The course “Evaluation of Projects Economic Sustainability A”, inside the MSc in Architecture for sustainable project, arises learning objectives directly connected with Real Estate Market and Project Evaluation discipline; this one is supported by other disciplines, like Economics, Management Engineering, Mathematics and Statistics. Educational objectives are formulated in a multidisciplinary way, taking into consideration the contents of courses/ateliers programmed for the same year of graduation. Starting from these premises, the course aims to provide students with professional and specific competences, among which: - to monitor, during the project development, the economic and financial impacts and the relationships with market contests; - to perform evaluation activities with specific tools, referring to private and public-private operations; - to perform projects feasibility studies taking into consideration sustainability and considering its functional, technological, energetic, social and environmental implications; - to evaluate economic investments in presence of building technologies oriented towards sustainability; - to pay particular attention towards the costs in sustainable building operations, also using significant indicators of cost; - to develop sensibility on minimum cost and architecture quality relationship, with implications on management; - to focus on economic reasoning in experimentation of new housing models and new building typologies.

The aim of “Valuation of Projects Economic Sustainability A” course is to convey to students the tools to deal with economic evaluation of projects issues, both in the case of new construction operations, and in the case of built heritage. Focus is posed on economic sustainability verification, as a step in the framework of economic-environmental sustainability, which is the core of the MSc course. These tools, which will be object of examination, are distinct in knowledge and abilities. As far as concern the knowledge, expected learning objectives deals, in general, with the theoretical and practical fundamentals of “economic evaluation for architecture” area, in which the course is inserted. In detail, these concern the following topics:  fundamentals of investment analysis;  economic-management analysis of complex land transformation projects;  phases and subjects in the real estate development processes organization, in private and public contexts;  tools for economic-financial evaluation of projects, for pre-feasibility and feasibility verification, with a specific reference to economic sustainability;  cost components treatment with specific regard to economic sustainability of operations, with reference to the recent European regulations in relation to building energy-efficiency and environmental sustainability verification approaches. Particular importance is devoted to the acquisition of the ability to understand the projects significant elements, to translate them into targets, to relate them to applicable theories and tools. Regarding the ability, expected learning objectives deals with the capacity to select the appraisal and economic evaluation of projects tools – approaches, technics, methodologies -, considering concrete activities in professional, administrative, industrial and research fields. Particular importance is devoted to the relation between complex issues and tools, selected according to their effective potentialities. These objectives are articulated in the following points: -abilities to use real estate investments evaluation techniques, in the private sector; -abilities to use calculation methods for economic-financial convenience through quantitative indicators, also in presence of technological and project solutions oriented to energetic sustainability of buildings; -abilities to use cost components treatment tools, in relation to economic verification procedures used in the different phases of the real estate development process, in private and public sectors; -abilities in applying risk-uncertainty treatment approaches, in investments analysis and global cost estimates.

Knowledge and skills previously acquired, during the first level degree courses of real estate appraisal and economic evaluation, are considered fundamental and preparatory. In fact, on the basis of these prerequisites are funded the contents of the “Valuation of Projects Economic Sustainability A” course. Among the essential knowledge and abilities: knowledge of theoretical-methodological bases and of most suitable tools for asset value components appraisal, in the private and public sectors; fundamentals of microeconomics, statistics and financial mathematics; preparatory elements of projects economic-financial and social-economic convenience (private, public and public-private contexts); knowledge of tools for quantification and control of costs of realization; ability to frame the estimation and economic convenience issues with respect to microeconomic theories, estimation and investments analysis; ability to analyze the local real estate market; ability to make estimates of the principal aspects value of a private asset; knowledge of the value of a public property.

The course “Evaluation of Projects Economic Sustainability A” is articulated in the following topics, each treated with an appropriate number of hours/lessons: - the meanings of “Valuation”, with reference to assets and projects, in private and public contexts or in public-private partnerships, with nods to the approaches for public operations valuation; the real estate development process under private and public point of view: phases, subjects, tools, with evidence to the moments of projects economic sustainability verification (4,5 hours); - the life cycle concept, the cost structuring and the calculation of total cost, global cost and optimal cost for real estate operations, starting from the regulatory framework in the international/national context (Standards, European Directives, etc.) (4,5 hours); - the tools for the verification of projects economic-financial pre-feasibility and feasibility and investments, particularly private (Discounted Cash-flow Analysis); the tools for verification of building operations in the management phase (Discounted Cash-flow Analysis focused on building lifespan), also through examples and simulations (18 hours); - the risk components treatment in the real estate development process, with reference to financial approaches and market dynamics (6 hours), also through examples and simulations; - the Life Cycle Costing approach (LCC) for economic sustainability verification (and its connections with Life Cycle Assessment (LCA) for environmental sustainability verification), also through examples and simulations (18 hours); - the Project Management approach, with special attention to planning and treatment of cost elements; the Project Construction Management and the tools to support cost monitoring/control activities, specifically the Earned Value Method, also through examples and simulations (9 hours).

The course “Valuation of Projects Economic Sustainability” provides the conduct of educational activities conducted through lecturers in the classroom, supported by slides. The lessons are accompanied by the illustration of application examples, with teaching purposes. It is expected to carry out simulations with specific tools, already addressed in the lectures; these simulations are conducted in the classroom in collective mode or in small groups.

The fundamental reference is E. Fregonara, “Valutation, sustainability, project. Life Cycle Thinking and international orientation”, Milano, Franco Angeli, 2017 . During the initial lesson and during the lessons will be provided the necessary indications about the bibliography for each single course, with reference to fundamental texts and suggested text for further insights. Through the didactic portal will be provided some traces of the lessons, which will be useful to track the single parts on the bibliography.

Modalità di esame: Prova scritta (in aula); Prova orale obbligatoria;

Exam: Written test; Compulsory oral exam;

... The determination of the actual acquisition, by students, of the topics covered in the course, will be conducted through a final examination. The examination consists in two parts: in the first part, written test, lasting twenty minutes, the student has to answer a series of multiple-choice questions (8) and a series of open-ended questions (2), for a total of 10 questions. To each multiple-choice question correctly answered 3 points are attributed; these are scaled in the case of open-ended questions. The written test is passed when it reached the minimum score of 18/30. During the test it is not possible to use materials. In the second part, oral test, the students has to answer questions on the written test and/or on the other topics treated in the course. The number of questions depends on the test results, and anyway it cannot be less than 2. It is possible to access to the oral test if the written test is passed.

Gli studenti e le studentesse con disabilità o con Disturbi Specifici di Apprendimento (DSA), oltre alla segnalazione tramite procedura informatizzata, sono invitati a comunicare anche direttamente al/la docente titolare dell'insegnamento, con un preavviso non inferiore ad una settimana dall'avvio della sessione d'esame, gli strumenti compensativi concordati con l'Unità Special Needs, al fine di permettere al/la docente la declinazione più idonea in riferimento alla specifica tipologia di esame.