The purpose of the course is to provide students with the appraisal and evaluation theoretical principles, methodologies and advanced techniques. Students will deal with both monetary and non-monetary evaluations of projects, plans and programs according to two main evaluation perspectives: the public and the private ones. The main focus of the course is the evaluation of economic, financial, environmental and social sustainability. The course will thus explore multi-methodological approaches able to take into consideration multiple instances and objectives. More specifically, the course addresses the following topics:Basic concepts of Project Appraisal and Evaluation;Principal methodologies for Project Appraisal, namely Discounted Cash Flow Analysis, Cost-Benefit Analysis and Multicriteria Analysis (MCA); MCA methodological steps: framing and structuring, value functions, weight assessment, aggregation techniques, sensitivity analysis and results' presentation. The teaching method is based on theoretical lectures, group discussions and hands-on exercises.
A group project will be developed by students in order to apply an integrated methodological evaluation framework.
Risultati di apprendimento attesi
According to the Dublin Descriptors (DdD), passing the exam certifies the acquisition of the following results:
DdD 1 knowledge and understanding
- understanding advantages and limitations of main project appraisal techniques in order to make students able to develop or apply theoretical principles to several real-world contexts or research fields;
- knowledge of the qualitative and quantitative methods of investigation that can be used to show trade-offs between economic efficiency, environmental quality and social impacts;
DdD 2 ability to apply knowledge and understanding
- capability of selecting and applying the right technique according to different evaluation instances;
- awareness about behavioural traps in project appraisal and corresponding solutions.
DdD 3 (autonomy of judgment), 4 (communication skills) and 5 (learning ability)
- ability to interpret, test and discuss the results deriving from the application of the evaluation models as well as to present the results of the evaluation;
- ability to manage risk and uncertainty in project appraisal.
The course proposes an exploratory and applicative journey through a flexible appraisal framework designed to handle different types of projects, from infrastructure investments, to territorial regeneration processes and social programs. It also covers a wide range of issues such as environmental impacts, risk management and behavioural aspects.
The main topics covered in the course refer to:
(i) key principles of project evaluation;
(ii) techniques to support the definition of a value judgement about competing projects in multi-stakeholders and multi-criteria systems (stakeholders’ analysis, SWOT analysis, Multicriteria Decision Aiding and Risk Analysis);
(iii) methods for the economic evaluation of projects and resources in private and public contexts (Cost Benefit analysis and related evaluation methods, survey methods used to derive the monetary values of non-market goods, life cycle assessment, environmental impact analysis);
The course will guide students through the discovery, for each phase of the appraisal procedure, of the most recurrent and powerful cognitive and motivational biases to which we are all subject to. This journey will also provide analytical solutions to mitigate each bias following the most recent international research findings.
Course activities include: theoretical lessons, case studies discussion, development and revision of group projects making use of a multi-methodology approach.
Modalità di valutazione
The assessment will consist in a written exam to test the theoretical knowledge of the key concepts covered in the course and in the discussion of the group projects (maximum 5 students per group). Students will engage in a critical analysis of the tools and their results. There will be revision and feedback sessions that will work as formative assignments with the purpose of preparing the students for the summative assignment (i.e. final project delivery).
The main criteria for the assessment of the summative assignment are: correctness and completeness of the final projects’ report; ability to critically analyse the final project’s results; level of knowledge of the theoretical concepts and tools; active participation during lectures and revision sessions; clarity of exposure and appropriateness of language.
Reed, M. S. , Graves, A. , Dandy, N. , Posthumus, H. , Hubacek, K. , Morris, J. , et al., Who's in and why? A typology of stakeholder analysis methods for natural resource management. Journal of Environmental Management, Anno edizione: 2009, Fascicolo: 90 (5)
Ralph L. Keeney, Robin S. Gregory, Selecting Attributes to Measure the Achievement of Objectives. Operations Research, Anno edizione: 2005, Fascicolo: 53 (1)
Anthony E Boardman, David Greenberg, Aidan R Vining and David L Weimer, Cost-Benefit Analysis - Concepts and Practice, Editore: International (4th) Edition, Pearson, Anno edizione: 2014, ISBN: 978-0137002696
EUROPEAN COMMISSION/Directorate General Regional Policy, Guide to Cost-Benefit Analysis of investment projects, 2008 https://ec.europa.eu/regional_policy/en/information/publications/evaluations-guidance-documents/2008/guide-to-cost-benefit-analysis-of-investment-projectsPEARCE, D., G. ATKINSON, MOURATO S., Cost-Benefit Analysis and the Environment: recent developments, OECD, Paris 2006 K. Samset, Early Project Appraisal: Making the Initial Choices. , Editore: Palgrave Macmillan UK, Anno edizione: 2010
Valerie Belton and Theo Stewart, Multiple Criteria Decision Analysis An Integrated Approach, Editore: Kluwer Academic Publisher, Anno edizione: 2002, ISBN: 978-1-4615-1495-4
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Tipo Forma Didattica
Ore di attività svolte in aula
Ore di studio autonome
Laboratorio Di Progetto
Informazioni in lingua inglese a supporto dell'internazionalizzazione
Insegnamento erogato in lingua
Disponibilità di materiale didattico/slides in lingua inglese
Disponibilità di libri di testo/bibliografia in lingua inglese
Possibilità di sostenere l'esame in lingua inglese
Disponibilità di supporto didattico in lingua inglese