Title: Concepts and philosophy of risk management in real estate industry

Authors: Anand Prakash; Sudhir Ambekar; Vishal Singh Patyal

Addresses: School of General Management, National Institute of Construction Management and Research, Pune, India ' School of General Management, National Institute of Construction Management and Research, Pune, India ' School of General Management, National Institute of Construction Management and Research, Pune, India

Abstract: This paper presents concepts and philosophy of risk management in the context of real estate development industry. The paper includes an in-depth review of literature for defining real estate development and risk within the existing knowledge pool. The population of this study comprises real estate developments across India and covers three qualitative case examples relating to a single residential family house, commercial three-story office building, and apartment building for identifying elements of work breakdown structure (WBS). Further, these WBS elements are considered grouped into four phases of real estate project management to strategise risk management. The conceptual framework on precepts of risk management has been used for mapping some propositions relating to the real estate development. This paper implies a need for an efficient system of risk management in the real estate practices. This paper contributes to the theoretical foundation for identifying, assessing and analysing risks in the real estate development industry.

Keywords: case; management; proposition; qualitative; real estate; risk; work breakdown structure; WBS.

DOI: 10.1504/IJMCP.2017.084044

International Journal of Management Concepts and Philosophy, 2017 Vol.10 No.2, pp.130 - 146

Received: 19 Sep 2016
Accepted: 22 Dec 2016
Published online: 08 May 2017 *

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