The course provides the basics elements on cost-benefit analysis and knowledge on methodologies for the valuation of investment projects. Attention is dedicated to net present value, internal rate of return, payback period and profitability index so to take into account cash flows (costs and revenues) over time as well as techniques for the management of risk and uncertainty with applications to case studies for the valuation of real-estate construction, renovation, investment and management.
Attendance and participation in theoretical lessons and exercises will allow the student to: • recognize what are the costs and benefits related to a real estate investment project (new building intervention or recovery/renovation) • estimate, through the appropriate methodologies, the costs and benefits over time deriving from the real estate investment; • evaluate the economic and financial feasibility of the investment also for the purpose of selecting the best alternative option; • recognize and evaluate the effects produced by the main project variables on the economic and financial feasibility of a building intervention; • draw up an economic-financial feasibility report relating to the real estate investment building project assigned as a case study by the teacher or proposed by the student.
The module is divided into lectures on theoretical and operational tools for assessing the economic feasibility of interventions and classroom exercises; student attendance is recommended.
For the purpose of the exam, each student will have to develop and deliver the Cost-Benefit Analysis of the case study assigned by the teacher or proposed by the student.
Working students and students with certification of SLD, disability or other educational needs special to contact the teacher at the beginning of the course to agree teaching and examination methods that, in compliance with the objectives teaching, take into account learning methods individual.
The module is divided into two parts.
The first part will deal with the theoretical tools for estimating the costs and benefits deriving from the building intervention with particular reference to the characteristics of the real estate market, the types of investors, the financial mathematics tools useful for evaluating the costs and benefits in the time.
The second part of the module will deal with the Cost-Benefit Analysis technique from a private perspective and the main indicators for evaluating the economic and financial sustainability of real estate investments, in particular: Economic and financial Net present Value (NPV); economic and financial Internal Rate of Return (IRR).
An example of an economic-financial evaluation of a building intervention will then be developed through the application of a Cost-Benefit Analysis and presented the case study on which students will have to develop a similar evaluation.
Ricevimento: Student reception takes place at the end of the lesson or on the Team platform of the module by making an appointment (at the email address: estimo.ge@gmail.com or by message on Team).
PAOLO ROSASCO (President)
ALESSANDRO CANEVARI
First semester of acedemic year (end of september).
The exam is in written form and consists of a test with four questions (open questions or calculation exercises) relating to the topics covered in the module.
The duration of the test is 2 hours.
There will be 3 sessions in the summer session and 3 in the winter session.
To access the exam, the student must deliver the tutorial on the Cost-Benefit Analysis of a real estate investment assigned by the teacher or proposed by the student.
The exam will verify the student's acquisition of the methodologies for assessing the economic and financial feasibility of building interventions.
The overall evaluation of the module will take into account both the results of the written test and the exercises developed individually by the students.
In particular, the student must demonstrate that:
