Hot Topics Flashcards
(7 cards)
Please explain your understanding of the Harris Debate
The Harris Debate is organised annually by the RICS and provides a platform to address ethical concerns in the field of surveying and valuation. The debate honours Jonathan Harris, a former RICS president known for his contributions to professional development and education.
What was discussed at the Harris Debate 2024?
In 2024 the debate focussed on the theme of Ethics in the Age of Artificial Intelligence and its impact on Valuation Practices. The debate explored the ethical implications of incorporating artificial intelligence into valuation and surveying as AI is becoming more integrated in these fields.
What is your view on the use of AI for the purposes of property valuation?
AI can support property valuation by improving data analysis, consistency, and speed. However, it should augment, not replace professional judgment. Valuers must ensure transparency, understand the AI’s limitations, and remain accountable for final valuations.
What are the ethical concerns with the adoption of AI for the purposes of property valuation?
It is important to consider that AI algorithms rely on data and if this data is inaccurate, incomplete or intentionally weighted following bias data input, this can dramatically skew results in the favour or to the detriment of the parties involved.
What wider impact do you feel AI will have on the property industry?
Data-Driven Decision Making – AI has the potential to analyse vast amounts of market data to predict trends, assess property values, and identify investment opportunities.
Urban Planning and Development – AI can assist city planners and developers by analysing environmental, social, and economic data.
What impact will AI have on the construction industry?
A large overhead for the majority of Main Contractors is the estimating process which can be very onerous and require weeks of input from skilled estimators. AI can assist the estimating process by supporting estimators with data collection and processing when reviewing large tender packs made up of contract documents, drawings, specifications and legal documents.
