Framework for managing uncertainty in property projects

I.M.M.J. Reymen, G.P.M.R. Dewulf, S.B. Blokpoel

Research output: Contribution to journalArticleAcademicpeer-review

4 Citations (Scopus)
2 Downloads (Pure)

Abstract

A primary task of property development (or real estate development, RED) is making assessments and managing risks and uncertainties. Property managers cope with a wide range of uncertainties, particularly in the early project phases. Although the existing literature addresses the management of calculated risks, the management of uncertainties is underexposed. A framework and method are presented for uncertainty management, both of which focus on the early phases of complex RED projects. To develop this method, a design method for the development of consumer-based software (SCRUM) is adapted. The traditional uncertainty management in property development was compared with the SCRUM approach. SCRUM is found to be a highly useful tool for uncertainty management in real estate, but it requires adjustment to the specific context of property. An adjusted method 'RESCRUM' was developed and a first test of its accuracy and usefulness in practice is presented. Une des tches principales des promoteurs immobiliers consiste valuer et grer les risques et les incertitudes. La profession est confronte des incertitudes nombreuses et varies, notamment lors des premires phases d'un projet. Bien que la littrature spcialise traite de la gestion des risques calculs, la gestion des incertitudes reste insuffisamment tudie. Cet article prsente un cadre et une mthode de gestion des incertitudes, qui se concentrent sur les premires phases d'un projet immobilier complexe. Pour dvelopper cette mthode, on a tudi le dveloppement d'un logiciel bas sur le consommateur (SCRUM). La gestion classique des incertitudes dans le cadre du dveloppement immobilier est compare l'approche SCRUM. Cette approche s'avre tre un outil trs utile pour la gestion des incertitudes dans l'immobilier mais elle ncessite des adaptations au contexte spcifique de la proprit. Une mthode ajuste appele RESCRUM a t mise au point et un premier test de sa prcision et de son utilit pratique est prsent.
Original languageEnglish
Pages (from-to)580-592
Number of pages13
JournalBuilding Research & Information
Volume36
Issue number6
DOIs
Publication statusPublished - 2008

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