Multi Criteria Decision Making Approach for Success Potential of Real Estate Project
Rahul Hodage1, Ravindra K. Lad2
1Rahul B. Hodage, P.G. Student, Department of Civil Engineering, Dr. D.Y Patil Institute of Engineering & Technology, Pimpri, Savitribai Phule University Pune, State (Maharashtra), India.
2Dr. Ravindra K. Lad, Professor Department of Civil Engineering, Dr. D.Y Patil Institute of Engineering & Technology, Pimpri, Savitribai Phule University Pune, State (Maharashtra), India.
Manuscript received on 20 July 2016 | Revised Manuscript received on 30 July 2016 | Manuscript published on 30 July 2016 | PP: 32-37 | Volume-5 Issue-3, July 2016 | Retrieval Number: C1610075316©BEIESP
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: The main purpose of this study is to develop a comprehensive success model for real estate projects considering both external and internal factors. In this respect, a wide range of success criteria are identified based on an extensive literature survey, and these criteria are classified into their respective sub criteria. In this context, a questionnaire was developed to facilitate systematic data collection in this study. In this survey, experts’ opinion from professionals and academicians of civil engineering field is taken through questionnaire. Top level managers, Senior civil engineer and Professors were involved for data gathering and finalizing the project Success Criteria and their respective sub Criteria. Further attempt has been made to formulate a fuzzy set numbers and employing Fuzzy Multiple Criteria Decision Making technique with a view to determine success potential of real estate project. The two main objectives achieved from this study, first, to provide a success potential index for completed projects in order to compare them with each other and to establish for improvement in future projects. Real estate companies may benefit from the findings of the proposed model in assessing the performance of their projects and may take the necessary actions to achieve better success in their projects to make a reputation in market.
Keyword: Fuzzy logic, Multi Criteria, Project success, Real Estate, Success potential index.
Scope of the Article: Fuzzy logic