16643 Lecture Notes - Lecture 1: Fiduciary, Factiva
Document Summary
The role of property market research & analysis: research is fundamental to everything a property practitioner does, lowers risks by reducing uncertainty, underpins decision making. Uses of research: government policy and planning: strategic property planning requires analysis to determine infrastructure requirements, including transport, schools and hospitals. There is a requirement for property market research in order to quantify the current situation pointing to a clear need for the goods or services which are the focus. The process: deductive approach: where the premises are true, then the conclusion is true. Data is used to evaluate a hypothesis related to an existing theory. Theory hypothesis observation/testing data confirm/reject. Inductive approach: where known premises are used to generate untested conclusions. Data is used to examine phenomenon, identify patterns and create a new theory. Observation/tests pattern theory: abductive approach (logical inference): where known premises and observations are used to find the simplest and most likely explanation.
