Exploring Risks for Urban Renewal Projects

Urban renewal requirements have been important issues for local governments in Taiwan and therefore many urban renewal projects were initiated in the past few years and such demands will be increased in the future. According to past performance of urban renewal projects, projects suffered tons of problems, such as project delay due to evaluating existed property value, value allocations for future property, and relocating residents for temporary living, were encountered in urban renewal projects and then negatively influenced the benefit of urban renewal business to participated private firms. The purpose of this study is to explore the framework of risks frequently encountered when performing urban renewal business projects in Taiwan, and further used the risk framework to assess the relative effects of the identified risk factors on urban renewal business project success. The risk breakdown structure for generic projects is employed and simultaneously the work flow of performing urban renewal business projects was discussed and reviewed to identify the associated risk factors in urban renewal business projects. A hierarchical risk structure of urban renewal business projects was established in this study and then was used to measure and assess the relative effects of the risk factors with Consistent Fuzzy Preferred Relations.