that the established ANP model is effective and can be adopted by real estate developers to suit for the business needs.

AB - A novel analysis approach to support real estate developers in making decision to deal with potential risks in each project development stage is introduced in this paper. The analysis model applied in this research is a multi-criteria approach, based on Analytic Network Process (ANP) theory. Risk assessment criteria to accomplish the ANP calculation are defined based on both literature review and related experience, against Social, Technological, Economic, Environmental and Political (STEEP) requirements of the real estate development in order to assess the risks in this business effectively. A case study of a residential and commercial mixed-use project in Liverpool City Centre was used to demonstrate the effectiveness of the ANP model. The result of an initial case study revealed that ANP is an effective tool to support developers in making decision based on risks assessment. It was found through this study that the established ANP model is effective and can be adopted by real estate developers to suit for the business needs.

KW - risk assessment

KW - sustainable construction

KW - real estate

KW - analytic network process (ANP)

KW - STEEP factors

M3 - Article

VL - 7

SP - 103

EP - 116

JO - Journal of Architecture/Planning Research and Studies

JF - Journal of Architecture/Planning Research and Studies

SN - 1905-2022

IS - 1

ER -