In the past, investors have been seen to rely solely on intuitions and sentiments which have been considered irrational in investment decision-making. Typically, prospective investments, after identification, are compared with benchmark criteria and decisions made on whether the attributes of the property will enable achievement of those criteria. These decisions are informed by forecasting models that vary in their degree of theoretical rigour, informed by and to a degree reflecting different levels of data richness. Decision-making is an essential process in organizational effectiveness. It has been well-defined as making a choice amongst alternatives. It is almost related to all managerial functions. Within the manufacturing domain, effective decisions are meant to achieve zero defects. Currently, this focus has also been applied to the service sector in order to create zero defects. Decision-making is an organizational process that has a powerful effect on organizational goals (Prasad, 2004)

An investment property is like any other investment: the goal is to generate a profit. In real estate, this is achieved through income (rent, for example) or through a profitable resale. The way in which a property is used has a significant impact on its value. Investors sometimes conduct studies to determine the best - and most profitable - use of a property. This is often referred to as its highest and best use. Certain properties can be developed in more than one way (commercially zoned property, for example) and investors can maximize returns by determining the highest and best use. Be that as it may, the following are the relevance of quantitative techniques to property investment decision making:

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