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.
Course learning outcomes
- Define economics and appreciate its importance to the construction industry
- Describe fundamental micro-economic theory and relate it to firms in the construction industry
- Describe fundamental macro-economic theory and how it impacts both construction output as well as national output
- Understand the project lifecycle and construction stakeholders involved in construction projects
- Review traditional procurement methods and novel approaches, and explore its suitability for construction projects