99619 - CONSTRUCTION INDUSTRY ECONOMICS AND MANAGEMENT

Conoscenze e abilità da conseguire

Through this course, the student learns the basic elements of applied economic analysis, and the principles of business organization, management and strategies. Furthermore, the course introduces the student to the study of the construction industry from an economic perspective. At the end of the course, the student matures economic thinking, develops analytical skills and is able to handle economic and management theories, methods and tools (i.e., databases) to analyze autonomously selected industries and territories. Furthermore, the student achieves a working knowledge of the construction sectors in terms of key economic drivers, business organization and management, innovation performance, national policy and regulatory framework, as well as appraisal techniques.

Contenuti

This course aims at introducing the basic elements of the real estate and project appraisal. It is structured into two modules, to illustrate and describe different evaluation and appraisal techniques. Moreover, during the course two assignments are proposed to give the possibility to apply the explained methodologies, through the simulation of a real evaluation demand, encouraging the learning-by-doing process. At the end of the course, the student has an overview about the discipline, with a specific focus on the real estate market.

Module 1 – Real Estate Market (20 hours)

The first part of this first module focuses on some fundamental concepts of the real estate and project appraisal: private and public goods, market value, capitalization value, cost value, substitution value, transformation value, complementary value. The second part concerns the description of the main characteristics of the real estate market and explanation of the evaluation techniques. For this module, an assignment on the assessment of the market value for a property is planned.

Module 2 – Feasibility assessment and decision support tool (20 hours)

This part aims at introducing the concept of decision-making in public and private context, with a focus on the feasibility assessment of public and private intervention. More in detail, this module introduces the techniques used in this field: the Cost-Benefit Analysis (CBA), and the Discounted Cash Flow Analysis (DCFA). This module plans an assignment to develop an analysis through the DCFA.

Testi/Bibliografia

“Attending students” – students who regularly attend the course can use the provided slides. 

“Not-attending students” – students who will not be taking the course regularly can use the slide and this text to integrate some concept:

Manganelli, B. Real Estate Investing. Market Analysis, Valuation Techniques, and Risk Management. Springer Cham, 2015, 1, 210.See chapter “ The Real Estate Market ”, and chapter “ Investment Evaluation”.

Metodi didattici

For “attending students”: frontal lectures, development of two assignments and revision in class.

For “not-attending students”: individual study of the educational materials and the given text.

Students are required within one week from the beginning of the course to decide whether to be “attending students” or not.

Modalità di verifica e valutazione dell'apprendimento

i) Assessment for “attending students”:
Attending students will do the two scheduled assignments, which will be worth 50% of the final grade. The exam will be oral and will include a discussion of the exercises performed and a few questions on the course program. Exam mark: 50% assignments + 50% questions on the course program.

ii) Assessment for “not-attending students”:

Not-attending students will take an oral exam at the end of the course accounting for the 100% of the mark. This exam is based on the study of the education materials and the given text.

Strumenti a supporto della didattica

Frontal teaching delivered with the support of PPT presentations. Exercise and revision are scheduled in presence. Active participation in discussion and classwork is required.

Orario di ricevimento

Consulta il sito web di Giulia Datola