| Title |
An Evaluation of the Importance of Critical Success Factors in Small and Medium-Sized Construction Project Financing Development Projects |
| Authors |
Hyeoncheol Cho ; Seongseok Go |
| DOI |
https://dx.doi.org/10.6106/KJCEM.2025.26.5.079 |
| Keywords |
Construction Project Financing; Critical Success Factor; Project Feasibility |
| Abstract |
The present study aimed to identify the critical success factors to be considered in the operation of small & medium sized construction project financing (PF) development projects and to assess their relative importance. A comprehensive literature review along with Delphi study leaded to the development of four major categories, including ‘project feasibility,’ ‘financial strategy & financing structure,’ ‘project management,’ and ‘marketing and sales strategy’. In addition, a total of 13 sub-factors corresponding to the four categories were identified. A survey was administered to one-hundred experts to collect pairwise comparison data. The analytic hierarchy process (AHP) was then performed to evaluate the relative importance of both the major categories and their corresponding sub-factors. The AHP results revealed that, ‘project feasibility’ emerged as the most significant among the major categories. At the sub-factor level, ‘accuracy of market research & demand analysis,’ ‘capability in financial terms negotiation,’ ‘project schedule management,’ and ‘appropriate pricing policy & flexible sales planning’ emerged as the most critical within each respective category. Among the 13 sub-factors evaluated, ‘accuracy of market research & demand analysis,’ ‘economic feasibility & profitability analysis,’ and ‘appropriateness of site selection’ were identified as the most influential success factors. |