Identification of the key investment project management factors in the housing construction sector in Poland

Abstract

The aim of this paper is to distinguish a number of factors that allow for a better understanding of investment process management in the housing construction industry. The research work that we performed consisted in conducting a questionnaire survey. A total of 192 Polish companies dealing with housing construction took part in the survey. The collected questionnaire responses were then subjected to a thorough analysis and interpretation, with the use of a method called exploratory factor analysis (EFA). In a nutshell, our analysis consisted in reducing the number of survey variables (73) in order to identify a few pivotal factors (4) with the greatest impact on investment processes management in the field of residential construction in Poland. These factors include: the activity of companies in the market environment (1), pro-social policy of the state (2), highly advanced technologies (3) and the use of appropriate market relations (4). In our study, we aim to show how successful construction processes are perceived by industry professionals. The scientific method that we used allows for assignment of a certain order of priority to specific groups of questionnaire variables, dependent on the eigenvalues-related percentage of explained variation.

Quantifying Critical Success Factors (CSFs) in Management of Investment-Construction Projects: Insights from Bayesian Model Averaging

“…Many researchers link the successful completion of a project to the selection of the right project leader [5,[19][20][21][22]. The probability of success can also be improved by developing an effective project strategy [23], which needs to be taken care of and supported by the highest management [24].…”

“…A number of researchers highlight the importance of critical safety factors (related to the construction safety management system) for successful implementation and completion of investment projects [27][28][29]. These include management support [22,27,28], development and implementation of appropriate safety programs and trainings [28,30], clear objectives [23], enforcement and adequate supervision [28], personal awareness, and adequate communication and teamwork [28,29]. Moreover, Memon et al [31] point to the importance of cost-efficiency and factors related to effective resource management as important criteria for measuring the success of a construction project.…”

“…The realization of construction projects tends to be hectic by its nature. In the flurry of tasks, priorities, responsibilities and deliverables, it is relatively easy to lose track and make many mistakes, which may have irreversible negative consequences, e.g., may result in the loss of key clients, reputation, or cause financial losses or even complete market failures [5,22].…”

“…A definition of what critical success factors are can be found in the PRINCE2 methodology, which describes them as critical (key) elements of an investment project that are needed to achieve its predetermined mission or objectives [34]. CSFs can be tracked through key performance indicators (KPIs), by means of which one can adequately assess the management of all project elements [22].…”

“…Finally, since as many as 35 to 70% of all projects fail in some way, it is necessary to continuously improve investment project management standards and methodologies, increase knowledge in this regard and search for new solutions that take into account the paradigm of continuous dynamic changes in the market [22]. Successful project completion is mainly the result of a variety of multidirectional and comprehensive activities in the area of the creation of companies' intellectual capital, preparation of flexible plans and schedules, and their posterior implementation.…”