PYY 504E  Managerial Economics for Construction
Course Objectives
Learn about the basic concepts of managerial economics
To be informed about the economic decision making techniques and their applications in construction management
Course Description
Introduction: Some economic & Cost concepts; Classifications of Cost, Interest & interest rate, The time value of money, Discounting, Calculations of Economic Equivalence, Inflation and investment decisions , Economic Evaluation of Building Investement; Methods Ignoring Uncertainty and Risk; LifeCycle Cost, Net Present Value, Internal Rate of Return; Depreciation, Replacement Analysis, Methods for treating risk; Probability Concepts&Theory; Methods Treating Risk: Expected Value, Decision Trees,; Monte Carlo Analysis, Sensitivity Analysis, Risk Attitude, Methods For Treating Uncertainty; Pay Off Matrix, Laplace Rule, Maximin & Maximax Rules, Hurwics Rule


Course Coordinator
Fatma Heyecan Giritli
Course Language
English


