The course “Evaluation of Project Economic Sustainability” poses learning objectives directly connected with Real Estate Appraisal and Project Economic Evaluation discipline; other disciplines, such as Economics, Management Engineering, Mathematics, and Statistics, support this. Educational objectives are formulated from a multidisciplinary perspective, considering the contents of courses/ateliers programmed for the entire MSc program, particularly for the third semester. The course aims to provide students with professional and specific skills, among which: - to monitor, during the project development, the economic and financial impacts and the relationships with market contexts; - to perform evaluation activities with specific tools, referring to private and public-private partnerships; - to perform project economic feasibility evaluation, taking into consideration sustainability and its functional, technological, social, and environmental implications; - to evaluate investments in the presence of building technologies oriented towards sustainability, paying particular attention to the global cost calculated through specific approaches; - to develop sensibility on minimum cost and architecture quality relationship, with impacts on the management; - To focus on economic reasoning when experimenting with new housing models and building typologies.

Students’ expected learning outcomes will concern two main aspects: 1. knowledge and understanding about specific topics illustrated during the course, concerning specifically: - fundamentals of investment analysis; - economic-management analysis of architectural projects, mainly of complex land transformation projects; - preliminary feasibility analyses; - evaluation approaches for testing the economic-financial feasibility of private and public-private projects, even in the presence of risk and uncertainty elements; - evaluation approaches for testing the economic sustainability of projects, according to their life cycle, in a Circular Economy perspective, assuming the economic-environmental principles; - economic programming elements, assuming the Project Construction Management principles. 2. Ability to apply the knowledge acquired during the course. Mainly, students must be able to use the methodological-operative notions assimilated to achieve the following objectives: - to know how to use the evaluation techniques of real estate investments in private and public-private contexts; - to know how to use the techniques for the selection between alternative projects, conceived in their life cycle, and evaluate the economic sustainability of alternative technological scenarios; - to select the most suitable approaches for the economic-financial evaluation of interventions according to the aims, contexts, and problems.

Knowledge and skills previously acquired, for example, during the first-level degree course in Real Estate Appraisal and Economic Evaluation, are considered fundamental and preparatory. Based on these prerequisites, here are the contents of the “Evaluation of Project Economic Sustainability” course. Among the essential knowledge and abilities: - knowledge of theoretical-methodological bases and most suitable tools for assets’ value components appraisal in the private and public sectors; - fundamentals of microeconomics, statistics, and financial mathematics; - preparatory elements of project economic-financial convenience; - knowledge of tools for quantifying and controlling the cost component; - the ability to frame the appraisal and economic convenience issues concerning microeconomic theories, estimation, and investment analysis; - the ability to analyze the local real estate market; - ability to develop the appraisal of the market value of a private asset; - knowledge of public property value aspects.

The course “Evaluation of Project Economic Sustainability” is articulated in the following topics, each developed through an appropriate number of hours/lessons: 1 - the meanings of “Valuation” concerning assets and projects in private and public contexts or public-private partnerships, with evidence to the meaning of projects economic sustainability verification; 2 - the life cycle concept, the cost structuring, and the concept of the 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.); 3 - the tools for the verification of projects' economic-financial pre-feasibility and feasibility and investments, particularly private (Discounted Cash-flow Analysis) and in the presence of risk and uncertainty; the tools for verification of building operations in the management phase (Discounted Cash-flow Analysis focused on building lifespan), also through examples and simulations and exercises in the classroom; 4 - the Life Cycle Costing approach (LCC) for economic sustainability verification for environmental sustainability verification), also through examples, simulations, and exercises in the classroom; 5 - the Project Management approach, with particular attention to the 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 and exercises in the classroom.

The course “Evaluation of Project Economic Sustainability” provides educational activities conducted by lecturers, supported by slides. The illustration of application examples with teaching purposes accompanies the lessons. It is expected to carry out exercises with specific tools already addressed in the lectures. The first exercise, about the Discounted Cash Flow Analysis application, is mandatory and evaluated. The other two exercises proposed, are suggested but not mandatory.

The fundamental reference is: E. Fregonara, “Evaluation, sustainability, project. Life Cycle Thinking and international perspectives”, Milano, Franco Angeli, 2017 (ebook). During the introductory and other lessons, the necessary indications about the references will be provided concerning fundamental texts and suggested text for further insights. Through the educational portal, some traces of the lessons will be provided, which will help track the single parts of the bibliography.

Slides; Libro di testo; Esercizi; Esercizi risolti; Strumenti di collaborazione tra studenti;

Modalita 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 of two parts: in the first part, a written test lasting twenty minutes, the student has to answer multiple-choice questions (8) and open-ended questions (2) for a total of ten questions. To each multiple-choice question correctly answered, 3 points are attributed; these are scaled in the case of open-ended questions. More precisely, the questions will be on the first part of the course (topics 1 and 2 of the programme), on the second part of the course (topics 3 and 4 of the programme), and on the third part of the course (topic 5 of the programme). The written test is passed when it reaches the minimum score of 18/30. During the test, it is not possible to use materials. In the second part, the oral test, the students have to answer questions on the written test and/or other topics treated in the course. The number of questions depends on the test results; it cannot be less than 2. The main question can be followed during the oral test by further questions to deepen the answer or address the student in developing the reasoning. It is possible to access the oral test only if the written test is passed. The final evaluation will be based on the written test results, on oral test results, and on the first (mandatory) exercise results. The exercise evaluation is scaled (2 points, 1 point, 0 point). Further, to perfect the final mark, the active participation of the students during the course (i.e., participation during the collective discussions and involvement during the exercises in the classroom) and the proposed exercises will be considered. Suppose the student reaches the maximum evaluation in the written and oral tests. In that case, it is possible to assign the Laude in the presence of excellent preparation and active participation during the whole course.

Gli studenti e le studentesse con disabilita 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'Unita Special Needs, al fine di permettere al/la docente la declinazione piu idonea in riferimento alla specifica tipologia di esame.