| Title |
Evaluating the Importance of Criteria in Fund-Based Operation Models for Long-Term Repair Reserves in Multi-Family Housing Using the Analytic Hierarchy Process |
| Authors |
Dae-Suk Kim ; Kwang-Chae Seo |
| DOI |
https://dx.doi.org/10.6106/KJCEM.2026.27.5.101 |
| Keywords |
Long-term Repair Reserve; Fund-based Operation Model; AHP; AIJ |
| Abstract |
This study aims to develop an evaluation framework for fund-based operation models of long-term repair reserves in multi-family housing and to analyze the relative importance of evaluation criteria using AHP. Based on prior studies and institutional analysis, a hierarchical structure consisting of four criteria (stability, efficiency, expertise, and transparency) and twelve sub-factors was established. Expert survey data were collected and analyzed using AIJ method. The results show that stability is the most important criterion, followed by transparency, efficiency, and expertise. At the sub-factor level, loss minimization, financial soundness, and supervisory systems exhibit relatively higher importance. A comparative analysis between the full sample and consistency-verified samples (CR < 0.2) indicates that the overall priority structure remains consistent, while the importance of transparency and supervisory systems increases in the consistency-verified group. These findings suggest that greater emphasis should be placed on risk management and governance mechanisms rather than profitability in designing fund-based operation models. |