Assessment Of Critical Success Factors In Real Estate Development Projects In Addis Ababa
No Thumbnail Available
Date
2019-07
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Addis Ababa University
Abstract
There is a rapid growth in Real Estate industry in Ethiopia where many are using resources to conduct a number of development projects. Many Real Estate companies (Project Sponsors) only consider the financial aspects of the real estate development projects while many internal and external factors affect their success. This research aims to contribute to the efficiency and effectiveness of these companies in delivering real estate development projects. The objective of the study is to identify and assess critical success factors in real estate development projects as well as establish the relationship between CSFs and project success. A quantitative approach was applied where conceptual model was adopted to assess 8 main critical success factors: Client (Project Sponsor) Objectives, Client Core Competencies, Project Environment (Physical Environment, Economic Environment, Socio-Political Environment, Industrial Relations), Project Team Leaders Performance &Project Management Actions.. A total of 55 questionnaires were filled by project managers, engineers and formans engaged in real estate development projects by three real estates, Bole Beshale Project by Sunshine, Dodi 1 by Noah and Polilotus by Tsehay Real Estate. Descriptive statistics and correlation was applied using SPSS to analyze and interpret data. The major findings indicate that Client Objectives, Project Team Leaders Performance, Project Management Actions, Client Core Competency, Economic environment and Physical Environment are the most critical factors Moreover, a strong positive relationship was observed between Project Management Actions, Project Team Leader Performance and Client Core Competency. In conclusion, project success in Real Estate development can be achieved by focusing on delivering on time and with high construction quality. Moreover, client’s (project sponsor) involvement in project initiation and planning phase, placement of competent and skilled project leaders and comprehensive project safety and quality management are critical to real estate development project’s success
Description
Keywords
Critical Success Factors, Client Objectives, Client Core Competency