Crisis management in construction and real estate: conceptual modeling at the micro-, meso- and macro-levels

Abstract

Integrated analysis and rational decision-making at the micro-, meso- and macro-levels are needed to mitigate the effects of recession on the construction and real estate sector. Crisis management involves numerous aspects that should be considered in addition to making economic, political and legal/regulatory decisions. These must include social, culture, ethical, psychological, educational, environmental, provisional, technological, technical, organizational and managerial aspects. This article presents a model for such considerations and discusses certain composite parts of it. In the process of this discussion, the article analyzes the situations existing in Lithuania, the EU in general, Asia, the USA and other parts of the world and considers their similarities and differences in crisis management. The research involved herein includes six stages: (1) comparative description of crisis management for construction and real estate in developed countries and in Lithuania, (2) comparison and contrast of crisis management for construction and real estate in developed countries and in Lithuania, (3) general recommendations for improving crisis management efficiencies in Lithuania's construction and real estate sector, (4) recommendations that are specific for Lithuania, (5) multiple criteria analysis of crisis management components and selection of the most efficient life cycle version of crisis management in construction and real estate and (6) transformational learning and redesign of mental and practical behavior. The obtained results partially substantiate the available data. Additionally interesting management trends in construction and real estate crisis are noted. To demonstrate the application of this research, specific examples from Lithuania are submitted for consideration.