module specification

This module examines the built environment sector, markets, and organisations at a local, national, and international level and the impact of government economic policy and globalisation on the sector. It examines the principles underlying the relationship between economic theory and the built environment sector. You will study how the sector makes effective use of resources and how, in the move towards decarbonising our economies, the environment can be afforded protection through embedding sustainable principles in our practice.

The relationship between business planning activities and corporate objectives will be explored to gain an understanding of the essential elements of a business plan and methods for financial benchmarking. Following on from this the module will explore accounting concepts and principles and you will gain an understanding of the format of management and company accounts and how they are prepared including balance sheets, profit, and loss and cashflow statements.

Throughout the module you will consider how we can leverage big data for businesses decision making in the built environment. With the abundance of available data and analytical tools, organisations recognise the importance of effectively using it to gain a competitive edge. Through utilising data analytics and data visualisation tools, you will develop solutions to scenario-based problems and present them effectively.

The syllabus is informed by contemporary research and practice in built environment economics and big data. Topics will include:

• Local national and global built environment markets and organisations
• The impact of globalisation on the built environment
• Stakeholders in the built environment
• Business planning towards achieving corporate objectives
• Generally Accepted Accounting Principles (GAAP) and International Accounting Standards (IAT)
• Accounting principles and procedures
o Balance sheets
o Profit and loss
o Cashflow
o Financial statements
o Financial measures
• Data identification, validation, collection, analysis, and storage
• Big data and business analytics – opportunities for business
• Ethics and data security, capture, analysis, and use

A blended/ technology enhanced learning approach will be employed in the delivery of this module. Student teaching and learning will consist of weekly classes comprising a combination of lectures, seminars, discursive sessions, and workshops. Formal lectures will introduce and develop themes that relate to the core subject. Workshops will facilitate group study of authentic datasets, presenting typical problem-based learning challenges which will require the students to propose and test solutions and evaluate the outcomes. Students will be given the opportunity to engage in seminar activities which help them to develop a deep understanding of the management of big data in the context of the built environment. Tasks will be performed through group and independent study, to develop critical thinking skills of analysis, evaluation, and synthesis. Where appropriate, activities will be captured and made available to allow asynchronous access.

Problem based learning encourages independent learning through proposing a problem which is complex with more than one right answer, challenging the students to work individually and in small groups to develop solutions, thereby developing their problem-solving abilities.  Staff will act as facilitators throughout the activities.

Throughout the module student output’s will be reviewed, and formative feedback will be given to ensure clarity and comprehension.

The learning and teaching in classes will be supported by the University’s VLE and a blended learning approach, sharing class materials, recommended reading, and case studies. Group tutorials will also be offered to support students in the preparation of their assessments, with opportunities for students to receive forward feedback.

On completion of the module the learner, operating independently and applying their knowledge and skills, should be able to:

1. Analyse the impact of global markets and government economic policies on the built environment sector.
2. Appraise how business planning activities contribute to the achievement of corporate objectives.
3. Evaluate management and company accounts, including profit and loss statements, cash flow statements and balance sheets to determine the financial health of a company.
4. Analyse big data and make decisions to achieve positive outcomes.
5. Effectively communicate solutions at levels of detail appropriate to your audience.

There is no single text currently in publication that provides a comprehensive coverage of all aspects of this module. There are several books which cover various parts of the module in some detail, and these are listed in the core text list.

Core:-
Construction Economics: A New Approach Paperback – 23 May 2022
by Danny Myers (Author)

Gruneberg S and Francis N, (2018) The economics of construction, 1st edition, Agenda Publishing, ISBN 9781788210157

Accounting and Finance for Non-Specialists Paperback – 18 Nov. 2021 by Peter Atrill (Author), Eddie McLaney (Author)

Big Data Demystified: How to use big data, data science and AI to make better business decisions and gain competitive advantage by David Stephenson  | 12 Feb 2018

Big Data in Practice: How 45 Successful Companies Used Big Data Analytics to Deliver Extraordinary Results Hardcover – 12 April 2016 by Bernard Marr  (Author)

Further reading 
 
There is excellent coverage of topical events within the construction and real estate sector available via several online publications, and events which can be found on websites such as: 
 
Construction Economics Research
UK Office for National Statistics
Construction Management Magazine 
CIOB Global Construction Review 
Association for Project Management news 
RICS news and insight 
United Nations Climate Action