Information Support of Decision-making Process in Creating the Real Estate Development Projects

Abstract

Complication of modern real estate development project demands constant access to up-to-date information for decision-making. Certain developer companies owe their preeminence to the digital decision-making environment containing information on all stages of the project. The real environment of the project decision-making is difficult to define, since it is an elaborate and dynamic process. The role of subjective factors is enormous, e.g., lobbying strategies of organized interests, which are different for different stakeholders. Considering these difficulties, currently there seems to be no automated decision support systems in development. These systems are supposed to decrease the probability of choosing an unreasonable solution. The present article offers the model of information field of real estate development project. The distinguishing feature of the information field of the development project is that the project information having been created within the working environment goes outside, becomes known to the outsiders who then start influence the project implementation indirectly. The model presented in this article describes sources, structure of information during project implementation, changes which this information undergoes and possibilities of the automated information processing. It is shown how and why it is difficult to formalize documentary information in the developer project. Consultants, draftsmen, customers and other stakeholders evaluate project decisions based on their experience and interests. Under these conditions, formalized documentation becomes subjective to a certain degree. This lack of objectivity devaluates the results of automated processing of documented information. Additionally, we enlist the recommended intellectual methods for processing information at different stages of development project. In the end we brief on the possible stages of developers digitalization. It is concluded that the role of development digitalization in accommodation of interests of participants in the project and major stakeholders is very important for the early stages of project implementation.