Judgement Analysis and Decision Making In Property Development

• Main Authors: Mohamed Ghazali, Megat, Torrance, V. B.
• Format: Article
• Language: English
• Published: Fakulti Ukur dan Harta Tanah 1994
• Subjects: H Social Sciences (General)
• Online Access: http://eprints.utm.my/id/eprint/4970/1/judgement.pdf; http://eprints.utm.my/id/eprint/4970/

Property development is regurded as a complex decision making activity, involving entrepreneurial flair, risk assessment, patient, skill and if successful, a great sense of satisfaction. The decision maker normally anallyses available information and makes the best judgement. It has been discovered that, in most decision making situations where the problems is complicated, highly unstructured and characterised by risk, complexity and uncertainly the decision makers' judgement is bounded in its ratonality due to the decision maker's own limited decision making ability and capacity. Further it has been suggested that decision makers rely on a number of simplifying strategies called heuristics, or ruler of thumb, in making decisions.