Asianoah, R K (2023) A risk management model for commercial property development and investment in Ghana. PhD thesis, Nelson Mandela University, South Africa.
Abstract
Commercial property development and investment provide many benefits to individuals and governments around the globe; these include the generation of income for investors, employment, tax revenues, and contributions to a country‘s GDP. Yet commercial property development and investment projects involve construction, economic and management risks. A lack of effective risk assessment and management tools may lead to developers and investors incurring losses. To curtail such losses, this study sought to create a credible management model that can be used to assess and manage risks in Ghana‘s commercial property development and investment industry. An extensive literature review was done, covering all 12 identified study constructs: real estate trends and cycle, construction project management, outside advice/mentorship, spatial development, strategic factors, business management skills, PMBOK, PESTEL analysis, general management skills, governance structures, financial feasibility, professional feasibility, and risk management. Each construct was defined and operationalised. A positivistic philosophical approach was used, and quantitative approach was used to solicit data from the main respondents through the distribution of questionnaires to the target population sample. CB-SEM and SPSS version 24 were used to analyse data, SEM to test the positive relationships hypothesised between the identified variables and SPSS to analyse the demographic data. The major findings are that there is a lack of financial and professional feasibility analysis among respondents along the following factors: the PMBOK, real estate trends and cycles, general management, business management, strategic factors, spatial development, and PESTEL analysis. It was found that these factors have positive and favourable influences on CPDI projects. The study recommends that developers and investors do financial and professional feasibility studies before they embark on projects. This could improve project viability in commercial property development and investment. The study has contributed to the body of knowledge in CPDI sector by developing a new risk assessment/risk management model.
| Item Type: | Thesis (Doctoral) |
|---|---|
| Uncontrolled Keywords: | population; real estate; skills; commercial property; income; revenues; employment; feasibility study; governance; investment; property development; risk assessment; risk management; professional; Ghana; government; developer |
| Index terms: | management risk, governance, investor, Ghana, employment, construction project management, risk management, income, risk assessment, real estate, property development, feasibility study, revenue, literature review, questionnaire, commercial property, population, business management, body of knowledge |
| Subjects: | Geography, financial risk, economic development, demography, construction type, knowledge management, economic analysis, project management theory and practice, management, sociology, risk assessment, data collection methods, business, data analysis and analytics, real estate economics, design stages |
| Topics: | Risk Management, Project Management, Geographical Context, Governance, Construction Technology, Stakeholder Management, Information Management, Research Practice, Business Strategy, Cost Management, Human Resources, Urban Studies, Design Practice |
| Descriptive scope: | 3 PCA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here