Conceptual Modeling of Crisis Management in Construction and Real Estate: Case Studies in Lithuania and Belarus

Abstract

Integrated analysis and rational decision-making is needed to mitigate the effects of recession in the construction and real estate sector. Crisis management involves numerous aspects that should be considered in addition to making economic, political and legal/regulatory decisions. This should include social, cultural, ethical, psychological, educational, environmental, provisional, technological, technical, organizational and managerial aspects. This article presents a model for such consideration and examines its composite parts. It provides an analysis of the existing situations in Lithuania, Belarus and the EU in general, and considers their similarities and differences in crisis management. The research involved six stages: (1) comparative description of crisis management for construction and real estate in developed countries and in Lithuania, (2) comparison and contrast of crisis management for construction and real estate in developed countries, and in Lithuania and Belarus, (3) general recommendations to improve crisis management efficiency of construction and real estate in Lithuania and Belarus, (4) specific recommendations for Lithuania and Belarus, (5) multiple criteria analysis of crisis management components and selection of the most efficient life cycle version of crisis management in construction and real estate, and (6) transformational learning and redesign of mental and practical behaviour. Finally, some specific examples from Lithuania and Belarus are detailed in order to demonstrate the application of this research.