Purpose

Construction projects in the real estate sector are important for a nation’s economic growth. However, owing to several constraints and stereotypes, the construction industry is suffering from major capital losses. A review of recent literature revealed that risks occurring in real estate construction projects (RECPs) carried out in developing economies can be divided into four categories, i.e. financial risks, design risks, execution risks and sociopolitical risks. This study aims to identify the critical factors that lead to these risk categories and develop a control structure for RECPs.

Design/methodology/approach

A quantitative method, i.e. a questionnaire-based survey, was used for this study. Using a random sampling technique the questionnaire was distributed to selected, highly experienced project managers. To determine whether the factors identified as part of the literature review strongly influence the categories, the factor analysis of the observations was performed.

Findings

The observations made in this study lead to the identification of six critical risk causing factors, i.e. lack of efficient planning, execution constraints, external constraints, client-induced constraints, project constraints and partner experience. The observations indicated a lack of knowledge of project management, organizational culture and a claims redressal mechanism in RECPs. Also, this study recommends a blockchain-based control structure to control the occurrence of the risk causing factors identified.

Originality/value

This study recommends a blockchain-based control structure for controlling the risks occurring.

中文翻译：

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识别房地产建设项目中的风险因素：提出决策控制结构的分析研究

目的

房地产行业的建设项目对于一个国家的经济增长非常重要。然而，由于一些限制和刻板印象，建筑业正遭受重大资本损失。对近期文献的回顾表明，在发展中经济体开展的房地产建设项目（RECPs）发生的风险可分为四类，即财务风险、设计风险、执行风险和社会政治风险。本研究旨在确定导致这些风险类别的关键因素，并为 RECP 制定控制结构。

设计/方法/方法

本研究采用定量方法，即基于问卷的调查。使用随机抽样技术，将问卷分发给选定的、经验丰富的项目经理。为了确定作为文献回顾的一部分确定的因素是否强烈影响类别，对观察结果进行了因素分析。

发现

本研究中的观察导致确定了六个关键风险因素，即缺乏有效的规划、执行约束、外部约束、客户引起的约束、项目约束和合作伙伴经验。观察结果表明，RECP 中缺乏项目管理、组织文化和索赔补救机制的知识。此外，本研究建议采用基于区块链的控制结构来控制已识别的风险因素的发生。

原创性/价值

本研究建议使用基于区块链的控制结构来控制发生的风险。