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Course Information

Course Name
Turkish İnşaat Yönetim Ekonomisi
English Managerial Economics for Construction
Course Code
PYY 504E Credit Lecture
Semester -
3 3 - -
Course Language English
Course Coordinator Fatma Heyecan Giritli
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; Life-Cycle 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 Outcomes 1.Rational decision-making skill
2. Knowledge and skill how to apply basic economic principles and methods in decision making process
3. Knowledge and skill how to apply decision analysis and Monte Carlo simulation
4. Ability to identify and select the most suitable alternatives under conditions of risk and uncertainty
Required Facilities
Textbook Tolga, E., Kahraman C.(1994). Mühendislik Ekonomisi, İTÜ, İstanbul.
Other References
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