Course detail

Investment Construction

FAST-NVB056Acad. year: 2024/2025

Creation of a business plan for a private and public sector investment project. Mapping and evaluating returns and costs, revenues and expenditures in various stages of the construction project life cycle. Modelling and working with risk and uncertainty in investment decision making. Use of postaudits to refine the forecast of project development in preinvestment phase.

Language of instruction


Number of ECTS credits


Mode of study

Not applicable.


Institute of Structural Economics and Management (EKR)

Entry knowledge

Feasibility study, economic efficiency indicators (NPV, IRR, B / C, LCC), basics of sensitivity analysis, qualitative and quantitative risk analysis.

Rules for evaluation and completion of the course

Extent and forms are specified by guarantor’s regulation updated for every academic year.


Not applicable.

Study aids

Not applicable.

Prerequisites and corequisites

Not applicable.

Basic literature

KORYTÁROVÁ, Jana a Vít Hromádka. Investiční výstavba (el. studijní opora FAST VUT), 2022.


DUFEK, Zdeněk, KORYTÁROVÁ, Jana, APELTAUER, Tomáš, HROMÁDKA, Vít, FIALA, Petr, DROCHYTKA, Rostislav, BYDŽOVSKÝ, Jiří, VANĚREK, Jan, AIGEL, Petr, VÝSKALA, Miloslav a Martin NOVÝ. Veřejné stavební investice. Praha: Leges, 2018. ISBN: 978-80-7502-322-3.


BAUM, Andrew. Real Estate Investment. A Strategic Approarch. Routledge, New York, 2022. ISBN 9780367690694.



FURFINE, Craig. Practical Finance for Property Investment. Routledge, New York, 2020. ISBN 9780367333041.


Recommended reading

Not applicable.

Classification of course in study plans

  • Programme NPC-SIE Master's, 2. year of study, winter semester, compulsory

Type of course unit



26 hours, optionally

Teacher / Lecturer


1. Life cycle of a building project, phase, activities, documents 2. Feasibility study of private investment projects (case study of the development project) 3. Feasibility study of public investment projects (case study of transport infrastructure project) 4. Financing of investment projects incl. program financing ISPROFIN - EDS / SMVS 5. Methods of evaluating the economic efficiency of construction projects, the determination of discount rate 6. Risk analysis in investment decision making, concept and risk classification 7. Sensitivity analysis, qualitative and quantitative risk analysis in investment decision making 8. Risk management process, identification, analysis and recommendation for its reduction / elimination 9. Investment project portfolio management, process models 10.Postaudit of projects, retrospective analysis and evaluation


13 hours, compulsory

Teacher / Lecturer


1. Basic terms, relationships and calculations in the field of economy of investment. 2. Developer project, assignment, work with input variables. 3. Developer project, creation of economic model, net cash flow (NCF), determination of WACC discount rate. 4. Developer project, calculations of economic efficiency indicators, basic evaluation. 5. Public project according to individual assignment (transport infrastructure, public building), setting of input variables. 6.-7. Public project, creation of financial and economic cash flows, calculations of economic efficiency indicators. 8. Sensitivity analysis of project indicators to change of input quantities. 9. Risk taking into account in the calculation of economic efficiency indicators, quantitative and qualitative analysis. 10. Final test, credit.