Decision making process model for housing developers in Malaysia
Housing development involves myriads of interrelated processes which include series of decision making functions. Decision making is a multi-level process that influences the success of a proposed housing project. A housing project may fail or suffer some of serious setback if the decision making fu...
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| Format: | Thesis |
| Published: |
2015
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| Subjects: | |
| Online Access: | http://eprints.uthm.edu.my/7836/ http://eprints.uthm.edu.my/7836/1/ROZLIN_BINTI_ZAINAL.pdf |
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| Summary: | Housing development involves myriads of interrelated processes which include
series of decision making functions. Decision making is a multi-level process that
influences the success of a proposed housing project. A housing project may fail or
suffer some of serious setback if the decision making function is flawed or has been
made on an ad hoc basis or based on unreliable, imperfect or hazy information.
Decisions have to be made empirically using scientific methods and tools based on
accurate and reliable data and information in today’s business environment. The main
aim of this study is to develop a process model for investment decision making in
housing development at the strategic phase of the project that is, initiation and feasibility
stages in Malaysia. The objectives of this study are three pronged – one, to identify the
decision making practiced among Malaysian housing developers, two to identify the
methods and tools used by them to make decisions and three to determine the types of
information required for making decisions. This research involved the development of
theoretical model by synthesising the models developed by a number of prominent
authors and researchers on the subject of decision making. It also uses the Delphi
method to collect and analyse the appropriate data and information. For a start of the
study, 50 numbers of developers were selected as samples. But only 34 responded to the
second stage of the information gathering process. At the final stage of the study only 12
developers or participants were left for the final process of the study. The data was
analysed using the descriptive statistical techniques. This study affirms that Malaysian
developers tend to make their investment decisions based on simple interpolation of
historical data and using simple statistical or mathematical techniques in deciding the
investment. This study suggested that the Malaysian housing developers skipped several
important decision making functions. These shortcomings were mainly due to time and
financial constraints and the lack of statistical or mathematical expertise among the
professionals and managers in the organisations. The findings allowed a critical review
of the theoretical model which followed by the development of a revised process model
of decision making for housing development at strategic phase i.e. at the initial and
feasibility stages. |
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