Students will acquire knowledge of evaluation and decision-making methods for urban investment projects. The course provides understanding of both traditional financial analysis techniques and alternative frameworks that incorporate environmental and social considerations. Students will learn to apply these methods to real project scenarios and understand their appropriate contexts and limitations. Students will be able to design evaluation frameworks for urban transformation projects, conduct financial and multi-criteria analysis of investment alternatives, and communicate evaluation results effectively to different stakeholders. They will develop skills in working with uncertainty and complexity in urban investment decisions. The course emphasizes practical application of theoretical concepts through group exercises, developing both analytical capabilities and collaborative problem-solving skills essential for professional practice in urban development.

The course does not require specific technical prerequisites. Students will benefit from: - Basic familiarity with economic concepts - Willingness to examine different perspectives on investment evaluation - Basic understanding of urban development processes

The course provides theoretical foundations and practical tools for evaluating urban investment projects. The program is organized around the following main topics: Introduction to investment evaluation: Overview of investment evaluation in urban contexts and different stakeholder perspectives on urban development projects. Theories of value and decision-making: Different approaches to valuing urban investments and decision-making frameworks for complex urban projects. Financial analysis methods: Traditional financial evaluation techniques (DCF, NPV, IRR) and their application to urban development projects. Risk assessment and uncertainty: Techniques for handling uncertainty in investment evaluation, including sensitivity analysis. Multi-Criteria and integrated evaluation: Methods for evaluating projects with multiple objectives. Tools for structuring decision problems and incorporating diverse stakeholder perspectives. Evaluation in practice: Application of evaluation methods to real urban transformation cases through group exercises and case study analysis. The course combines theoretical lectures with practical exercises where students apply evaluation methods to real urban development projects.

The course is organized in theoretical lectures and practical exercises designed to verify acquired competencies. Exercises will be predominantly conducted in groups, evaluated during the course, and will contribute to the final grade. Exercise assignments will be agreed upon at the beginning of activities. A final test to assess theoretical knowledge will contribute to determining the final individual grade.

Course notes on the topics covered will be made available during the course through the teaching portal. For further study: Dodgson, J. S., Spackman, M., Pearman, A., & Phillips, L. D. (2009). Multi-criteria analysis: a manual. Department for Communities and Local Government. Available at: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/7612/1132618.pdf Popescu, C. M., Phaobunjong, K., & Ovararin, N. (2003). Estimating building costs. Marcel Dekker. European Commission, Directorate General Regional Policy (2008). Guide to Cost-Benefit Analysis of investment projects. Available at: https://ec.europa.eu/regional_policy/en/information/publications/evaluations-guidance-documents/2008/guide-to-cost-benefit-analysis-of-investment-projects Manganelli, B. (2014). Real Estate Investing: Market Analysis, Valuation Techniques, and Risk Management. Springer. Additional bibliography, papers, slides and notes will be shared in the portale della didattica and their relevant parts discussed in class.

Lecture slides;

Exam: Written test; Optional oral exam; Group project;

The examination aims to assess students’ knowledge of urban development project evaluation methods presented in the program, as well as their ability to apply theoretical methodologies to practical case studies and real project analyses. Each student is required to complete two components: Group Assignments (50%) - Practical assignments developed in teams during the course, applying evaluation methods to urban development projects. - The combined score of all group assignments has a maximum of 30 points. - This component accounts for 50% of the final grade. Individual Written Test (50%) - A written exam assessing the understanding of theoretical concepts and evaluation methodologies covered in the course. - The test is graded out of 30 points. - This component accounts for 50% of the final grade. Final Grade The final grade is expressed in thirtieths and obtained as the weighted average of the two components (50% group assignments, 50% individual written test). Pass Requirements A minimum score of 18/30 is required both in the group assignments (overall score) and in the written test. Both components must be passed in order to calculate the final grade. Optional Oral Examination Students may request an oral examination to improve their final grade. The oral exam may result in either an increase or a decrease of the final score, depending on the knowledge and understanding demonstrated.

In addition to the message sent by the online system, students with disabilities or Specific Learning Disorders (SLD) are invited to directly inform the professor in charge of the course about the special arrangements for the exam that have been agreed with the Special Needs Unit. The professor has to be informed at least one week before the beginning of the examination session in order to provide students with the most suitable arrangements for each specific type of exam.