Construction Economics

Unit code: NBC3004 | Study level: Undergraduate
Credit points
12
(Generally, 1 credit = 10 hours of classes and independent study.)
Location
Footscray Park
Online Real Time
Prerequisites
N/A
Overview
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Overview

This unit introduces students to the fundamental principles of micro and macroeconomics, specifically tailored to the context of the construction industry. It explores how economic theories and methodologies can be applied to analyse and influence the operations and strategies of construction companies, the dynamics of the construction process, and the broader construction market. In this unit, students will develop an understanding of the economic factors that impact the construction sector, including market demand, supply mechanisms, and financial management.

Learning Outcomes

On successful completion of this unit, students will be able to:

  1. Formulate feasibility studies for construction projects and business;
  2. Arbitrate and assess the market mechanism (demand, supply and equilibrium process) for construction companies (including inter-state and international companies) and explore their influence on leadership dynamics and effective communication strategies within these businesses;
  3. Compose and evaluate key financial accounting data (costs, revenues and pricing) to make strategic business decisions for construction firms;
  4. Design and integrate key business strategies for the operation of construction businesses, including management, marketing, personnel and resources strategies; and
  5. Elucidate the property development process, its investment risks and return on investment.

Study as a single unit

This unit can be studied on its own, without enrolling in a full degree.

Learn more about single units of study at VU

Assessment

For Melbourne campuses

Assessment type: Assignment
|
Grade: 20%
Report on significance of Australian construction sector on the country’s economy & detrimental effects of its insolvency & phoenix activities (Ind)
Assessment type: Report
|
Grade: 60%
Group report (40%) and individual presentation (20%) on economic feasibility assessment of a case study construction project.
Assessment type: Test
|
Grade: 20%
Two tests (10% each) - Multiple choice and written questions about the principles of construction economics, project and cost management. (supervised)

The group report includes an evaluation of the contributions made by each member of the team to facilitate the assessment of students' achievement of learning outcomes.

Required reading

Reading materials and other resources are listed in VU Collaborate.

As part of a course

This unit is studied as part of the following course(s):

Bachelor of Building Surveying
NBBS | Bachelor degree | Duration: 3 years
Bachelor of Construction Management (Honours)
NHCM | Bachelor honours degree | Duration: 4 years

Refer to the course page for information on how to apply for the course. VU takes care to ensure the accuracy of this unit information, but reserves the right to change or withdraw courses offered at any time. Please check that unit information is current with the Student Contact Centre.

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