As the first step for risk management in small and medium-sized building development projects, this study aims to explore risk factors for each development stage and analyze the importance of risk factors. The purpose of this study is to provide a basis for a successful small and medium-sized building development project by identifying major risk factors for each stage of development of small and medium-sized buildings, and by avoiding or minimizing risks through preliminary review of risk factors at each stage based on this.
To this end, risk factors that combine risk attributes and factors derived from a number of previous studies on real estate development projects and risk factors selected by a group of small and medium-sized building development experts were derived. factors are finally selected. In order to increase the objectivity and reliability of the survey, the AHP analysis methodology was implemented and the Fuzzy-AHP methodology was used to correct the calculated survey results.
The analysis results derived through empirical analysis are as follows. First, according to the results of the relative importance analysis, it was analyzed that the preliminary project feasibility stage was the most important in the order of the project pre-feasibility stage, the development implementation stage, the completion stage, and the asset management stage in the importance of the development stage. The importance of each attribute in the preliminary feasibility stage is in the order of market environment analysis and asset due diligence. As for the importance of each attribute in the development implementation stage, permission management and brightness management showed the highest importance, followed by construction management, business agreement, and architectural design. As for the importance of each attribute of the completion stage, completion management showed the highest level, followed by sale management and marketing management. The importance of each attribute in the post-development stage is in the order of sale management and building operation management.
Second, comparing the AHP composite importance result with the Fuzzy-AHP adjusted overall importance, it can be seen that the importance and ranking are generally different for each risk factor. However, it can be seen that the top five importance factors are the same. According to the results of the Fuzzy-AHP correction comprehensive importance, market research (building location feasibility, sale price and rent of similar buildings, regional status) review error was analyzed as the most important factor. Next, failure of MD composition for maximizing rental income due to insufficient analysis of the commercial area around the target site, misjudgment of business profit or loss upon completion of development due to deduction of business size due to planning design errors and carrying out balance analysis, and name compensation problems (prolonged tenant eviction negotiations, right money) additional demands), and overall construction management of real estate asset management companies (project cost execution, construction process, established management), etc., were found to be insufficient.