Modelling property management decisions using 'iconCUR'

Making appropriate decisions concerning the ongoing management of existing built facilities is an important activity for property and facilities managers. This paper describes the development of a new conceptual framework for making better decisions about built assets at an early stage in the process, with a view to identifying which course of action to pursue. The resulting model, known as iconCUR, uses a weighted matrix methodology to obtain performance scores for condition, utilization and reward that are capable of mapping property decisions in 3D space over time. Via a case study of a real project in Sydney (Australia), the application of iconCUR is shown to be both practical and an example of decision-making using an adaptive management (or ‘learning by doing’) philosophy. The benefit of adopting iconCUR to assist with property management decisions lies in its ability to quickly assess, identify and rank available opportunities according to potential value added. The spatial coordinates that underpin the 3D model enable certainty levels to be reported objectively through measuring the distance between current property performance and optimum decision corners that define the cubic boundaries of the model.

[1]  Colin J. Fidge,et al.  A generic split process model for asset management decision-making , 2009, WCE 2009.

[2]  G. Herath.  Incorporating community objectives in improved wetland management: the use of the analytic hierarchy process. , 2004, Journal of environmental management.

[3]  E. Malone,et al.  Adaptation Policy Frameworks for Climate Change: Developing Strategies, Policies and Measures , 2004 .

[4]  James D. Nichols,et al.  Adaptive harvest management of North American waterfowl populations: a brief history and future prospects , 2007, Journal of Ornithology.

[5]  David Kincaid,et al.  Adapting Buildings for Changing Uses: Guidelines for Change of Use Refurbishment , 2003 .

[6]  Craig Langston,et al.  Sustainable Practices in the Built Environment , 2008 .

[7]  R. Gregory,et al.  Adaptive management and environmental decision making: A case study application to water use planning , 2006 .

[8]  Selcuk Cebi,et al.  Fuzzy multicriteria group decision making for real estate investments , 2010 .

[9]  Yung Yau,et al.  Multi-criteria decision making for urban built heritage conservation: application of the analytic hierarchy process , 2009 .

[10]  Julio Berbel,et al.  An Application of MOP and GP to Wildlife Management (Deer) , 1995 .

[11]  B. Tolwinski,et al.  An application of social choice theory to U.S.D.A. forest service decision making , 1996 .

[12]  I Mergias,et al.  Multi-criteria decision aid approach for the selection of the best compromise management scheme for ELVs: the case of Cyprus. , 2007, Journal of hazardous materials.

[13]  Theodor J. Stewart,et al.  Multiple criteria decision analysis - an integrated approach , 2001 .

[14]  J. Kangas,et al.  Applying voting theory in participatory decision support for sustainable timber harvesting , 2004 .

[15]  Thomas Hanne,et al.  knowCube: a visual and interactive support for multicriteria decision making , 2005, Comput. Oper. Res..

[16]  Guillermo A. Mendoza,et al.  Multi-criteria decision analysis in natural resource management: A critical review of methods and new modelling paradigms , 2006 .

[17]  Francisco Loforte Ribeiro,et al.  Management of the built heritage in the Lisbon's central downtown , 2008 .

[18]  Silvio Giove,et al.  An application of multicriteria decision making to built heritage. The redevelopment of Venice Arsenale , 2010 .

[19]  Edmundas Kazimieras Zavadskas,et al.  The concept model of sustainable buildings refurbishment , 2008 .

[20]  Bostenaru Dan.  Multi-criteria decision model for retrofitting existing buildings , 2003 .

[21]  Edmundas Kazimieras Zavadskas,et al.  The web–based real estate multiple criteria negotiation decision support system: A new generation of decision support systems , 2009 .

[22]  David M. Gann,et al.  Design Quality Indicator as a tool for thinking , 2003 .

[23]  Daniel Castro-Lacouture,et al.  Optimal decision making on urban renewal projects , 2010 .

[24]  Ion Georgiou,et al.  Making decisions in the absence of clear facts , 2008, Eur. J. Oper. Res..

[25]  Craig Langston.  Life-Cost Approach to Building Evaluation , 2005 .

[26]  J. Brans,et al.  Geometrical representations for MCDA , 1988 .

[27]  Igal M. Shohet,et al.  Decision support model for semi-automated selection of renovation alternatives , 1999 .

[28]  Laurens M Bouwer,et al.  Financing climate change adaptation. , 2006, Disasters.

[29]  W. Nordhaus.  The "Stern Review" on the Economics of Climate Change , 2006 .

[30]  Gamini Herath,et al.  Using Multi-Criteria Decision Analysis in Natural Resource Management , 2006 .

[31]  Edmundas Kazimieras Zavadskas,et al.  Multivariant design and multiple criteria analysis of building refurbishments , 2005 .

[32]  S. Pascoe,et al.  Modelling the effects of trade-offs between long and short-term objectives in fisheries management. , 2002, Journal of environmental management.

[33]  Krishna Prasad Vadrevu,et al.  Fire risk evaluation using multicriteria analysis—a case study , 2010, Environmental monitoring and assessment.

[34]  E Ferguson,et al.  From comparative risk assessment to multi-criteria decision analysis and adaptive management: recent developments and applications. , 2006, Environment international.

[35]  Jerónimo Aznar-Bellver,et al.  An ANP framework for property pricing combining quantitative and qualitative attributes , 2010, J. Oper. Res. Soc..

[36]  Leonardo Ensslin,et al.  A performance measurement framework in portfolio management: A constructivist case , 2011 .

[37]  Kari Alanne,et al.  Selection of renovation actions using multi-criteria “knapsack” model , 2004 .

[38]  Mordechai I. Henig,et al.  SOLVING MCDM PROBLEMS: PROCESS CONCEPTS , 1996 .

[39]  Theodor J. Stewart,et al.  A genetic algorithm approach to multiobjective land use planning , 2004, Comput. Oper. Res..