A robust expert decision support system for making real estate location decisions, a case of investor-developer-user organization in industry 4.0 era

2019 ◽  
Vol 22 (1) ◽  
pp. 21-47
Author(s):  
Sam Mosallaeipour ◽  
Seyed Mahdi Shavarani ◽  
Charlotte Steens ◽  
Adrienn Eros
Keyword(s):  
Real Estate ◽  
Portfolio Management ◽  
Location Decisions ◽  
Strategic Decisions ◽  
Content Type ◽  
Investment Appraisal ◽  
Global Criterion ◽  
Global Criterion Method ◽  
Expert Decision Support System ◽  
Criterion Method

Purpose This paper aims to introduce a practical expert decision support system (EDSS) for performing location analysis and making real estate location decisions in the organization’s facility and real estate management (FREM) department in presence of several decision criteria, under risk and uncertainty. This tool is particularly useful for making strategic decisions in facility planning, portfolio management, investment appraisal, development project evaluations and deciding on usage possibilities in an unbiased, objective manner. Design/methodology/approach The proposed EDSS uses fuzzy logic and uncertainty theory as two of the most useful tools to deal with uncertainties involved in the problem environment. The system performs an unbiased mathematical analysis on the input data provided by the decision-maker, using a combination of Analytical Hierarchy Process (AHP) and Global Criterion Method; determines a suitable compromise level between the objectives; and delivers a set of locations that complies best with the outlined desires of the management as the final solution. The application of the system is tested on a real case and has delivered satisfactory results. Findings The proposed EDSS took the defined objectives, the list of alternative locations, and their attributes as the required input for problem-solving, and used a combination of AHP, Possibilistic approach, and global criterion method to solve the problem. The delivered outcome was a set of proper locations with the right attributes to meet all objectives of the organization at a satisfactory level, confirmed by the problem owners. Originality/value The application of such a system with such a degree of preciseness and complexity has been very limited in the literature. The system designed in this study is an Industry 4.0 decision making tool. For designing this system several body of knowledge are used. The present study is particularly useful for making strategic decisions in the domains of portfolio management, investment appraisal, project development evaluations and deciding on property usage possibilities. The proposed EDSS takes the information provided by the experts in the field (through qualitative and quantitative data collecting) as the inputs and operates as an objective decision-making tool using several bodies of knowledge considering the trends and developments in the world of FREM. The strong scientific method used in the core of the proposed EDSS guarantees a highly accurate result.

An analysis of papers published in the Journal of European Real Estate Research, 2008-2019

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Martin Hoesli
Keyword(s):  
Comparative Analysis ◽  
Real Estate ◽  
Eastern Europe ◽  
Portfolio Management ◽  
Design Methodology ◽  
Central And Eastern Europe ◽  
Investment Portfolio ◽  
Content Type ◽  
Real Estate Research ◽  
Key Dimensions

Purpose The purpose of this paper is to analyze papers that have been published in the Journal of European Real Estate Research since its inception in 2008. Design/methodology/approach The author analyzes papers published from 2008 to 2019 in the Journal of European Real Estate Research by authors’ country of affiliation, by country of study and by theme. Findings The Journal of European Real Estate Research publishes papers from scholars from an increasing number of countries, in particular in Central and Eastern Europe. Papers that provide a comparative analysis of countries constitute the largest category of contributions. The three most popular themes remain housing, valuation and investment/portfolio management. However, the dynamics of the three categories differ notably. Originality/value This paper provides for a clearer understanding of key dimensions of real estate research in Europe.

scholarly journals The impact of lease structures on the optimal holding period for a commercial real estate portfolio

2015 ◽  
Vol 33 (2) ◽  
pp. 121-139 ◽  
Author(s):  
Charles-Olivier Amédée-Manesme ◽  
Michel Baroni ◽  
Fabrice Barthélémy ◽  
Mahdi Mokrane
Keyword(s):  
Real Estate ◽  
Portfolio Management ◽  
Cash Flows ◽  
Commercial Real Estate ◽  
Content Type ◽  
Holding Period ◽  
Specific Risk ◽  
The Impact ◽  
Real Estate Assets ◽  
Rental Value

Purpose – The purpose of this paper is to demonstrate the impact of lease duration and lease break options on the optimal holding period for a real estate asset or portfolio. Design/methodology/approach – The authors use a Monte Carlo simulation framework to simulate a real estate asset’s cash flows in which lease structures (rent, indexation pattern, overall lease duration and break options) are explicitly taken into account. The authors assume that a tenant exercises his/her option to break a lease if the rent paid is higher than the market rental value (MRV) of similar properties. The authors also model vacancy duration stochastically. Finally, capital values and MRVs, assumed to be correlated, are simulated using specific stochastic processes. The authors derive the optimal holding period for the asset as the value that maximizes its discounted value. Findings – The authors demonstrate that, consistent with existing capital markets literature and real estate business practice, break options in leases can dramatically alter optimal holding periods for real estate assets and, by extension, portfolios. The paper shows that, everything else being equal, shorter lease durations, higher MRV volatility, increasing negative rental reversion, higher vacancy duration, more break options, all tend to decrease the optimal holding period of a real estate asset. The converse is also true. Practical implications – Practitioners are offered insights as well as a practical methodology for determining the ex-ante optimal holding period for an asset or a portfolio based on a number of market and asset-specific parameters including the lease structure. Originality/value – The originality of the paper derives from its taking an explicit modelling approach to lease duration and lease breaks as additional sources of asset-specific risk alongside market risk. This is critical in real estate portfolio management because such specific risk is usually difficult to diversify.

A knowledge sharing approach for R&D project team formation

2017 ◽  
Vol 47 (2) ◽  
pp. 154-171 ◽  
Author(s):  
Seyyed Mahdi Hosseini ◽  
Peyman Akhavan ◽  
Morteza Abbasi
Keyword(s):  
Knowledge Sharing ◽  
Project Managers ◽  
Project Team ◽  
Mixed Integer ◽  
Measurement Scales ◽  
Content Type ◽  
Team Members ◽  
Global Criterion ◽  
Global Criterion Method ◽  
Project Objectives

Purpose This paper intends to propose an approach for formation of the R&D project teams, so that in addition to the selection of the most expert individuals, facilitates the knowledge sharing among people. Design/methodology/approach Mathematical modeling was used to formulate the problem of selecting appropriate members for the project team. As the problem was formulated as a bi-objective mixed integer nonlinear programming problem, it was initially transformed from nonlinear to linear problem, and then, the global criterion method was applied to convert the problem into a single-objective problem. To collect the data for exogenous variables, the measurement scales (their validity had been verified in previous research) were adopted. Findings The results of various tests for evaluating the proposed approach in the case study confirmed its effectiveness in selecting the appropriate members of the project team. Practical implications Using the proposed approach, R&D project managers will be able to select the most appropriate members for the project team and, while ensuring the achievement of project objectives, prevent the loss of knowledge gained in the project lifecycle. Originality/value This paper is the first attempt to provide an approach for sharing the knowledge gained by the project team members in the R&D projects.

scholarly journals Mobile CRM development for real estate agents

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
João Antão ◽  
Rúben Pereira ◽  
Ricardo Ribeiro
Keyword(s):  
Real Estate ◽  
Portfolio Management ◽  
Customer Relationship ◽  
Accurate Information ◽  
Information Industry ◽  
Daily Lives ◽  
Content Type ◽  
The Real Estate ◽  
Real Estate Agents ◽  
And Performance

PurposeReal estate agents are professionals who need up-to-date and accurate information about their clients in order to maintain profitable and long-lasting relationships with each of them. A satisfied customer can be very valuable and profitable in the long term. This research focuses on solving the problem of the lack of a mobile Customer Relationship Management (CRM) adapted to the needs of professionals. The importance of solving this problem is related to the importance of optimizing work and resources in a highly abundant information industry.Design/methodology/approachIt was developed of a CRM for mobile devices capable of managing information about the customers and business partners of each user, which provides a set of features well defined by the professionals. These features were collected through 15 face-to-face interviews and validated with six video conference interviews with industry specialists. For the development and evaluation of this artefact was followed the DSR methodology, corresponding each interview to an iteration of this model.FindingsFrom this research resulted a selection of functionalities considered essential to the real estate agent's work. These features were successfully implemented in a mobile application that real estate agents appreciate for its simplicity and that they feel adds real value to their daily lives. Using this service, the productivity and performance of real estate agents might be improved.Originality/valueIt was verified that the mobile CRM solution developed is a desired solution by real estate agents in terms of customer portfolio management, enhancing the evolution of their relationships and monitoring professional's performance.

scholarly journals Global criterion formation in producer’s decisions

2014 ◽  
Vol 6 (1) ◽  
pp. 102-114
Author(s):  
Yury Vasilyevich Krivolutskiy ◽  
Elena Yuryevna Zakharova
Keyword(s):  
Decision Making ◽  
Human Resources ◽  
Weight Coefficient ◽  
Mathematical Methods ◽  
Main Attention ◽  
Optimum Range ◽  
Global Criterion ◽  
Global Criterion Method ◽  
Pros And Cons ◽  
Criterion Method

This article delves into decision making in producers activity under shortage of financials, materials and human resources. Every decision to be made is generally a multicriterial task. At the same time these criteria are controversial: amelioration of one criterion leads to degradation of another. That is why solution finding with the use of mathematical methods is worth to consider. Hereafter theoretical stuff and practical exemplification of decision making under multicriterial conditions are presented. In many mathematical methods of decision making multicriterial task is simplified to one criterion. Therefore the main attention is paid to global criterion method, providing a means to define optimum out of several criteria. The point of the method assumes to weigh up the initial criteria and create a single global criterion, serving as a key to decision making. The weight coefficient of each criterion is defined by experts. There are several methods of combining criteria. Nevertheless in practice three methods are used: criteria relation, criteria multiplication and criteria summing up. The methods are analyzed and practical examples are shown in the article. Other approaches to combining criteria are also examined. It is generally agreed that every method of decision making has its own pros and cons, which in turn define the optimum range of its application.

A novel robust multivariate regression approach to optimize multiple surfaces

2018 ◽  
Vol 52 (4-5) ◽  
pp. 1233-1243
Author(s):  
Amir Moslemi ◽  
Mirmehdi Seyyed-Esfahani
Keyword(s):  
Response Surface ◽  
Multivariate Regression ◽  
Ordinary Least Squares ◽  
Response Surfaces ◽  
Response Models ◽  
New Approach ◽  
Global Criterion ◽  
Global Criterion Method ◽  
Controllable Factors ◽  
Criterion Method

Response surface methodology involves relationships between different variables, specifically experimental inputs as controllable factors, and a response or responses by incorporating uncontrollable factors named nuisance. In order to optimize these response surfaces, we should have accurate response models. A common approach to estimate a response surface is the ordinary least squares (OLS) method. Since OLS is very sensitive to outliers, some robust approaches have been discussed in the literature. Most problems face with more than one response which are mostly correlated, that are called multi-response problem. This paper presents a new approach which takes the benefits of robust multivariate regression to cope with the mentioned difficulties. After estimating accurate response surfaces, optimization phase should be applied in order to have proper combination of variables and optimum solutions. Global criterion method of multi-objective optimization has also been used to reach a compromise solution which improves all response variables simultaneously. Finally, the proposed approach is described analytically by a numerical example.

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