Personalized Multidimensional Process Framework For Dynamic Risk Analysis In The Real Estate Industry

Publisher:
Greenville
Publication Type:
Conference Proceeding
Citation:
Sixth International Conference on Construction in the 21st Century (CITC-VI) Construction Challenges in the New Decade, 2011, pp. 111 - 118
Issue Date:
2011-01
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The risk analysis for real estate property investment is subject to high risk. It is qualitatively and quantitatively assessed by various techniques such as the analytical hierarchy process (AHP) and the analytic network process (ANP) which determine the risk factors based on expert survey, weight and rank the factors using algorithm and mathematical formula and decide the best investment based on performance index of the alternatives given. However, experts from the field have different opinions and judgments about the environment of the real estate industry and this scenario will affect the result of the risk factor weight and ranking. Moreover, different investors have different goals and objectives to be achieve. Thus, this paper will propose a new personalized multidimensional process (PMP) framework based on knowledge discovery. This framework comprises of two new methods namely the personalized association mapping (PAM) method and the personalized multidimensional sensitivity analysis (PM-SA) method. The innovations of this research are the justification of risk factor weight and ranking. It will be based on deterministic approach using historical data driven to decision support using knowledge discovery in database and the heuristic approach which is refers to investors personalization of the risk factors which fulfil their requirements.
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