KA4014 - Development and Construction Economics

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What will I learn on this module?

The demand for construction and property is generated from the global, national and regional economy. In this module you will learn how the surveyor works within the economic environment to provide the good and services demanded by society. You will learn about the basic and fundamental economic concepts such as demand and supply theory, market mechanism and macroeconomic objectives in order to develop an understanding of economic theory as applied to the construction industry and property. These fundamentals will be developed to help you understand money supply, the concept of risk and return and investment finance. Practical exercises will help you understand the components of value in property, property development and the construction process. You will learn about the role, key activities and the basic skills of the surveying and construction professions in different stages of the development and construction process with introductions to the key functions, professional practice techniques and concepts that are commonly deployed within the built environment such as property valuation, cost estimating and property procurement methods.

How will I learn on this module?

You will learn this module through a combination of lectures, seminars and independent learning. The lectures will introduce new material related to theories, concepts, techniques and skills and expand on material already delivered. Seminars will get you engaged with practical activities related to lecture content. Lectures and seminars will be supported by elements of directed reading and tutor guided on-line activities via the University’s eLearning Portal (eLP). The subject matter lends itself to practical exercises and projects based in the city, you will be out and about applying the knowledge gained to the local property market. You will also be encouraged to conduct independent learning through self-study activities. The learning and teaching approaches adopted in this module will intend to commence the development of your ability to study independently and increase your capacity to be life-long learners.

If you are in employment your workplace will be the main learning environment, in effect acting as a framework for development and construction economics. However, tutor support will be available via drop-in sessions throughout the module study period. If you are in employment it is recognised that there is the need for modes of blended learning delivery, experiential assessment, and opportunities to combine work and study through independent study, embedded learning opportunities, and relevant communications technologies. Lecture capture will be used to elaborate on the content contained in any teaching material along with audio recording and notes to support presentations on key topics.

How will I be supported academically on this module?

You will receive academic support on this module mainly via formative feedback provided by the tutors during the seminars. You will be encouraged to ask questions and to take part in short discussions during the seminars allowing your tutors to provide formative feedback to you for the seminar tasks. Your peers will also be encouraged to support you by taking part in the seminar discussions. In addition, you will receive support through informal meetings and discussions held outside of the designated teaching times with your tutor. Further, the eLP offers remote access to materials and aids for reinforcing your learning. The module’s discussion board on the eLP will provide you a platform to pose any questions related to the module and your tutor will respond to the questions on the same discussion board facilitating your peers also to benefit from the discussions posted.

If you are in employment your workplace will be the main learning environment, however, tutor support will be available via drop-in sessions throughout the module study period. The eLP, telephone and email will be used as a means of communication once the initial briefings have taken place and work-based visits will be made by tutors if appropriate.

What will I be expected to read on this module?

All modules at Northumbria include a range of reading materials that students are expected to engage with. The reading list for this module can be found at: http://readinglists.northumbria.ac.uk
(Reading List service online guide for academic staff this containing contact details for the Reading List team – http://library.northumbria.ac.uk/readinglists)

What will I be expected to achieve?

Knowledge & Understanding:
• MLO1: You will be able to discuss roles of the construction, surveying and property professions within the economy of the built environment.
• MLO2: You will be able to review fundamental economic theories relevant to the construction and property industries.
• MLO3: You will be able to explain the implications of micro and macro-economic concepts and theory to development and construction practice.

Intellectual / Professional skills & abilities:
• MLO4: You will develop skills to use cost/value data and relevant cost/value management techniques to make informed economic decisions as a construction/ property professional.

Personal Values Attributes (Global / Cultural awareness, Ethics, Curiosity) (PVA):
• MLO5: You will develop attributes of a professional including personal responsibility and the management of time and resources.

How will I be assessed?

Summative Assessment: Your knowledge and comprehension of this module will be assessed by two components; an individual coursework in Semester 1, and a written closed book examination during the May assessment weeks.

Component 1-Coursework is a 1500-word report that will evaluate property/construction markets and their conditions in the context of the national and local economy. It will assess MLO2, MLO3, and MLO5, and contribute 40% of the overall module assessment. You will submit the coursework and receive the feedback electronically via the eLP.

Component 2- Written Closed Book Examination will assess your knowledge and understanding of economic concepts and theories as applied to the construction and development industries and the relevant data and decision making techniques. Component 3 will contribute 60% of the module assessment. It will be two hours long and will assess MLO1, MLO2, MLO4 and MLO5. You will receive feedback for this component by means of written comments with marks.

Formative Assessment: You will conduct formative assessments of this module during the weekly seminar sessions and via the eLP. You will receive feedback for your formative assessments during the seminars by means of verbal feedback or electronically via the eLP. These modes will enable provide early feedback to you and enable your tutor to monitor your academic progress and develop appropriate strategies to provide further support if necessary.

Pre-requisite(s)

N/A

Co-requisite(s)

N/A

Module abstract

This module aims to develop your understanding of economic theory as applied to property development and construction and the roles of the property and construction professions. Topics explored include demand and supply theory, macroeconomic concepts, money supply and investment and the principles of different forms of competition. You will be able to value land and buildings and estimate construction costs to establish the viability of development scenarios. An understanding of property and construction market mechanisms including procurement and development will facilitate this activity. You will understand the stages in the RIBA Plan of Work and the main methods of communicating within property and construction using appropriate maps, drawings, models and schedules. These modes of delivery will be supported by elements of independent learning and online activities via the eLP. Your knowledge and comprehension of the module will be assessed by a group presentation (or if you are in employment an individual presentation) and an individual coursework.

If you are in employment your workplace will act as a framework for development and construction economics to develop your understanding of economic theory as applied to property development and construction and the roles of the property and construction professions.

Course info

Credits 20

Level of Study Undergraduate

Mode of Study 5 years part-time

Department Architecture and Built Environment

Location City Campus, Northumbria University

City Newcastle

Fee Information

Module Information

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