Study Guide

Objectives (course unit)

After completing the course, the student is able to explain the progress of a construction project in the main phases, to classify the parties to the construction project and to explain their role during the various stages of the project. The student will be able to define different forms of construction project and identify general principles of contract practice in construction. The student knows the basic costing methods of construction and can calculate simple investment calculations. The student is able to identify entrepreneurship as one of the career paths and, if necessary, can search for additional information and help in starting his / her own business. The student is able to identify research problems and questions related to the field of construction production and economics and to find a solution using the methods of knowledge construction and innovation as well as the research approach.

Content (course unit)

Flow of the construction project, parties, forms and contract technology
Fundamentals of construction economy, basic methods of cost and investment calculations
Entrepreneurship and innovation in the construction sector

Assessment criteria, satisfactory (1-2) (course unit)

The student knows one method of investment calculation and understands the basic concepts of construction economics and is able to use it.
The student identifies the main phases and main parties of a construction project and identifies the basic implementation forms.

Assessment criteria, good (3-4) (course unit)

the student knows all methods of investment calculation
-the student can find out the economic situation of construction with the help of various information sources
- the student can use the basic concepts of construction economics in working life
- the student identifies the parties to the building project and knows the stages of the building project and their rough content
- the student is familiar with the implementation of construction

Assessment criteria, excellent (5) (course unit)

the student can apply the methods of investment calculation to practical situations
-the student is able to visualize the economic situation in construction
- the student can use the basic concepts of construction economics in working life
- the student identifies the parties to the building project and knows the stages of the building project and their rough content
- the student is familiar with the implementation of construction

Assessment scale

0-5

Objectives (course unit)

After completing the course, the student is able to explain the progress of a construction project in the main phases, to classify the parties to the construction project and to explain their role during the various stages of the project. The student will be able to define different forms of construction project and identify general principles of contract practice in construction. The student knows the basic costing methods of construction and can calculate simple investment calculations. The student is able to identify entrepreneurship as one of the career paths and, if necessary, can search for additional information and help in starting his / her own business. The student is able to identify research problems and questions related to the field of construction production and economics and to find a solution using the methods of knowledge construction and innovation as well as the research approach.

Content (course unit)

Flow of the construction project, parties, forms and contract technology
Fundamentals of construction economy, basic methods of cost and investment calculations
Entrepreneurship and innovation in the construction sector

Assessment criteria, satisfactory (1-2) (course unit)

The student knows one method of investment calculation and understands the basic concepts of construction economics and is able to use it.
The student identifies the main phases and main parties of a construction project and identifies the basic implementation forms.

Assessment criteria, good (3-4) (course unit)

the student knows all methods of investment calculation
-the student can find out the economic situation of construction with the help of various information sources
- the student can use the basic concepts of construction economics in working life
- the student identifies the parties to the building project and knows the stages of the building project and their rough content
- the student is familiar with the implementation of construction

Assessment criteria, excellent (5) (course unit)

the student can apply the methods of investment calculation to practical situations
-the student is able to visualize the economic situation in construction
- the student can use the basic concepts of construction economics in working life
- the student identifies the parties to the building project and knows the stages of the building project and their rough content
- the student is familiar with the implementation of construction

Location and time

weekly total 4h lessons and formative activities:
If there is at timetable lessons CET 8am-10am => lesson start precise 8.15 am

Classroom C4-11b wednesday 11 pm .. 1 pm (2h) and
+

Exam schedules

Exam during April 2024 2h
Precise time will be informed later

Assessment methods and criteria

Must achieve minimum requirement in each part A-D
------------------------------------------------------------
A: Lecture attendance from 0 to 10 marks, minimum requirement 40% attendance = 1 mark, 90% attendance = 10 marks
B: Exam from 0 to 40 marks, minimum requirement 40% OR two tests (an interim and an end test) with the same requirements as the exam
C: All summative activities are compulsory and any missed summative activities must be compensated with an additional assignment (contact your lecturer)
D: Business management assignment from 0 to 30 marks, minimum requirement 10 marks

Marks = Grade
------------------------------
0-26 = 0
27-38 = 1
39-49 = 2
50-59 = 3
60-69 = 4
70- 80 = 5

Assessment scale

0-5

Teaching methods

- Lectures
- Summative and formative activities
- Group assignment
- Readings

Learning materials

- Lecture material in TAMK TUNImoodle
- Gruneberg, S. & Francis, N. (2018). The Economics of Construction. Agenda Publishing
- YSE 1998 General conditions for building contracts
- KSE2013 General conditions for consulting
- Public tendering rules in EU, https://europa.eu/youreurope/business/selling-in-eu/public-contracts/public-tendering-rules/index_en.htm
- Entrepreneurship and business management resources as advised at the start of Part B

Student workload

Small parts of Part A and B are to be studied independently as advised by the lecturers during the course.

Study load includes:
- lecture attendance
- summative and formative activities
- readings
- exam preparation and exam
- group work in the Business management group assignment

Content scheduling

Part A Construction economics content
---------------------------------------------------
A0 Introduction to the course
A1 Parties in a construction project
A2 Construction economics concepts and terminology, business cycles
A3 Procurement and delivery methods
A4 Investment calculations + Summative activity #1 Investment calculations (in class)
A5 Summative activity #1 continues, Basics of cost estimation
A5 Summative activity #2 Cost estimation (in class)
A6 Project stages- inception
A7 Project stages - feasibility
A8 Project stages - design
A9 Project stages – pre-construction
A10 Project stages - construction
A11 Project stages – common forms of contracts, Summative activity #3 YSE and Summative activity #4 KSE (both independently)
A12 Project stages – commissioning and handover

Part B Business management
B1 Entrepreneurship as a career – Different company forms
B2 Starting a business – Summative activity #5 (separate table of contents)
B3 Your business- Business idea, revenue generation model, products and services, Summative activity #6
B4 Your business – Core competence, client selection criteria
B5 Your business – Market and clients – a big client, business cycle fluctuation...
B6 Your business – Competitors -collaboration?
B7 Your business – Marketing, sales, distribution channels– Social media, tendering…
B8 Your business – Relationships with stakeholders – investors, public authorities, neighbours, service providers
B9 Your business – Human resources -Organisation: agency workers, sub-contractors, outsourcing
B10 Your business – Logistics and buying: mobilisation, operating area, supply chain, stock, reliability of delivery, capital
B11 Your business – hourly rate calculations, tender pricing
B12 Your business – budget

Completion alternatives

TAMK AHOT system:
= An oral examination of the whole course content, to be agreed with the course coordinator.

Practical training and working life cooperation

Students may use real company information as guidance in the Business management assignment.

International connections

Foreign countries students

Further information

Part D
Business management report, table of contents
------------------------------------------------------------
0 Name of the report, date, Name of Student
1 Introduction (aim, rationale and context)
2 Form of the business entity (the selected form with reasoning)
3 Business idea (revenue generation model, products and services)
4 Core competence (client selection criteria)
5 Market and clients (as an example a big client, business cycles)
6 Competitors (collaboration, networking, partnership, integration)
7 Marketing, selling, distribution channels (social media…tendering...)
8 Relationships with stakeholders (investor, public authorities, neighbours, service providers)
9 Human resources, organisation structure (agency workers, sub-contracting, outsourcing)

Appendix 1 Business budget (1st year)
Appendix 2 Risk analysis

Assessment criteria - fail (0) (Not in use, Look at the Assessment criteria above)

The result is a fail if the student has not achieved the minimum requirement in one or more parts of the course. Failed results are:
- attendance <40% or
- exam <40% or
- a summative activity is missing or
- the business management report is missing

Objectives (course unit)

After completing the course, the student is able to explain the progress of a construction project in the main phases, to classify the parties to the construction project and to explain their role during the various stages of the project. The student will be able to define different forms of construction project and identify general principles of contract practice in construction. The student knows the basic costing methods of construction and can calculate simple investment calculations. The student is able to identify entrepreneurship as one of the career paths and, if necessary, can search for additional information and help in starting his / her own business. The student is able to identify research problems and questions related to the field of construction production and economics and to find a solution using the methods of knowledge construction and innovation as well as the research approach.

Content (course unit)

Flow of the construction project, parties, forms and contract technology
Fundamentals of construction economy, basic methods of cost and investment calculations
Entrepreneurship and innovation in the construction sector

Assessment criteria, satisfactory (1-2) (course unit)

The student knows one method of investment calculation and understands the basic concepts of construction economics and is able to use it.
The student identifies the main phases and main parties of a construction project and identifies the basic implementation forms.

Assessment criteria, good (3-4) (course unit)

the student knows all methods of investment calculation
-the student can find out the economic situation of construction with the help of various information sources
- the student can use the basic concepts of construction economics in working life
- the student identifies the parties to the building project and knows the stages of the building project and their rough content
- the student is familiar with the implementation of construction

Assessment criteria, excellent (5) (course unit)

the student can apply the methods of investment calculation to practical situations
-the student is able to visualize the economic situation in construction
- the student can use the basic concepts of construction economics in working life
- the student identifies the parties to the building project and knows the stages of the building project and their rough content
- the student is familiar with the implementation of construction

Assessment scale

0-5

Objectives (course unit)

After completing the course, the student is able to explain the progress of a construction project in the main phases, to classify the parties to the construction project and to explain their role during the various stages of the project. The student will be able to define different forms of construction project and identify general principles of contract practice in construction. The student knows the basic costing methods of construction and can calculate simple investment calculations. The student is able to identify entrepreneurship as one of the career paths and, if necessary, can search for additional information and help in starting his / her own business. The student is able to identify research problems and questions related to the field of construction production and economics and to find a solution using the methods of knowledge construction and innovation as well as the research approach.

Content (course unit)

Flow of the construction project, parties, forms and contract technology
Fundamentals of construction economy, basic methods of cost and investment calculations
Entrepreneurship and innovation in the construction sector

Assessment criteria, satisfactory (1-2) (course unit)

The student knows one method of investment calculation and understands the basic concepts of construction economics and is able to use it.
The student identifies the main phases and main parties of a construction project and identifies the basic implementation forms.

Assessment criteria, good (3-4) (course unit)

the student knows all methods of investment calculation
-the student can find out the economic situation of construction with the help of various information sources
- the student can use the basic concepts of construction economics in working life
- the student identifies the parties to the building project and knows the stages of the building project and their rough content
- the student is familiar with the implementation of construction

Assessment criteria, excellent (5) (course unit)

the student can apply the methods of investment calculation to practical situations
-the student is able to visualize the economic situation in construction
- the student can use the basic concepts of construction economics in working life
- the student identifies the parties to the building project and knows the stages of the building project and their rough content
- the student is familiar with the implementation of construction

Assessment scale

0-5

Objectives (course unit)

After completing the course, the student is able to explain the progress of a construction project in the main phases, to classify the parties to the construction project and to explain their role during the various stages of the project. The student will be able to define different forms of construction project and identify general principles of contract practice in construction. The student knows the basic costing methods of construction and can calculate simple investment calculations. The student is able to identify entrepreneurship as one of the career paths and, if necessary, can search for additional information and help in starting his / her own business. The student is able to identify research problems and questions related to the field of construction production and economics and to find a solution using the methods of knowledge construction and innovation as well as the research approach.

Content (course unit)

Flow of the construction project, parties, forms and contract technology
Fundamentals of construction economy, basic methods of cost and investment calculations
Entrepreneurship and innovation in the construction sector

Assessment criteria, satisfactory (1-2) (course unit)

The student knows one method of investment calculation and understands the basic concepts of construction economics and is able to use it.
The student identifies the main phases and main parties of a construction project and identifies the basic implementation forms.

Assessment criteria, good (3-4) (course unit)

the student knows all methods of investment calculation
-the student can find out the economic situation of construction with the help of various information sources
- the student can use the basic concepts of construction economics in working life
- the student identifies the parties to the building project and knows the stages of the building project and their rough content
- the student is familiar with the implementation of construction

Assessment criteria, excellent (5) (course unit)

the student can apply the methods of investment calculation to practical situations
-the student is able to visualize the economic situation in construction
- the student can use the basic concepts of construction economics in working life
- the student identifies the parties to the building project and knows the stages of the building project and their rough content
- the student is familiar with the implementation of construction

Assessment scale

0-5

Objectives (course unit)

After completing the course, the student is able to explain the progress of a construction project in the main phases, to classify the parties to the construction project and to explain their role during the various stages of the project. The student will be able to define different forms of construction project and identify general principles of contract practice in construction. The student knows the basic costing methods of construction and can calculate simple investment calculations. The student is able to identify entrepreneurship as one of the career paths and, if necessary, can search for additional information and help in starting his / her own business. The student is able to identify research problems and questions related to the field of construction production and economics and to find a solution using the methods of knowledge construction and innovation as well as the research approach.

Content (course unit)

Flow of the construction project, parties, forms and contract technology
Fundamentals of construction economy, basic methods of cost and investment calculations
Entrepreneurship and innovation in the construction sector

Assessment criteria, satisfactory (1-2) (course unit)

The student knows one method of investment calculation and understands the basic concepts of construction economics and is able to use it.
The student identifies the main phases and main parties of a construction project and identifies the basic implementation forms.

Assessment criteria, good (3-4) (course unit)

the student knows all methods of investment calculation
-the student can find out the economic situation of construction with the help of various information sources
- the student can use the basic concepts of construction economics in working life
- the student identifies the parties to the building project and knows the stages of the building project and their rough content
- the student is familiar with the implementation of construction

Assessment criteria, excellent (5) (course unit)

the student can apply the methods of investment calculation to practical situations
-the student is able to visualize the economic situation in construction
- the student can use the basic concepts of construction economics in working life
- the student identifies the parties to the building project and knows the stages of the building project and their rough content
- the student is familiar with the implementation of construction

Assessment scale

0-5

Content scheduling

Opintojakson suoritettuaan opiskelija osaa selittää rakennushankkeen kulun päävaiheittain sekä luokitella rakennushankkeen osapuolet ja selittää heidän tehtävänsä hankkeen eri vaiheissa. Opiskelija osaa määritellä rakennushankkeen erilaiset toteutusmuodot ja tunnistaa rakennusalan sopimuskäytäntöjen yleisperiaatteet. Opiskelija tuntee rakennusalan peruskustannuslaskentamenetelmät ja osaa laskea yksinkertaisia investointilaskelmia. Opiskelija osaa hahmottaa yrittäjyyden yhtenä uramahdollisuutena ja osaa etsiä tarvittaessa lisätietoa ja hankkia apua oman yritystoiminnan käynnistämiseen. Opiskelija osaa määrittää rakennustuotannon ja -talouden alaan liittyviä tutkimusongelmia ja -kysymyksiä ja hakea ratkaisua niihin hyödyntäen tiedon rakentamisen ja innovoinnin menetelmiä sekä tutkivaa lähestymistapaa.

Objectives (course unit)

After completing the course, the student is able to explain the progress of a construction project in the main phases, to classify the parties to the construction project and to explain their role during the various stages of the project. The student will be able to define different forms of construction project and identify general principles of contract practice in construction. The student knows the basic costing methods of construction and can calculate simple investment calculations. The student is able to identify entrepreneurship as one of the career paths and, if necessary, can search for additional information and help in starting his / her own business. The student is able to identify research problems and questions related to the field of construction production and economics and to find a solution using the methods of knowledge construction and innovation as well as the research approach.

Content (course unit)

Flow of the construction project, parties, forms and contract technology
Fundamentals of construction economy, basic methods of cost and investment calculations
Entrepreneurship and innovation in the construction sector

Assessment criteria, satisfactory (1-2) (course unit)

The student knows one method of investment calculation and understands the basic concepts of construction economics and is able to use it.
The student identifies the main phases and main parties of a construction project and identifies the basic implementation forms.

Assessment criteria, good (3-4) (course unit)

the student knows all methods of investment calculation
-the student can find out the economic situation of construction with the help of various information sources
- the student can use the basic concepts of construction economics in working life
- the student identifies the parties to the building project and knows the stages of the building project and their rough content
- the student is familiar with the implementation of construction

Assessment criteria, excellent (5) (course unit)

the student can apply the methods of investment calculation to practical situations
-the student is able to visualize the economic situation in construction
- the student can use the basic concepts of construction economics in working life
- the student identifies the parties to the building project and knows the stages of the building project and their rough content
- the student is familiar with the implementation of construction

Assessment scale

0-5

Objectives (course unit)

After completing the course, the student is able to explain the progress of a construction project in the main phases, to classify the parties to the construction project and to explain their role during the various stages of the project. The student will be able to define different forms of construction project and identify general principles of contract practice in construction. The student knows the basic costing methods of construction and can calculate simple investment calculations. The student is able to identify entrepreneurship as one of the career paths and, if necessary, can search for additional information and help in starting his / her own business. The student is able to identify research problems and questions related to the field of construction production and economics and to find a solution using the methods of knowledge construction and innovation as well as the research approach.

Content (course unit)

Flow of the construction project, parties, forms and contract technology
Fundamentals of construction economy, basic methods of cost and investment calculations
Entrepreneurship and innovation in the construction sector

Assessment criteria, satisfactory (1-2) (course unit)

The student knows one method of investment calculation and understands the basic concepts of construction economics and is able to use it.
The student identifies the main phases and main parties of a construction project and identifies the basic implementation forms.

Assessment criteria, good (3-4) (course unit)

the student knows all methods of investment calculation
-the student can find out the economic situation of construction with the help of various information sources
- the student can use the basic concepts of construction economics in working life
- the student identifies the parties to the building project and knows the stages of the building project and their rough content
- the student is familiar with the implementation of construction

Assessment criteria, excellent (5) (course unit)

the student can apply the methods of investment calculation to practical situations
-the student is able to visualize the economic situation in construction
- the student can use the basic concepts of construction economics in working life
- the student identifies the parties to the building project and knows the stages of the building project and their rough content
- the student is familiar with the implementation of construction

Assessment scale

0-5

Objectives (course unit)

After completing the course, the student is able to explain the progress of a construction project in the main phases, to classify the parties to the construction project and to explain their role during the various stages of the project. The student will be able to define different forms of construction project and identify general principles of contract practice in construction. The student knows the basic costing methods of construction and can calculate simple investment calculations. The student is able to identify entrepreneurship as one of the career paths and, if necessary, can search for additional information and help in starting his / her own business. The student is able to identify research problems and questions related to the field of construction production and economics and to find a solution using the methods of knowledge construction and innovation as well as the research approach.

Content (course unit)

Flow of the construction project, parties, forms and contract technology
Fundamentals of construction economy, basic methods of cost and investment calculations
Entrepreneurship and innovation in the construction sector

Assessment criteria, satisfactory (1-2) (course unit)

The student knows one method of investment calculation and understands the basic concepts of construction economics and is able to use it.
The student identifies the main phases and main parties of a construction project and identifies the basic implementation forms.

Assessment criteria, good (3-4) (course unit)

the student knows all methods of investment calculation
-the student can find out the economic situation of construction with the help of various information sources
- the student can use the basic concepts of construction economics in working life
- the student identifies the parties to the building project and knows the stages of the building project and their rough content
- the student is familiar with the implementation of construction

Assessment criteria, excellent (5) (course unit)

the student can apply the methods of investment calculation to practical situations
-the student is able to visualize the economic situation in construction
- the student can use the basic concepts of construction economics in working life
- the student identifies the parties to the building project and knows the stages of the building project and their rough content
- the student is familiar with the implementation of construction

Assessment scale

0-5

Objectives (course unit)

After completing the course, the student is able to explain the progress of a construction project in the main phases, to classify the parties to the construction project and to explain their role during the various stages of the project. The student will be able to define different forms of construction project and identify general principles of contract practice in construction. The student knows the basic costing methods of construction and can calculate simple investment calculations. The student is able to identify entrepreneurship as one of the career paths and, if necessary, can search for additional information and help in starting his / her own business. The student is able to identify research problems and questions related to the field of construction production and economics and to find a solution using the methods of knowledge construction and innovation as well as the research approach.

Content (course unit)

Flow of the construction project, parties, forms and contract technology
Fundamentals of construction economy, basic methods of cost and investment calculations
Entrepreneurship and innovation in the construction sector

Assessment criteria, satisfactory (1-2) (course unit)

The student knows one method of investment calculation and understands the basic concepts of construction economics and is able to use it.
The student identifies the main phases and main parties of a construction project and identifies the basic implementation forms.

Assessment criteria, good (3-4) (course unit)

the student knows all methods of investment calculation
-the student can find out the economic situation of construction with the help of various information sources
- the student can use the basic concepts of construction economics in working life
- the student identifies the parties to the building project and knows the stages of the building project and their rough content
- the student is familiar with the implementation of construction

Assessment criteria, excellent (5) (course unit)

the student can apply the methods of investment calculation to practical situations
-the student is able to visualize the economic situation in construction
- the student can use the basic concepts of construction economics in working life
- the student identifies the parties to the building project and knows the stages of the building project and their rough content
- the student is familiar with the implementation of construction

Assessment scale

0-5

Objectives (course unit)

After completing the course, the student is able to explain the progress of a construction project in the main phases, to classify the parties to the construction project and to explain their role during the various stages of the project. The student will be able to define different forms of construction project and identify general principles of contract practice in construction. The student knows the basic costing methods of construction and can calculate simple investment calculations. The student is able to identify entrepreneurship as one of the career paths and, if necessary, can search for additional information and help in starting his / her own business. The student is able to identify research problems and questions related to the field of construction production and economics and to find a solution using the methods of knowledge construction and innovation as well as the research approach.

Content (course unit)

Flow of the construction project, parties, forms and contract technology
Fundamentals of construction economy, basic methods of cost and investment calculations
Entrepreneurship and innovation in the construction sector

Assessment criteria, satisfactory (1-2) (course unit)

The student knows one method of investment calculation and understands the basic concepts of construction economics and is able to use it.
The student identifies the main phases and main parties of a construction project and identifies the basic implementation forms.

Assessment criteria, good (3-4) (course unit)

the student knows all methods of investment calculation
-the student can find out the economic situation of construction with the help of various information sources
- the student can use the basic concepts of construction economics in working life
- the student identifies the parties to the building project and knows the stages of the building project and their rough content
- the student is familiar with the implementation of construction

Assessment criteria, excellent (5) (course unit)

the student can apply the methods of investment calculation to practical situations
-the student is able to visualize the economic situation in construction
- the student can use the basic concepts of construction economics in working life
- the student identifies the parties to the building project and knows the stages of the building project and their rough content
- the student is familiar with the implementation of construction

Assessment scale

0-5

Content scheduling

Opintojakson suoritettuaan opiskelija osaa selittää rakennushankkeen kulun päävaiheittain sekä luokitella rakennushankkeen osapuolet ja selittää heidän tehtävänsä hankkeen eri vaiheissa. Opiskelija osaa määritellä rakennushankkeen erilaiset toteutusmuodot ja tunnistaa rakennusalan sopimuskäytäntöjen yleisperiaatteet. Opiskelija tuntee rakennusalan peruskustannuslaskentamenetelmät ja osaa laskea yksinkertaisia investointilaskelmia. Opiskelija osaa hahmottaa yrittäjyyden yhtenä uramahdollisuutena ja osaa etsiä tarvittaessa lisätietoa ja hankkia apua oman yritystoiminnan käynnistämiseen. Opiskelija osaa määrittää rakennustuotannon ja -talouden alaan liittyviä tutkimusongelmia ja -kysymyksiä ja hakea ratkaisua niihin hyödyntäen tiedon rakentamisen ja innovoinnin menetelmiä sekä tutkivaa lähestymistapaa.