Key success factors in managing development projects
Authors: Jarosław Szreder
Year: 2023

Purpose: The article presents an original model of the structure of a real estate development investment project, based on which 18 key success factors in development activities in Poland were identified. Then, an analysis of these factors was carried out in the context of four different investment projects carried out by the developer. The study is based on the results of the analysis of investment projects in which the author participated from the beginning. Success factors assessed included: location, market analysis, attractiveness of the architectural design, organization of the construction process, quality of workmanship, cooperation with business partners, project management, marketing, sales, risk analysis, financing, team management, meeting administrative requirements, technological innovations, and ecological aspects. The conclusions from this study may be valuable for real estate development companies planning to implement further investment projects. Design/methodology/approach: The main research methods used for the purposes of this article were: participant observation as part of several real estate development projects completed by the author, interviews with stakeholders of individual projects and analysis of available literature sources. The theoretical scope of the thesis includes the subject of project management. The study is based on the results of an analysis of development investment projects in which the author participated as a manager. The identified and defined success factors of development projects were evaluated. On the basis of the assessments and analyses made, conclusions were drawn. Findings: The results of the study show that the success factors of individual projects differed depending on the nature of the project and the developer's experience. All the analysed investment projects were carried out by the same developer, but at different times and in different locations. That is why the developer drew conclusions after the first projects, which resulted in the fact that in subsequent projects he did not make any more previous mistakes. The benefits resulting from the experience gained by the developer allow him to better understand which factors are crucial for the success of subsequent investment projects. In the course of the analysis, it was also proven that the role of a competent project leader plays a key role, as he is able to shape and influence most of the other success factors. Research limitations/implications: The paper did not encounter any limitations in the research process, because the author, being both the investor and the manager of the developer's enterprise in the analyzed projects, had a complete set of information and full insight into all qualitative and quantitative data concerning the analyzed projects. The lack of this information would certainly be a significant limitation for conducting this type of research. Practical implications: The conclusions drawn from this study may be valuable for real estate development companies planning to implement further investment projects. In the course of the research, the structure of the development project was comprehensively systematized, then the most important KCS were indicated and evaluated depending on the project. According to the analyses carried out, achieving high effects of the project is largely dependent on professionalism in the development project management process, which results from the competence of the project leader. The role of continuous improvement in operations, learning through experience and the ability to adapt the strategy of the project to specific conditions was also emphasized. Social implications: The results of the study will have no impact on the societal implications. Originality/value: The article presents the author's model of the structure of a real estate development project. The article is addressed to managers of development companies and persons/development companies planning the implementation of further investment projects. Structured theoretical information can also be useful for management students who are interested in project management and real estate investing. Keywords: real estate development company, development process, investment process, key success factors. Category of the paper: conceptual paper, case study.