Application of a Systems Engineering Approach as a Preventative Measure Against Disruptions to Real Estate Institutions

C. Kat Grimsley () and Cody A. Pennetti
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C. Kat Grimsley: Center for Real Estate Entrepreneurship, George Mason University
Cody A. Pennetti: Center for Risk Management of Engineering Systems, University of Virginia

A chapter in Disruptive Technology, Legal Innovation, and the Future of Real Estate, 2020, pp 155-176 from Springer

Abstract: Abstract As technology changes at an exponential rate, business and development industries must prioritize investments to be prepared for disruptive technologies. Within the real estate industry, the influence of new technologies is readily apparent in areas such as design and construction with Building Information Modeling (BIM), the incorporation of smart and sustainable/energy efficient systems into new buildings, and a shared economy approach to space use (e.g. AirBnB). However, there is an extensive network of critical interrelated institutions connected to real estate that is often overlooked, making the effects of disruption less transparent in the context of the larger system. This chapter will emphasize the complexity of the system that supports real property and its relevance for infrastructure, humanitarian, and market interests. The chapter will then propose a systems engineering approach as the appropriate lens through which to view the “real estate system” to ensure projects are holistically envisioned and disruptions can be anticipated.

Keywords: Systems engineering; Risk management; Multiple objective analysis; Complex systems; Real estate institutions; Real estate disruption (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-52387-9_9

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DOI: 10.1007/978-3-030-52387-9_9

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