Undergraduate Programme

Urban and Regional Development Studio II: Project and Investment Planning, Appraisal and Location

Course goal

In STUDIO of Development I (8th semester), students use the knowledge they have acquired in previous lessons, in which they prepared developmental plans for specific areas, both addressing real problems and proposing realistic policies under an incremental targeting. By this way, they obtained experience in both types of development planning (strategic and operational) and three reference levels (regions, counties, municipalities).

STUDIO II complements and extends STUDIO I. This course aims at contributing to the comprehension of Project and Investment Appraisal fundamental principles and the way these principles have been applied on planning, programming and management of private and public Projects and Investments. The course focuses on describing and analyzing Project and Investment outlining, Project Objectives and Identification, Mathematical methods in economics and Finance and Project Financial Analysis. Even, it outlines the methodologies of evaluation and the relationships between investment and regional or urban development are analyzed. Moreover, project analysis by sector is presented and characteristic exercises and case studies are discussed. The course contains a number of exercises regarding the implementation of methodologies presented in the theoretical part. The exercises target at simulating real-world problems and, thus special attention is paid to project size issues. By this way, students can become effectively familiar with reality and get the sense of project or investment appraisal, project and investment programming and planning.

Course subject

1. Project and Investment Objectives. 

Definition of project or investment, definition of project or investment objectives, project life cycle and investment appraisal, socio-economic context.

2. Fundamentals of financial mathematics
Interest, Compound interest, Accumulated value, Discount or Present value, Annuities. 

3. Financial analysis 
Total project or investment costs, Total operating costs and revenues, Financial return on investment, Sources of financing, Financial sustainability, Financial return on capital

4. Economic analysis 
Net present value method (NPV), Internal return rate method (IRR), Direct and indirect effects, Cost – benefit analysis, Break-event point (linear and nonlinear analysis). 

5. Other appraisal approaches 
Cost-effectiveness analysis, Multi-criteria analysis, Economic impact analysis

6. Project and Investment analysis in urban and Regional Planning

Investment and urban impact, Investment and regional impact, Evaluating investment impact in urban and regional level, Investment location analysis, Legislation on location choice and investment subsidy. 

7. Case studies


Students undertake in groups of 2-3 persons the elaboration of an assignment, which is independently scored and it participates in 20% (grade group) in the configuration of the final grade.  In addition, there is the personal grade, which is 80% of the final grade, resulting from the performance in the final exam.


  • Πολύζος Σ., (2011), Διοίκηση και Διαχείριση των Έργων, Εκδόσεις Κριτική.
  • Πολύζος Σ., (2011), Ασκήσεις Αξιολόγησης Έργων και Επενδύσεων, Πανεπιστημιακές Εκδόσεις Θεσσαλίας.