Project and Portfolio Management Decisions: A Framework and Body of Knowledge Model for Cycle Research

Abstract

Executive Summary. Investors and portfolio managers have recognized the critical importance of real estate cycles, their pervasive and dynamic impacts on investment returns and risks, and their strategic implications for project and portfolio decisions. Despite the extensive global interest in cycles that has developed over the past ten years, there is not a common body of knowledge that is recognized, nor is there a common terminology, theoretical framework and methodology for cycle research by academic and industry researchers. The purpose of this study is to provide a perspective on real estate cycles research; present a user-friendly research framework and classification model for this evolving literature, based on a grounded theory survey of cycle experts; classify existing real estate cycles literature according to this framework and model; provide a reference bibliography on cycles; and provide commentary on the gaps of knowledge on cycles, a proposed research agenda for the future, and a means of accessing better real estate cycle information and data throughout the world.