Introduction to Project Management Information Systems (PMIS) in Real Estate Development

A?Project Management Information System?(PMIS) is a tool used to manage real estate development projects[1][2]. It helps with task management, planning, scheduling, resource management, communication and collaboration, customer relationship management, budgeting and time tracking[1]. PMIS can also be used to store and share project information and track the progress of the project throughout its life cycle[5].

PMIS tools are designed to simplify workflows and keep projects on track, on budget and on time[2]. They can also help with?Artificial Intelligence?(AI) in real estate by providing a platform for addressing short comings in current management systems[4]. Examples of activities done in PMIS include planning the development process from scratch till completion, managing execution seamlessly, involving team members and engaging them to make sure everyone is on board[1], as well as investigating conventional methods in real estate and property management[4].

A real estate developer can benefit from a?Project Management Information System?(PMIS) in several departments, including sales, marketing, inventory management, revenue contracts, and project management[1][4]. A PMIS is an information system consisting of the tools and techniques used to gather, integrate, and disseminate the outputs of project management processes[2]. It is used to store and share project information and track the project progress[3].

In the initiation phase of the project, a PMIS can be helpful in planning the project by providing visibility into each project's work schedule and resource management[5]. It can also assist with collecting data on potential buyers or tenants for sales agents[1], tracking successful marketing campaigns[1], monitoring details on real estate assets inventory for single projects or across a portfolio of projects[1], managing data associated with revenue contracts for assets[1], and creating reports on all development projects that the real estate developer might have[1].

A PMIS can provide many advantages to multi-project management by allowing key stakeholders clear visibility into each project's work schedule and resource management[5]. Ultimately, it helps ensure successful project management by monitoring information, collecting data, and storing information for use in multiple areas such as budgeting, scheduling, cost control, document control, risk analysis and management, quality assurance, and controls, communication plans (notifications based on RACI matrix), channels and protocols, change control management, processes and procedures, procurement plans, processes and procedures, progress reporting systems (including dashboards), etc.[5].