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Journal of Asian Architecture and Building Engineering Volume 22, 2023 - Issue 3
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Research Article

A risk management model of apartment development projects using system dynamics

Titi Sari Nurul RachmawatiDepartment of Architectural Engineering, Kyung Hee University, Suwon, Republic of Korea SeoulORCID Iconhttps://orcid.org/0000-0002-8190-9077View further author information
ORCID Icon &
Sunkuk KimDepartment of Architectural Engineering, Kyung Hee University, Suwon, Republic of Korea SeoulCorrespondence[email protected]
ORCID Iconhttps://orcid.org/0000-0002-7350-4483View further author information
ORCID Icon
Pages 1492-1506 | Received 06 Jan 2022, Accepted 28 May 2022, Published online: 08 Jun 2022

Figures & data

Figure 1. Methodology.

Figure 1. Methodology.

Figure 2. Modeling concept of risk management (Kim Citation2020).

Figure 2. Modeling concept of risk management (Kim Citation2020).

Figure 3. The models of apartment development projects (Kim Citation2020).

Figure 3. The models of apartment development projects (Kim Citation2020).

Figure 4. Simulation phase of economic feasibility (Lee et al. Citation2019).

Figure 4. Simulation phase of economic feasibility (Lee et al. Citation2019).

Figure 5. Causal-loop diagram (Lee et al. Citation2019).

Figure 5. Causal-loop diagram (Lee et al. Citation2019).

Figure 6. Income, cost, financial cost, and project profit model.

Figure 6. Income, cost, financial cost, and project profit model.

Figure 7. Integrated simulation model.

Figure 7. Integrated simulation model.

Figure 8. Fluctuation of apartment house prices in Korea: (a) Apartment house prices vs. Per capita national income. (b) Apartment house price cycle.

Figure 8. Fluctuation of apartment house prices in Korea: (a) Apartment house prices vs. Per capita national income. (b) Apartment house price cycle.

Figure 9. Risk range limit cases of the unit sales price.

Figure 9. Risk range limit cases of the unit sales price.

Table 1. Overview of the apartment case project.

Figure 10. Random variable generation by risk factors and project profit.

Figure 10. Random variable generation by risk factors and project profit.

Table 2. Result of forecasting simulation.

Figure 11. Setting risk range limit to risk factors and project profit.

Figure 11. Setting risk range limit to risk factors and project profit.

Table 3. Setting risk range limit to risk factors at initial stage review (t0).

Table 4. Risk range limit to risk factors after land cost is fixed (t1).

Table 5. Risk range limit to risk factors after construction cost is fixed (t2).

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