Course overview
The course aims to equip students with knowledge relating to the fundamentals of micro-economic and macro-economic theory as well as procurement methods used for construction projects. Upon successful completion of the course, students will have a fundamental understanding of how the national economy and construction sector is affected by the global economy and the government’s approach to monetary and fiscal policies. Students will also have a comprehensive understanding of the various methods used in the construction industry to procure construction services including construct only, design & construct, cost plus, remeasurement, management contracting, construction management, public private partnerships and alliance contracting. Overall, the course will improve students’ critical thinking and interpreting skills along with communication skills. This course aligns with the program’s intent of providing knowledge to commence professional practice in construction management disciplines.
- Macro-economics
- Construction Procurement
Course learning outcomes
- Describe the economic characteristics of the construction industry
- Describe fundamental micro-economic theory and relate it to firms in the construction industry
- Discuss fundamental macroeconomic theory explaining the behaviour of construction output and its relationship to national economic output
- Identify the various stages of the traditional construction project lifecycle and explain the key activities that take place at each stage including the roles of the construction stakeholders/professionals involved
- Describe the traditional and novel project procurement methods commonly used in the construction industry
- Appraise the suitability of procurement methods commonly used in the construction industry for various types of construction projects