Crisis Management Model and Recommended System for Construction and Real Estate

Kaklauskas, Artūras; Zavadskas, Edmundas Kazimieras; Kazokaitis, Paulius; Bivainis, Juozas; Galinienė, Birutė; d’Amato, Maurizio; Naimavičienė, Jurga; Urbanavičienė, Vita; Vitas, Arturas; Cerkauskas, Justas

doi:10.1007/978-3-642-34300-1_32

Cited by 12 publications

(5 citation statements)

References 12 publications

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“…Professional applications of these models may require the valuer to adaptation to the specific case. The rate of change can be extracted by a time series, but the specific condition of the property to be appraised may vary in a significant way (Kaklauskas et al , 2012; Constantino et al , 2009). This adaptation process of the information obtained from a time series to a specific property to be valued may influence the determination of several valuation inputs indicated in Equation (3).…”

Section: An Application Of Cyclical Capitalizationmentioning

confidence: 99%

“Cyclical assets” and cyclical capitalization

d’Amato

Siniak

Mastrodonato

2019

JERER

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Purpose The purpose of this study is providing a possible methodological solution to the valuation of cyclical.assets. International Valuation Standards introduce a brand new definition of property: the cyclical asset (International Valuation Standards Council 2017, IVS 105, p. 39 and p. 41). Among different property valuation methods, normally this kind of properties is appraised using income approach. In this group of methodology, the opinion of value is based on a proportional relationship between property value and rent. In the past years, a group of methods called cyclical capitalization has been proposed (d’Amato, 2003; d’Amato, 2013;d’Amato, 2015; d’Amato, 2017a; d’Amato 2017 b; d’Amato, 2017c). This method proposes an integration between property valuation and property market cycle. Design/methodology/approach Cyclical capitalization method is applied using a time series of property market rent of offices in prime location in the South Bank area in London. It consists of the determination of more than one all-risk yield to reproduce the property market cycle. Findings A comparison between the cyclical capitalization and two traditional capitalization rate shows how the proposed model is able to provide a stable opinion of value. Research limitations/implications The method may represent a contribution for the determination of the value of cyclical assets or for the mortgage lending value. Practical implications This paper provides the possibility to have a property valuation method less sensitive to upturn and downturn of the property market. Social implications The valuation based on cyclical capitalization are less sensitive to the upturn and the downturn of the market. Originality/value It is one of the first scientific paper addressing the problem of the determination of the value of cyclical assets.

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Section: An Application Of Cyclical Capitalizationmentioning

confidence: 99%

“Cyclical assets” and cyclical capitalization

d’Amato

Siniak

Mastrodonato

2019

JERER

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“…This requires big flexibility and ability in the area of adjusting to changing conditions. In order to maintain and even to improve the position of a construction enterprise on the construction market, it is necessary to use methods that aid management [4,[14][15][16][17]20,22,[24][25][26]31]. One such method is the use of the process approach to management which is promoted by ISO 9001 standards which involve the identification, analysis and evaluation of processes and making corrective changes if needed.…”

Section: Introductionmentioning

confidence: 99%

Identification and evaluation of processes in a construction enterprise

Hoła

2015

Archives of Civil and Mechanical Engineering

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“…Eisenberg, 2016;Pelsmakers, 2021). RE market participants need to make decisions with complex, far-reaching economic, social, political, technological, environmental, cultural and legal impacts (Kaklauskas et al, 2013;Toivonen, 2021;Toivonen & Viitanen, 2015), making it fundamentally contradictory to take a myopic, unilateral approach to risk and crisis management. Overall, a more holistic understanding of crisis impacts is needed to develop resilience in the BE (Hassler & Kohler, 2014;Rashidfarokhi & Danivska, 2023) against known and unknown crises, and achieving this requires a new methodology and a multidisciplinary approach (see Bundy et al, 2017;Wolbers et al, 2021).…”

Section: Introductionmentioning

confidence: 99%

Evading Danger: The Crisis Impact Framework for Real Estate

Tähtinen,

Toivonen,

Rashidfarokhi

2023

International Journal of Strategic Property Management

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With continuing urbanisation, real estate (RE) has become increasingly important in crisis management. The field of crisis research is still fragmented, especially in the RE context and focuses on the retrospective analysis of single crisis events. This qualitative, futures studies–based paper aims to build a more holistic, foresight-driven understanding of how diverse crises affect RE. It identifies 128 possible future crises from a societal perspective and adopts a novel method in the field, the Futures Wheel, to collect the views of 179 practicing and academic experts via 58 multidisciplinary workshops to analyse the impacts of the identified crises. From this analysis emerged the Crisis Impact Framework for Real Estate, which includes 23 impact themes that synthesise the variety of direct and indirect crisis impacts on RE’s hard elements (e.g. the physical condition of materials) and soft elements (e.g. economic value changes). This study contributes an integrated and foresight-driven perspective to the existing research literature. The framework can assist RE market participants in preparing and assessing critical elements of RE before, during and after crisis impacts have manifested and can help spatial planners, investors and RE managers to reflect in a more multidimensional manner on their vulnerabilities and crisis preparedness.

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Crisis Management Model and Recommended System for Construction and Real Estate

Cited by 12 publications

References 12 publications

“Cyclical assets” and cyclical capitalization

“Cyclical assets” and cyclical capitalization

Identification and evaluation of processes in a construction enterprise

Evading Danger: The Crisis Impact Framework for Real Estate

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