Objectives

The aim of the course is to provide the necessary economic notions for understanding, analysing and rationalising the needs upstream from a project, whether public or private, and which must form the basis of any project discussed and shared with the client, before designing the construction process for transforming a good into a more useful good. The project for a building springs from a series of technical, environmental, financial, economic, social and procedural decisions, which combine the production factors and achieve the best possible balance between the lowest possible cost and the highest possible market value of the end product. Therefore, the students will learn the economic aspects needed to plan, design, assess, build, manage and, possibly, sell a building, the relevant valuation rationale and method, illustrating the necessary estimation criteria for taking economic decisions based on both value and cost-effectiveness, for developing a sustainable project throughout its lifecycle, in the scheduling and financing procedures, design process, acquisition of the sites, tendering and awarding the contract, site and operating management of the activities carried out.

Knowledge and comprension ability
At the end of the course the student must have acquired knowledge and understanding skills, as well as skills that allow to support, from a theoretical-methodological point of view, the management of the estimative and evaluative economic aspects in the different phases of the building process. The student must have acquired adequate and specific knowledge of the tools, procedures and operational mechanisms that enable him to act in the field of settlement transformation processes. In particular, in the management activities related to the different phases of the settlement production cycle it will have to be able to individualise decision-making knots and evaluation procedures to make rational choices in the phases of: a) programming and intervention design; b) carrying out of the works (confidence, direction and test); c) exercise of the works, using the evaluation methods able to express value and suitability opinions value to verify the technical feasibility, the environmental compatibility, the financial, economic and procedural sustainability, ex ante, ongoing and ex post of an intervention.
The verification of the knowledge will be made through tests and exercises ongoing and the test (final) exam test proper.

Ability to apply knowledge and understanding
At the end of the course the student will have to demonstrate ownership in the theoretical and operative approaches that let express opinions of value and of suitability and those project - analytical profits for the targeting of the knowledge and of the ability of comprehension you acquire, to solve also complex problems tied to the management of different phases of the building process.
In particular, the student must be able to respond to the estimative and evaluative questions that arise in the management activities connected to the entire settlement production process using the methods, techniques, tools, procedures and operational mechanisms acquired.
These skills will be acquired through frontal and seminar teaching activities, to be carried out in the classroom or at home, referring to concrete cases / experiences, aimed at developing the individual and group approach to application and professional problems.
The knowledge check will be carried out also through the test itself and through tests ongoing.

Judgement autonomy.
At the end of the teaching the student will have to demonstrate the ability of acquiring knowledge and experiences, of examining them and of revising them with the purposes of the formation of an autonomous and original judgement. Particularly, the student must demonstrate ability in the autonomous and conscious management of inherent themes about the estimate and evaluation, with the objective of returning solutions adequate to the problems that can be presented in the management activity it connected with different phases of the of settlement production process. The achievement of these critical and autonomous judgments will be acquired during the frontal and seminar teaching activities.
The knowledge verification will be made, moreover, through the properly been called examination proof and through proofs ongoing.



Communication skills.
At the end of the teaching the student will have to demonstrate, in connection with the acquisition of the operative ability compared to the theorist, methodological, technical and project knowledge, own of the teaching, of being able to communicate it, in adequate and effective way also, inside the documents to be prepared in the management activity it connected with different phases of the of settlement production process, using advanced and multimedia communication tools within the bounds of the representation and in different language, spoken and written-graphic shapes.
The attainment of such abilities will be acquired during the frontal activities and Course seminar didactics that ensure the full possession of the specific expressive and illustrative abilities of the plan and project. The knowledge verification will be made, moreover, through the properly been called examination proof and through proofs ongoing.

Learning ability
At the end of the course the student will have to demonstrate a significant capacity for independent learning, which will allow him to update and continuously increase his knowledge and skills in the formulation of value and convenience judgments related to the issues related to the management of the building process and settlement transformation.
The acquisition of these skills will take place through specific theoretical contributions given by the teacher during the course, aimed at broadening the framework of skills aimed at using methodologies, tools and applications, including innovative in the field of appraisal and evaluation and through participation constant to the Course seminar activities, dialectical field of verification of acquired knowledge, carried out within concrete cases of experimentation.
The assessment of skills will take place, above all, through the exam test, structured so as to highlight the autonomy in organizing their own learning.

Channels

NESSUNA CANALIZZAZIONE

GIAMPIERO BAMBAGIONI GIAMPIERO BAMBAGIONI   Teacher profile

Programme

TEACHING PROGRAMME

INTRODUCTION
The purpose of the study of economics and estimation; economic doctrine as a founding phase in the training of the architect; history of the estimative doctrine at the national level; international valuation standards (IVS); sustainability in all its dimensions (economic, environmental and social).

PRINCIPLES OF ECONOMICS
The fundamental principles of the economy, including: The concept of opportunity cost; Economic systems; The methods of allocating resources; Supply and demand; The factors that shift the supply and demand curves; The interaction between supply and demand; Utility and marginal utility; Short-term production and costs; The production and costs in the long run; The decision-making process of companies; Marginal Revenue and Marginal Cost; Perfect competition; Competitive markets in the short and long term; Monopoly and imperfect competition; The market and price formation; Institutional infrastructures of a market economy; The Paretian improvements; Public goods. Introduction to macroeconomics; Economic cycles; Production and gross domestic product (GDP); Public spending; Public transfers; employment and unemployment; The monetary system; Inflation and deflation; The measurement of the level of prices and inflation; Economic growth policies; The trade-offs in economic policy; The European banking system, ECB and monetary policy. Sustainable development and UN Sustainable Develoment Goals (SDGs).

ECONOMICS AND BUILDING-REAL ESTATE MARKET
The construction market, real estate market and related information sources; Characteristics of the building production process; Methods of financing the construction company. Real estate prices and characteristics.
Methods of analysis and interpretation of the real estate market situation.
Real estate market segmentation process; Real estate data collection; Measurement scales; Nomenclators of qualitative characteristics.
Comparative evaluation techniques of preliminary projects: Cost-Benefit Analysis (ACB), Cost-Effectiveness Analysis, Cost-Revenue Analysis, Multi-criteria Analysis (AMC).
Public / private investment evaluation: Project Finance and Public Private Partnership (PPP).
The evaluation of the economic and financial plan: economic convenience and financial sustainability.
The evaluation of environmental assets; Coase's theorem;
Estimation of building areas

PRINCIPLES AND ESTIMATIVE THEORY
Principles: of the price, forecast, purpose, comparison, ordinariness.
Bases of value
Market value and values ​​other than market value: Transformation value, Rebuilding cost, Complementary value, Replacement value, Mortgage credit value, etc.
Market comparison method (or Market approach MA); Financial method (or Income approach); Cost method (or Cost approach).
Synthetic (or direct) estimation procedures and analytical procedures (or by capitalization of income). The single-parameter and multi-parameter estimates. Non-parametric statistical models for market analysis. Regression analysis. Multiple linear regression.
Methods of real estate development and Highest and best use (HBU).
Estimate of the cost of construction
Estimating the cost of construction and the cost of building production
The costs of building and urban recovery
Cost estimation methods
Cadastral values
Italian cadastral system. Building and land cadastre
The measurement of stocks
The measurement of real estate surfaces on the basis of national and international standards
Legal estimate
Estimate of the compensation for expropriation for public utility; Surface rights.
Evaluation of real rights of enjoyment: use, usufruct, housing.
Assessments for tax purposes.
Financial mathematics applied to estimation
In particular: Net present value (NPV); Internal rate of return (IRR); Unit rate of interest, simple and compound interest formulas, depreciation rate, etc.
Evaluation and enhancement of historical-architectural buildings

Adopted texts

LIBRI DI TESTO
Codice delle Valutazioni Immobiliari – Italian Property Valuation Standard, V Edizione (2018), Tecnoborsa Pp. 370 [ISBN/ISSN: 978-88-943158-0-6]
Carlo Forte - Baldo de' Rossi, Principi di economia ed estimo (1979, rist. 1993), Etas Libri
Fusco Girard L., Nijkamp P., Le valutazioni per lo sviluppo sostenibile della città e del territorio (2000) Franco Angeli [ISBN: 9788846401823]
Bambagioni G. La misurazione delle superfici immobiliari (2008), Il Sole 24 Ore SpA [ISBN: 978-88-324-7099-4]
UNECE Policy Framework for Sustainable Real Estate Markets (2019). United Nations publication.

Prerequisites

No special requirements are required.

Exam modes

One or more ongoing evaluations may be carried out on parts of the program.
The final exam may consist of a written and / or verbal test.
The student can propose the preparation of a paper on specific topics to be agreed in advance with the Professor.

Exam reservation date start Exam reservation date end Exam date
01/06/2021 13/06/2021 18/06/2021
15/06/2021 23/06/2021 30/06/2021
24/06/2021 11/07/2021 13/07/2021
22/08/2021 05/09/2021 08/09/2021
08/09/2021 19/09/2021 23/09/2021
01/11/2021 08/11/2021 11/11/2021
10/01/2022 23/01/2022 25/01/2022
Course sheet
  • Academic year: 2020/2021
  • Curriculum: Curriculum unico
  • Year: Second year
  • Semester: Second semester
  • SSD: ICAR/22
  • CFU: 6
Activities
  • Attività formative caratterizzanti
  • Ambito disciplinare: Discipline estimative per l'architettura e l'urbanistica
  • Lecture (Hours): 75
  • CFU: 6
  • SSD: ICAR/22