Valuation of land and real property: comparative approach, residual, investment, profits and contractors' methods
Investment appraisal: payback method, discounted cash flow approaches, capital allowances and property taxation.
Developer's budget: costing out a development project including costs of land, construction, short-term finance, professional fees, etc Optimization of development scheme.
Construction economics: structure of construction sector.
Whole cycle costing: introduction to whole cycle costing in construction and sustainability.
Project evaluation: analysis of the planning and construction of major projects
Techniques, principles and procedures of cost management including elemental cost planning.
Methods, uses and selection of appropriate methods of cost forecasting. Sources, uses, limitations, applications of construction cost data, including use of cost indices and preparation of elemental cost plans.
Interpretation, uses, application of BCIS Standard Form of Cost Analysis, including methods of updating and adjustment.
Learning Outcome
On successful completion of this module student should be able to:
1. Value land and property using five different approaches A2, C1, C2, D2, D3, D13.
2. Prepare and modify a developer's budget including optimizing the use of resources. A3, A4, B1, B2, C2, C3, D3, D6, D12, D13, D14.
3. Carry out a whole life cost appraisal for a simple construction project A4, B4, B5, C2, C3, D3, and D13.
4. Recognise and apply the framework of cost management A4, B1, C1, D3.
5. Carry out elemental cost planning A4, B3, B5, C3, D1, D3 and D13
Lectures, supported by tutorials, seminars and workshops, and augmented by flexible learning materials will provide the basis for delivery of development appraisal
Cost management and design economics topics will be delivered through the use of student-centred, flexible learning materials.
Development of:
Analytical, appraisal, interpretative and quantitative skills(D1)
Written, graphical and IT presentation skills including the use of computer spreadsheets for financial projections (D9), (D13)
Verbal, visual and responsive presentation skills (D9)
Group working, Team Working (D12)
