The main aspects of the value-oriented management of investment and construction housing projects

Technology and organization of construction

The urgency of the problem of providing people in CIS countries with quality, affordable housing with minimal risk of implementation of housing projects is obvious. To solve this problem, the authors proposed to review the principles of managing investment and construction housing projects based on project management tools, stakeholder theory and evolutionary theory of values. It is necessary to shift the focus from maximizing profits of construction companies to increasing the satisfaction with the significant social housing projects for all of their stakeholders. The aim of this study is to develop an effective and easy-to-use mechanism for evaluating, balancing and managing the social and public values of property along with its monetary value. The value of residential projects is expressed in non-financial indicators in order to get away from the idea of profit maximization. The value of the project is regarded as the coincidence between results of the project and the interests of its stakeholders, and stakeholder interests are represented as the desired economic, social, psychological, resource and other expected benefit of the project. The proposed system of value-based management of housing projects covers the period of the investment project from the idea of a residential building to its end of exploitation. We discuss which groups of agents should manage value-oriented housing projects and the means by which it should be implemented. A technique of analyzing project stakeholders based on expert evaluations is proposed, and a mathematical model for assessing the value of projects in non-financial terms is developed. The results achieved using current theoretical and methodological principles correspond to the goals of scientific research and can be used in value-oriented management of residential projects as well as in other sectors of project management in research and educational processes.