Framework for managing uncertainty in property projects

A primary task of property development (or real estate development, RED) is making assessments and managing risks and uncertainties. Property managers cope with a wide range of uncertainties, particularly in the early project phases. Although the existing literature addresses the management of calculated risks, the management of uncertainties is underexposed. A framework and method are presented for uncertainty management, both of which focus on the early phases of complex RED projects. To develop this method, a design method for the development of consumer-based software (SCRUM) is adapted. The traditional uncertainty management in property development was compared with the SCRUM approach. SCRUM is found to be a highly useful tool for uncertainty management in real estate, but it requires adjustment to the specific context of property. An adjusted method 'RESCRUM' was developed and a first test of its accuracy and usefulness in practice is presented.