Operational Risk Model Managing Urban Safety in Real State
The study presented in this chapter aims at deducing a new operational framework model for safety existence in urban real estate grounded on risk management. This expanded vision is based on the concept of ‘Man’ as the core of study, his aspirations, needs and his relation with the surrounding communities. As real estate deeply affects communities, and enclosed urban spaces physically and psychologically, security is also a key aspect among that domain, that can also affect its life quality. Here comes the role of project management widely, that incorporates risk management specifically.
Social Protection’s view emphasizes the double role of risk management, as it should particularly support poor societies, against all expected risks. The study in this chapter focuses on safety risk management through the project operation stage, to build up an operational model manipulating different safety risks (high/low probabilities, and impacts) affecting different stakeholders in urban spaces of real estate.
Furthermore, safety elements should be integrated within the design of the different urban spaces, which are included in the operational model, as measuring indicators for safety risks vs. stakeholders’ vision.
Empirical study is conducted on residential middle-class compound in Egypt to apply the operational model, in an attempt to explore safety risks in spaces. Accordingly, this model shall act as an effective tool in decision making during project management phases, to ensure safety and thus enhances life quality inside these urban spaces.
KeywordsRisk Management Safety, Real Estate Project Management Community Urban Spaces
I would like to acknowledge my colleague/ sister’s soul – Arch/ Reham Mosaad – for her contribution in elaborating the scientific concept, and in investigating the scientific argument. She was supposed to co-operate with me to conduct this study till the end. All gratitude and honor goes to her kind self.
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