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Real options in project coalitions in Dutch health care: two case studies of construction projects

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  • Maartje Van Reedt Dortland
  • Hans Voordijk
  • Geert Dewulf

Abstract

Uncertainties affecting health organizations inevitably influence real estate decisions since real estate is required to facilitate the primary process in cure and care. Decisions have to be taken when there is little knowledge about the future. Therefore, flexibility is needed in the process of designing, constructing and operating real estate. Real options provide an approach to gain greater insight into flexibility. The aim is to analyse whether real options can be recognized in the real estate strategies of health organizations and what real options are provided by various forms of project coalition. Two case studies reveal that real options thinking can indeed be recognized in specific real estate strategies. The choice of certain real options is partly a result of the type of project coalition applied. Further development of real options thinking in real estate management in cure and care creates opportunities to deal with future uncertainties.

Suggested Citation

  • Maartje Van Reedt Dortland & Hans Voordijk & Geert Dewulf, 2013. "Real options in project coalitions in Dutch health care: two case studies of construction projects," Construction Management and Economics, Taylor & Francis Journals, vol. 31(3), pages 266-286, March.
    • Handle: RePEc:taf:conmgt:v:31:y:2013:i:3:p:266-286
    DOI: 10.1080/01446193.2012.738921
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    References listed on IDEAS

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    1. Hilhorst, C.A.R., 2009. "Reacting to risk with real options : Valuation of managerial flexibility in IT projects," Other publications TiSEM f0188402-fc1c-45c8-91e9-9, Tilburg University, School of Economics and Management.
    2. Carliss Y. Baldwin & Kim B. Clark, 2000. "Design Rules, Volume 1: The Power of Modularity," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262024667, April.
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