Valuation and Development Business
Valuation and Development Business
(Course annotation)
Professor Mikhail M. Soloviev
1. Outline
The course is designedfor choice bymaster degree students of the HSE Management Faculty speciality “Strategic Management and Corporate Governance”. At the same time it is opened for any listeners of other specialities and for choice by foreign students too. It can be useful for programs of higher education concerned with problems of state and municipal management, privatization, new territories and infrastructure systems development, town planning and housing, social and ecology protection, etc. The suggested program takes 48auditorium hours, and its equivalent is the 3-4 credits.
The course objectives and concept are defined by actual problems of the property valuation and development business at the contemporary international and national economies, real estate and connected markets. The “Valuation and Development Business” course has an integrated character. The students receive knowledge and start practice in the general economical, legal and management areas concerned with globalization in the valuation and development businesses. In order to be closer to international aspects of professional education the course includes main themes from the Western programs such as concepts and principles of the valuation activities, national and international professional standards, methods and mechanisms of the development business a whole and in connection with the profile businesses, facility management and infrastructure providing, legal environment and town & country planning regulations, risk-analysis and decision making in the market environment. In particular the course program is closely correlated with the Oxford Brookes University (UK)corresponding themes ofBSc & MSc programs certified by the Royal Institution of Chartered Surveyors (RICS – as a recognized professional world leader in the real estate and connected market areas).
2. Syllabus
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NNThemes and divisions Sum. Auditorium hours Independent
(h.) LectureSeminar work (h.)
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1.Valuation and Development in the Market
Economies and Management of Organizations 288416
Definitions and main characteristics.
Role in the strategic and operative
managementof organizations.
Potential of the development.
Investment and Development projects.
Valuation in the projects management.
2.The Legal Environment of the Valuation
and Development activities16448
Legislative base for the valuation activities.
Real estate development and public (town &
country planning) regulations.
National and international regulations: parallel
and contrasts.
Professional standards in the valuation
and development activities.
3.Valuation in the Real Estate Businesses2844*16
Concepts and principles of valuation activities.
Value basis - market value and others.
Valuation methods: classifications, analytic
review, calculations and tests..
Issues of valuation for different types of
real estate objects.
4.Development Risks: analysis and regulation1644*8
Risks – main definitions and concepts.
Review of methods for risk-analysis & valuation.
Risks regulations.
Business Game “Auction: Site for Development”.
5.International Real Estate208*4*12
Real Estate in the modern global economies.
Real Estate in the strategic management and
corporative governance.
Problems & ways for mutual professional recognition.
6.Presentation of independent works**
CONTROL / EXAM
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SUM108282060
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* Student’spresentations during the corresponding classes–resultsoftheir independentwork.
3. Prerequisites
To have knowledge in general management and market economy.
4. Course leader
The course leader is Mikhail M. Soloviev. He is a Professor of the National Research University Higher School of Economics since 1996 and Visiting-Professor of the OxfordBrookesUniversity (United Kingdom) since 1996. He is a specialist in general control sciences and property management, real estate valuation, development and investments. The course associated consultant is Richard Grover (United Kingdom). He is an economist, Oxford Brookes University lecturer and approved chartered surveyor - member of the Royal Institution of Chartered Surveyors (RICS). Soloviev & Grover are authors of text-books, analytical articles and conference papers, executors of international and national practice projects in the mentioned areas.
5. Exams
Summary the 75-80% of the final mark comes from the coursework results (as appraisal of a complex of works in auditorium seminars such as essay, tests, business game participation, independent researches presentations, etc.) and 20-25% - from examination answers.
Examination answers (answer to the suggested question and calculation task solving) are in writing form. The answers’ checking is in operative regime. Necessary commentaries in the tutor-student dialog clean details of the answers.
Contacts:
Mikhail M. Soloviev: .