Abstract
Real estate and land management are characterised by a complex, elaborate combination of technical, regulatory and governmental factors. In Europe, Public Administrators must address the complex decision-making problems that need to be resolved, while also acting in consideration of the expectations of the different stakeholders involved in settlement transformation. In complex situations (e.g., with different aspects to be considered and multilevel actors involved), decision-making processes are often used to solve multidisciplinary and multidimensional analyses, which support the choices of those who are making the decision. Multi-Criteria Decision Analysis (MCDA) methods are included among the examination and evaluation techniques considered useful by the European Community. Such analyses and techniques are performed using methods, which aim to reach a synthesis of the various forms of input data needed to define decision-making problems of a similar complexity. Thus, one or more of the conclusions reached allow for informed, well thought-out, strategic decisions. According to the technical literature on MCDA, numerous methods are applicable in different decision-making situations, however, advice for selecting the most appropriate for the specific field of application and problem have not been thoroughly investigated. In land and real estate management, numerous queries regarding evaluations often arise. In brief, the objective of this paper is to outline a procedure with which to select the method best suited to the specific queries of evaluation, which commonly arise while addressing decision-making problems. In particular issues of land and real estate management, representing the so-called “settlement sector”. The procedure will follow a theoretical-methodological approach by formulating a taxonomy of the endogenous and exogenous variables of the multi-criteria analysis methods.
Highlights
Introduction and Aims of the WorkReal estate and land management are typically highly complex sectors
The decreasing order of the global coherence indicators obtained for each Multi-Criteria Decision Analysis (MCDA) method considered identifies MACBETH as the best performing method according to the objectives of the request
MACBETH sits at the top of the order with a consistency index of 0.64; TOPSIS (0.61) and Analytic Network Process (ANP) (0.60) obtain a high consistency; Analytic Hierarchy Process (AHP) (0.57) and Multi-attribute utility theory (MAUT) (0.53) reach a medium consistency and could potentially be used for solving the decision-making problem specific to the case study
Summary
Introduction and Aims of the WorkReal estate and land management (including technical, regulatory and governmental aspects) are typically highly complex sectors. During the different phases of the construction process, while managing these kinds of decision-making problems, evaluation methodologies have to be designed to interpret the objectives of the land transformation and to translate the premise of the intervention into real actions. In each of the iterative and interactive phases of the construction process, the strategic planning of decisions is geared towards making informed choices based upon methods of evaluation. These methods need to be well suited to the purpose and to the agenda of needs and demands posed by the programs and projects being carried out in the geographical area
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