The University of Southampton
Courses

CENV6152 Project Economics and Management

Module Overview

Your studies to date have given you a comprehensive understanding of how civil and environmental engineering projects work in a physical sense. This module will give you a systematic understanding of how such projects work in financial, economic, social and environmental terms. This is done by giving you detailed insights into relevant economic and managerial techniques, informed by case studies, that are at the forefront of professional practice in civil and environmental engineering and that will be relevant to your own research. It will also demonstrate how the concepts of sustainability and risk management inform project economics and management.

Aims and Objectives

Module Aims

This module will provide you with a systematic understanding of the economics and management of civil and environmental engineering projects by taking a life-cycle approach. Particular focus will be placed on the appraisal stage to determine whether engineering projects should be initiated, to determine their design and development and to inform on their implementation and operation. Evaluation techniques will also be detailed that can determine whether a project has been successful and when it should be de-commissioned. A comprehensive understanding of management techniques used in all stages of the project lifecycle will also be provided.

Learning Outcomes

Knowledge and Understanding

Having successfully completed this module, you will be able to demonstrate knowledge and understanding of:

  • The key stages of the project life cycle.
  • The economic tools needed for project management and how to apply them.
  • The decision-making methods used to identify and select project options.
  • Analytical methods to deal with risk and uncertainty.
  • Strategic approaches to project management and financing.
Transferable and Generic Skills

Having successfully completed this module you will be able to:

  • Effective use of financial spreadsheet models to provide solutions to management problems.
  • Understanding of the importance of team working.
  • Effective communication through written reports to both specialist and non-specialist audiences.
Subject Specific Practical Skills

Having successfully completed this module you will be able to:

  • Produce and interpret financial and accountancy data on costs, revenues and profitability and data on wider socioeconomic costs and benefits.
  • Use computer-based (and web-based) decision making tools to make critical financial and project management decisions.
  • Deal with complex economic and managerial issues, both systematically and creatively, and make sound judgements in the absence of high quality data.
  • Demonstrate self-direction and originality in tackling and solving problems, and act autonomously in planning and implementing project tasks at a professional level.
  • Continue to advance your knowledge and understanding and to develop new skills to a high level.
Subject Specific Intellectual and Research Skills

Having successfully completed this module you will be able to:

  • Demonstrate understanding of the range of economic and management tools used in civil and environmental engineering projects and the research and advanced scholarship that produced these tools.
  • Critically compare alternative approaches to engineering project economics and management.
  • Communicate the outcomes of financial, economic and managerial analyses to project clients.
  • Compare the various decision-making tools that can be used in project analysis.

Syllabus

1. The Project and Policy Life Cycles. 2. Financial Decision Making and Discounting. 3. Present Worth and Equivalent Annual Worth. 4. Rate of Return and Benefit Cost Ratios. 5. Cost Benefit Analysis: Theory and Practice. 6. Replacement Decisions. 7. Project Financing and Capital Budgeting. 8. Alternatives to Cost-Benefit Analysis. 9. Multi Criteria Analysis and Related Methods. 10. Approaches to Risk and Uncertainty. 11. Public Private Partnerships. 12. Project Costs. 13. Project Management in Practice (I): Total Quality Management. 14. Project Management in Practice (II): Planning Techniques, Management Standards and Methodologies.

Special Features

Lectures are recorded using Panopto. Guest presentations from Project Managers and Engineers representing Contracting, Consulting and Procurement perspectives .

Learning and Teaching

Teaching and learning methods

Teaching methods include lectures, case studies of completed and current engineering projects (e.g. HS1, HS2) (2 single lectures), guest lectures, numerical exercises and computer exercises.

TypeHours
Revision26
Completion of assessment task60
Follow-up work12
Practical classes and workshops3
Preparation for scheduled sessions4
Seminar3
Lecture30
Wider reading or practice12
Total study time150

Resources & Reading list

Rogers, M. and Duffy, A. (2012). Engineering Project Appraisal.. 

Web-based transport project appraisal.

Park, C.S. (2011). Contemporary Engineering Economics. 

Smith, N.J. (2008). Engineering Project Management. 

Morris, P.W.G (2013). Reconstructing Project Management. 

Assessment

Assessment Strategy

Repeat year - external repeat as per referral method.

Formative

Class Exercise

Summative

MethodPercentage contribution
Coursework 40%
Examination  (120 minutes) 60%

Referral

MethodPercentage contribution
Coursework assignment(s) 40%
Examination  (130 minutes) 60%

Repeat Information

Repeat type: Internal & External

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