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On successful completion of the module, apprentices will be able to:
1 - Demonstrate a comprehensive understanding of the economic principles of the construction industry, including the grasping concepts of supply and demand, pricing strategies, market dynamics and cost implications specific to construction projects
2 - Equip apprentices with the ability to effectively analyse and apply advanced cost estimation techniques to determine financial feasibility of construction project by quantifying and pricing construction works accurately, considering factors like labour, materials, overhead costs, cost control measures and indices for geographical price variations
3 - Utilise appropriate software and technology to support financial analysis for construction projects.
This module is the study of economics in the construction and property sectors. It focuses on providing a description of the construction sector and an economic explanation of markets, industries as well as some of the major features of construction products. It includes analysing the critical principles of the relationship between economic theory and that of the construction industry. The module provides the fundamental concepts and theories of economics to underpin Commercial Management and project management functions. The module will be able to cover the following:
- Economic Principles: Teaching apprentices about the basic principles of economics, including supply and demand, market forces, and economic indicators. This includes discussing topics such as price determination, market equilibrium, and economic cycles. Apprentices will learn how these principles apply to the construction industry
- Cost Management: Teaching apprentices about the principles and techniques of cost management in construction projects. This includes discussing topics such as cost estimation, cost control, and cost forecasting. Apprentices will learn how to effectively manage project costs and budgets
- Financial Analysis: Teaching apprentices about financial analysis techniques used in construction projects. This includes discussing topics such as cash flow analysis, profitability analysis, and financial ratios. Apprentices will learn how to analyse and interpret financial data to assess the financial viability of construction projects
- Economic Evaluation: Teaching apprentices about the methods and techniques used to evaluate the economic feasibility of construction projects. This includes discussing topics such as cost-benefit analysis, net present value (NPV), and internal rate of return (IRR). Apprentices will learn how to assess the economic viability and profitability of construction projects
- Economic Factors in Construction: apprentices learn about the economic factors that influence the construction industry. This includes discussing topics such as inflation, interest rates, government policies, and market trends. Apprentices will learn how to analyse and evaluate the impact of these factors on construction projects
- Emerging technologies/concept(s):
- Examine industry’s preparedness to embraces new and emerging concept(s)
- Explore the use of 4D/5D technologies on productivity, project planning, quality and speed of assembly, health and safety, cost effectiveness, delay avoidance
- Cost Engineering Factors in, Contracts Management:
- Critically evaluate and apply established research methods and techniques frequently adopted to articulate the challenges and prevailing issues within the discipline of cost/contract engineering management
- Business management/ professional standards/procurement/dispute re resolutions
- Explore business and management challenges among construction SMES skills, the roles of clients in changing the dynamics and adversarial nature of procurement routes, contractual disputes and prevalence of ADRs
1. Lectures: For a vocational content these will be critical to delivering theoretical concepts, principles, and industry knowledge. Lectures will be supplemented with visual aids, case studies, Mock up, Models, simulations and video content based on real-world examples to enhance understanding and engagement.
A variety of teaching and learning strategies will be employed throughout the module in order to ensure the acquisition and development of appropriate concepts, knowledge and skills and achievement of the stated learning outcomes. A variety of teaching and learning methods provide access to learning to meet a wide range of learner needs and are aimed at widening participation amongst learners to avoid exclusion and develop learner skills in academic studies and personal life situations.
The module will be delivered on a blended learning basis, with the apprentices attending a delivery workshop to knowledge to complete all aspects of the module. The module will be taught on a block release basis and will include lecture style knowledge content and seminar style activities to discuss the content and enabling the learner to place it into context. This module will also have virtual tutorial café (VTCs) sessions, these group sessions allow for reflective time following the delivery and will be utilised to support the learner in unpacking the content and the assessment requirements. VTC sessions will also be utilised as formative peer feedback sessions.
The apprentices will also participate in a variety of on-line activities throughout the duration of the module, using the VLE to further develop their academic skills.
Independent study time should be spent on specific pre learning (on-demand learning – available to all apprentices on Moodle), for example, engaging in specific background reading of the topic and online exercises. Post learning activities will be provided by the module tutor, but these will generally be assessment focused enabling the learner to achieve the assessment requirements.
All activities and materials provided on Moodle will support the module content for the module delivery including pre, live and post activities and resources. The sequencing of the sessions will provide re-enforcement of the theoretical concepts developed during the delivery in a progressive pattern, aimed at developing knowledge and overall understanding.
2. Group Discussions: With the lecturer as a facilitator of the learning, group activities will be used to explore and analyse construction and quality methods including contentious issues around design, procurement and sustainable construction methods. The debate will bring about different perspectives and empower apprentices to develop critical thinking and problem-solving skills.
3. Case Studies: Case studies from industry will allow apprentices to apply theoretical knowledge to real-world construction scenarios. Apprentices, will analyse and evaluate complex construction projects, identify challenges, and propose solutions based on their understanding of and needs of Quantity Surveyors.
4. Simulations: Simulations activities will be used to simulate Quantity surveying practice and allow apprentices to practice decision-making, problem-solving, and communication skills in a controlled environment.
5. Project-Based Learning: Project-based learning will be used so apprentices work on real or simulated construction projects. Apprentices will work in teams to plan, execute, and manage construction projects, applying their knowledge and skills to solve practical Quantity surveying problems and to achieve project objectives.
6. Guest Lectures and Industry Experts: Invitations will be extended to guest lecturers and industry experts to share their experiences and insights from a broader perspective of quantity surveying practice. Guest lecturers will bring and share into a classroom real-world examples industry trends, and best practices, enhancing the relevance and applicability of the curriculum to Quantity Surveying.
7. Technology Integration: Incorporating technology and estimating software and planning tools of various software commonly used in the construction industry, such as Building Information Modelling (BIM) software, Bentley Virtuosity planning software, Catto, Autodesk take off, iTwo Cost X and other project management software, and virtual reality simulations. The negotiated Demonstration room and dedicated computer lab for CBE programmes will help in creating live spaces for interactive learning, improve engagement and embedded the much-needed employability skills based on real world industry tools.
8. Assessment Methods: Assessment methods will align with the learning outcomes of the BSc (Hons) Quantity Surveying programme and will include written assignments, and exams as prescribed by the Professional bodies.
Planned LTU Off-the-Job Delivery Learning:
Lectures
Hours: 28
Intended Group Size: Cohort
Virtual Tutorial Cafe
Hours: 10
Intended Group Size: Cohort
Planned Off the Job Learning:
Training Plan Activities
Hours: 58
Intended Group Size: Individual
Minimum Self-Directed Off the Job Learning and Practical Training:
Hours: 204
Further Details Relating to Assessment
All assessments are designed to evaluate apprentices' understanding of Quantity Surveying concepts, their ability to apply knowledge to real-world scenarios, and their critical thinking and problem-solving skills. It is important to note that a combination of different teaching strategies will be adopted to cater for different learning styles and engage and meet the varying needs and learning potential of all apprentices. Additionally, incorporating industry trends, current research, and emerging technologies into the curriculum will help apprentices stay up-to-date with the evolving field of Quantity Surveying.
Attention is given to ensuring all the six strands for the Curriculum for Social Justice - CFSJ: Curriculum Design Principles and Practices are complied with, namely:
- Race Equity
- Mental Health and Well Being
- Internationalisation
- Education for Sustainable Development
- Employability and Enterprise
- Digital Pedagogy.
Please note that, to ensure apprentices meet all Royal Institution of Chartered Surveyors (RICS) Mandatory and Technical core competencies, pass marks in all assessed components are required.
Module Coordinator - PRS_CODE=
Level - 4
Credit Value - 30
Pre-Requisites - NONE
Semester(s) Offered -