Modeling an Individual and Group Decision on the Implementation of a Real Estate Development Project

Elena Romanova,A Volkov,A Adamtsevich,A Pustovgar

doi:10.1051/matecconf/201825105007

Elena Romanova, A Volkov + Show 2 more

Open Access

https://doi.org/10.1051/matecconf/201825105007

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Abstract

The implementation of the real estate development project are accompanied many management decisions. These decisions can be made by one person or a project team. The article describes the advantages and disadvantages of individual and group decisions. The results of a comparative research of decision-making by one person and a group using computer decision support systems and without them. It is shown that using of automation tools facilitates decision making and increases confidence in its correctness. It has been experimentally proved that the individual solution is based on a smaller number of factors, is accepted more quickly and more satisfied by the person making the decision, in comparison with the group decision. Further the difficulties in implementing computer decision support systems in the work of a development company and acquired benefits are listed.

Highlights

Implementation of the real estate development project is accompanied by numerous decisions
The conducted research has shown that the individual decision is based on smaller quantity of factors, is accepted quicker and satisfies the DM more, in comparison with the group decision
Individual decision-making has the essential psychological restrictions connected with features of the person making the decision

Summary

Introduction

Implementation of the real estate development project is accompanied by numerous decisions. This process on inclusion in a portfolio project relies on the following procedures: the investment analysis of the considered construction projects; their ranging on indicators of efficiency investments; choice most profitable project; forecasting of profitability consider real-estate market development; medium-term and long-term planning of the projects portfolio and programs of works the development organization [1]. It is impossible to carry out these procedures without using of automation equipment. If there is no automated system of supporting decision-making in organization, decisions have high variability. It is necessary to consider a large number of unstructured information for them which extremely difficult for processing and analyzing

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