Analytic approach to risk assessment in Thailand's real estate development industry
This research aims to introduce an innovative risk assessment model to Thailand real estate's industry as well as to investigate the risk perception of Thai practitioners. A theoretical framework that was developed from a review of the extant literature was used in the subsequent stages of research design, data collection and analysis. The extensive literature review revealed that the systematic risk assessment methods were too remote from the existing industry practices and these shall be considered as valid approaches by industry. The theoretical frameworks were established based on the requirements of Social, Technological, Environmental, Economic, and Political (STEEP) factors. These were well rooted in practice and that individual perception toward risk was a key experiential aspect of risk assessment. The research strategy was designed as a two-phase approach. The first phase was a quantitative approach using the questionnaires survey techniques to gather 210 Thai developers' opinions towards risk assessment practices and the perception towards STEEP factors. The resultant data set was analysed with the statistic tests such as Component Analysis (CA), Explorative Factor Analysis (EF A), etc. The EFA test was applied to 66 risk assessment criteria in order to form the risk assessment model. The phase 1 resulted in a tentative model which was explored in the qualitative phase (phase 2) of the study. TIlls phase adopted the interviews with 13 Thai real estate practitioners, the interview transcripts were analysed using the content analysis and manual coding. The details of risk in this industry, and the requirements/features for the ideal risk assessment model were revealed in this phase. These were expanded and synchronised with the model developed from the EFA theorem in the first phase. In order to validate the tentative risk assessment model, a case study approach was implemented with 4 real estate experts, the results insisted that this model was acceptably developed and this could be used in the real business case because of it covered on the major existing risks in this real estate industry. The final outcome of this research is a validated risk assessment model which forms the basis for assessing risks in the real estate projects which is closely aligned to an industry practice and can lead to an incremental improvement of risk assessment in the property industry.
HD Industries. Land use. Labor, HD61 Risk Management
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