The course will provide an introduction to the paradigm of flexibility/ real option for infrastructure management. It will also provide insights on the tools to model uncertainty and class applications on example cases.
Upon successful completion of this course students will be able: - To recognize and model uncertainty affecting infrastructure; - To identify possible interventions on infrastructure - To develop dynamic model for simulating future scenarios, considering uncertainty
Part 1: Introduction to the concept of flexibility in engineering, including the problem of the flaw of average on traditional engineering design processes. Part 2: Explanation of the real option methodology and of the main methods for uncertainty modelling, including binomial trees and Monte Carlo simulations. Part 3: Application in class of the real option methodology on two example cases.
A list of relevant publications for the course will be given out before the first class.
Information zur Leistungskontrolle (gültig bis die Lerneinheit neu gelesen wird)