0x010088F6312065A70A44B630A6848498EAD80093CFEAFE161DC94D83C7C5C9A5A748B8

Hovedmålet er å opprettholde god kvalitet, som i hovedsak betyr god kvalitet i læringen hos studentene. Pensum og undervisningsform er uendret. Med andre ord, lite "utvikling" i betydning endringer. Noe arbeid ble lagt ned i forbedring av øvingene, etter å ha fått tilbakemeldinger om at disse var for omfattende.

Har ikke mottatt rapport fra referansegruppa, og har ikke gjennomført sensur. Dermed har jeg lite å si om oppnåelse av læringsutbyttet. Gjennomføringen bærer preg av at studentene i liten grad møter opp til forelesningene. Forelesningene blir tatt opp på video. Siden manglende fysisk oppmøte muligens i liten grad påvirker læringsutbyttet, er jeg usikker på hvor nyttig det er med tiltak som øker tilstedeværelsen. Men det er uansett lite bærekraftig å holde fysiske undervisningstimer for 1-3 studenter i et emne med ca 50 studenter. Som sagt, hvor nyttig det er for studentene at dette blir tatt kraftig fatt i, er høyst usikkert - jeg har inntrykk av at studentene er tilfreds med situasjonen.

NTNU:TIA:REST

Institutt for industriell økonomi og teknologiledelse

Department of Industrial Economics and Technology Management

Spesifiserte trykte og håndskrevne hjelpemidler tillatt. Bestemt, enkel kalkulator tillatt.

Engelsk

Mer om vurdering

Obligatorisk aktivitet må være godkjent for å kunne gå opp til eksamen. Ved frivillig gjentak må alle deler tas på nytt. Ved utsatt eksamen (kontinuasjonseksamen) kan skriftlig eksamen bli endret til muntlig eksamen.

Anbefalte forkunnskaper

Emnet bygger på den obligatoriske undervisningen i matematikk, statistikk, informasjonsteknologi og på emnet TIØ4145 Finansstyring for foretak eller tilsvarende forkunnskaper.

Faglig innhold

Kurset bygger på og utvider kunnskapene om finansiell teori og finansielle markeder, med anvendelser. Det fokuseres spesielt på analyse og verdsetting av finansielle instrumenter, for eksempel futures, forwards, swaps og opsjoner. Dette blir brukt i analyse av verdipapirer og til vurdering av prosjekter, spesielt med hensyn til realopsjoner. De vanligste markedene og produktene for finansielle derivater gjennomgås. Kurset omfatter en beskrivelse av teknisk-økonomisk karakteristikk av prosjektrisiko og en opsjonsteoretisk verdisetting av fleksibilitet i prosjekter. Kunnskaper anvendes på en analyse av sammensatte prosjektstrategier, finansinstrumenter, finansiering av større prosjekter og entreprenørfinans med verdsetting av mindre prosjekter.

Kursmateriell

Læringsutbytte

Emnets posisjon og funksjon i studiet: Dette er et valgbart emne i 8. semester i MTIØT-studiet og er med å kvalifisere for fordypningen Investering, finans og økonomistyring. Bygger på TIØ4145 Finansstyring. Emnet forutsetter også den obligatoriske undervisningen i matematikk, statistikk og informasjonsteknologi, samt kunnskaper tilsvarende TIØ4118 Industriell økonomisk analyse. Emnet passer godt i kombinasjon med TIØ4317 Empiriske og kvantitative metoder i finans. Emnet skal bidra til å oppfylle MTIØT-studiets læringsmål punkt 4.1 når det gjelder "Asset pricing models, Valuation and optimal exercise of financial and real options, Financial risk measurement and management." Emnet skal formidle følgende kunnskap: - Det teoretiske grunnlaget for analyse av prosjektøkonomiske problemstillinger og verdsetting av verdipapirer/derivater. Emnet skal gi studentene ferdigheter som følger: - Gi trening i å tenke på prosjekter som en samling av realopsjoner. - Studentene skal settes i stand til å utarbeide analyser/beslutningsgrunnlag for stiliserte prosjektvurderinger under usikkerhet, og verdsette en rekke vanlige derivatkontrakter, samt prissikre stokastiske kontantstrømmer som følge av eierposisjoner i prosjekter, kontrakter eller verdipapirer. Andre viktige læringsmål: - Gi trening i implementering av finansmodeller i regneark og annen egnet programvare.

Læringsformer og aktiviteter

Forelesninger og øvinger. Emnet vil bli undervist på engelsk.

Øving

Prosjektfinans og -analyse

Teknologiske fag

Industriell økonomi og teknologiledelse - masterstudium (5-årig)

Web/Lists(guid'8b698a2d-6ad0-4f7d-b3be-219cc1979f02')/Items(23642)/FieldValuesAsText

I have not defined an action plan in the previous year. However, some measures were implemented based on last year’s students’ feedback. Indeed, in the first lecture, I have presented to the students a list of the “Actions based on last year's feedback”, which were:·      Make students aware that much of the content at the beginning of the course is a recap of previous courses, so they should study it in advance.·      Exclude one topic–«Risk neutral and martingale pricing» (MD Chapter 27) – from the curriculum;·      For the real options part, add examples to the content presented in D&amp;P and clarify terminology, indicating differences between the two sources.·      Reorganize the regular exercises to better balance the workload throughout the term;·      Write more comprehensive solutions for the regular exercises when they did not exist.From the reference group feedback, I think all measures were appreciated and improved the learning environment. Even though students still consider the amount of work in the course quite high and it is difficult to keep up. In one of the reference meetings, we came up with a possible solution, which is to make some exercises in each set of the regular exercises voluntary while others are mandatory. In this way, students that cannot solve all exercises can still get approval for the activity, whereas they still have a good amount of exercises to study and prepare themselves for the final evaluation. Although this was an interesting approach, it was not possible to be implemented in the middle of the term. Thus, it can be a possible change for next year.

The teaching was based on lectures on campus. In the first reference group meeting, we were asked to have hybrid lectures, including streaming. Due to the uncertainty at that time, we have changed to this format. However, the feedback that we got is that the experience for the students at home is not so positive, particularly because the camera does not focus on the blackboard when we are writing there (which is quite frequent in this course to explain mathematical formulas or so). We also had two guest lecturers who taught contents from the course but also shared their working experience. One of the guest lecturers works in a bank and one of his colleagues presented some of the positions our students could take after finishing the program. This was an attempt to highlight other job opportunities more Finance oriented. Still, regarding the guest lectures, the students think that having them a little bit later in the course could be more fruitful because they would have a better understanding of the subjects presented. The students need to hand in 7 out of 10 sets of regular exercises to get access to an evaluation in the course. There is approximately one set per lecture. The purpose is to make the students study the contents while they are learning them in the lectures and not concentrate on everything before the exam. Approaching the end of the course, the students have an extended exercise which contributes 30% to the final grade. This is an important activity where students have the opportunity to go deeper into some concepts, implement some models, and understand better the connection of the contents in the course with real problems. We got very good feedback on this activity, even though it can be challenging for some students. The students suggest having three weeks instead of two to solve the exercise. This could be considered next year. Both the regular exercises and the extended exercise contribute to achieving the learning outcomes in the course and the study programs, not only the ones related to the learning of specific topics or training in the implementation of models but also the ones of developing specific skills that will be important in their working lives. The other 70% of the grade was accessed by an oral exam. Initially, it was planned to be written but when the university asked to change the format, we decided together with TIØ4317 to change both to oral, given the good experience from last year. This year the exam was on campus, based on the students’ preferences. We adopt the same model as last year, and everything went well and smoothly. Our feedback from the students was that it was a good experience and that they could concentrate on understanding the concepts and the intuition behind them, which is positive. In my opinion, in general, the learning environment in the course was good. All materials were posted on Blackboard in advance in an organized way, and several announcements were created to make all students aware of changes and/or important upcoming events/activities. As last year, we use the Forum on Blackboard to communicate with the students. Students could ask questions about a specific topic in the course or other general questions, such as the material allowed in the exam or so. We use this channel to make all information available at the same time to all students, creating a fair environment in the course. However, the fact that Blackboard does not allow students to write anonymously to each other but not to the lecturers creates a barrier for the students to write their questions. They do not feel comfortable exposing themselves in front of their peers. This way of communication could be revised in the next year, in order to increase the participation in such kinds of forums.The students told us that they feel that they need more support in the exercises. Sometimes they felt that the student assistants could not help them enough in solving the exercises. They also refer that this is not a problem from this course but general in advanced courses. After we got this feedback, the Ph.D. candidate supporting the course started to go to the exercise hours for 30 minutes/1 hour to explain one exercise in a more detailed way. This could be a measure applied from the beginning of the course next year. Also, the Ph.D. candidate could have short meetings with the student assistants to answer questions in the resolution of the exercises, in case they are not fully confident about it. Another approach is to have a better method to choose the student assistants, but I do not have a proposal on how to do it.

The students continued on insisting to have a recording of the lectures. This year we pointed out the department policy as the justification for not doing it, but they still say that they do not understand the reasons for this policy. Probably, an open explanation of this could help on avoiding this endless and not profitable discussion. We were informed by the students that the Blackboard notifications were not working properly, which made some students miss some important information. One temporary solution is to tick the box to send it also by email when it is very relevant information. Also, as explained before, the forums on Blackboard do not allow partially anonymous. Then, I would recommend that the next system chosen should be checked carefully for these two features. In the meantime, the Bedøk or even IØT could consider purchasing a yearly subscription to another software that has forums with this type of feature. The students in the reference group advised Piazza, which they use in computer science courses.

Alle trykte og håndskrevne hjelpemidler tillatt. Alle kalkulatorer tillatt.

Mappevurdering gir grunnlag for sluttkarakter i emnet. I mappen inngår skriftlig avsluttende eksamen og øvinger/arbeider. Resultatet for delene angis i %-poeng, mens sensur for hele mappen (sluttkarakter) angis med bokstavkarakter. Ved utsatt eksamen (kontinuasjonseksamen) kan skriftlig eksamen bli endret til muntlig eksamen. Ved gjentak av eksamen må alle vurderinger i emnet tas på nytt.

Kurset bygger på og utvider kunnskapene om finansiell teori og finansielle markeder, med anvendelser. Det fokuseres spesielt på analyse og verdsetting av finansielle instrumenter, for eksempel futures, forwards, swaps og opsjoner. Dette blir brukt i analyse av verdipapirer og til vurdering av prosjekter, spesielt med hensyn til realopsjoner. De vanligste markedene og produktene for finansielle derivater gjennomgås. Kurset omfatter en beskrivelse av teknisk-økonomisk karakteristikk av prosjektrisiko og en opsjonsteoretisk verdisetting av fleksibilitet i prosjekter. Kunnskaper anvendes på en analyse av sammensatte prosjektstrategier, finansinstrumenter,  finansiering av større prosjekter og entreprenørfinans med verdsetting av mindre prosjekter. 

Øvinger

Web/Lists(guid'8b698a2d-6ad0-4f7d-b3be-219cc1979f02')/Items(18132)/FieldValuesAsText

This is a very important course to prepare the students in the Financial Engineering specialization for the job market. In this course, they gain a deeper knowledge of financial instruments, stochastic calculus, and real options. The content included in the course is quite extensive but essential to be a financial engineer.The course is well organized, with lectures complemented by exercise hours. The exercises are always related to the subject taught in the previous lectures, and they are a support to prepare for the exam too. There is a mix of lecturers with many years of experience, some (as it is my case) just joined NTNU, and guest lectures from the industry. Also, the gender is balanced in this group. This gives the course diversity that is healthy for the learning environment.All communication with the students was done through Blackboard, and all changes were communicated using the announcements. When the subject was very important, the option to send an email to all students enrolled in the course was activated. Further, some forums were created where the students could ask questions on different topics, and the lecturers answered directly there. This created a fair environment where all students have access to the same information at the same time.In my opinion, what did not work that well was the initial huge pressure of the students to have recorded lectures. In all reference group meetings this was a topic, even though in the beginning, we have written on Blackboard the reasons for not doing it so. At least for me, for some time, this deviated my attention from my main task (to coordinate and teach in the course) to be frustrated and disappointed with this attitude. I am convinced that the fact that we did not record the lectures did not affect the course quality.

The learning outcomes are up to date. In the first lecture, a description of the course contents and its main objectives were presented to the students. Also, it was explained how it is connected with previous courses and what are the prerequisites. Not least, it was highlighted what the course does not cover.The connections with other courses are very well described on the course webpage. Given that it was my first year at NTNU (therefore I still have limited knowledge about all courses), I do not have more to add to it.

All lectures were given online. With all uncertainty related to the pandemic, at some point in time, we have decided that all lectures would be online. Then, the students could organize better their lives too. Most of the lecturers agreed that it was challenging to teach online, in particular when we need to write some proofs or do calculations. Anyway, after each lecture, we posted on Blackboard the original slides and the slides with our notes. This helped the students to have our what we have written too.Another aspect of teaching online was the fact that the students do not turn on their cameras and often do not participate at all. When we are in a classroom many times we can feel from their faces if they are understanding or if they are lost in the subject. Here this was impossible. Then, this could have decreased the learning outcome. Furthermore, based on a suggestion of the reference group, when it was possible, the exercise hours were in a hybrid format: one student assistant was online and the other one was on campus. The feedback of the students was that helped them to solve the exercises. We also had two guest lecturers, who taught the content of the course too. The students highly appreciated having someone from the industry that teaches them the topics within the course content. Most of the students are very motivated, ambitious, and hard-working. Although in the beginning some of them found the course quite demanding, I think that in the process they learned how to manage their time better and succeed in the course.Finally, it is difficult to talk about the learning environment because of the online form. During most of the lectures, we got very little feedback. However, we were open to it, and we always try to adapt our performance based on it. For instance, a student asked me to keep the breaks at the same time because it was very tiring to have many online lectures, or another asked me to write in a clearer way (sometimes the letter looks worst when we write on a tablet). I believe the students felt that they could say what it was not working for them during the lectures (some students sent message to everyone and others only for the lecturer).We have created some forums within Blackboard where the students could ask questions related to the lectures, exercises, exams, or any other general questions. This initiative worked quite well because all students got the information at the same time, and we did not need to answer the same questions over and over again. My understanding at the end was that they appreciated it.

The course evaluation is twofold: extended exercise and exam. This year, given that the exam was online, we have decided to increase the contribution of the extended exercise (from 20% to 30%), including some implementations that the students could explore the subject more in their working groups. Furthermore, we have decided to have an oral exam instead of a written exam, as it has been most of the previous years. This decision was made because we believe that it is important for the students to have letters classification at least in some of the Finance specialization courses (in the previous term they had had Pass/Fail evaluation in Corporate Finance). We organized a complex strategy in collaboration with the administration (and the student assistants) in order to guarantee the anonymity of the students. Given that we had more than 60 students enrolled, we also developed a schedule that we could have the same questions for 4 different students. On the one hand, we did not need to create so many questions. On the other hand, we could have a quality check of the questions set (i.e. there are no sets much more difficult than others). Each set of questions had 2 main questions (with follow-up questions), each one related to one part of the course. The number of questions from each part had the same percentage as the number of lectures dedicated to that topic. Based on these two ways of evaluation, we guaranteed that we could evaluate if the students achieved the learning outcomes defined in the course.

Mappevurdering gir grunnlag for sluttkarakter i emnet. I mappen inngår skriftlig avsluttende eksamen og øvinger/arbeider. Resultatet for delene angis i %-poeng, mens sensur for hele mappen (sluttkarakter) angis med bokstavkarakter. 
Ved utsatt eksamen (kontinuasjonseksamen) kan skriftlig eksamen bli endret til muntlig eksamen.
Ved gjentak av eksamen må alle vurderinger i emnet tas på nytt.

Emnets posisjon og funksjon i studiet: 
Dette er et valgbart emne i 8. semester i MTIØT-studiet og er med å kvalifisere for fordypningen Investering, finans og økonomistyring. 
Bygger på TIØ4145 Finansstyring. Emnet forutsetter også den obligatoriske undervisningen i matematikk, statistikk og informasjonsteknologi, samt kunnskaper tilsvarende TIØ4118 Industriell økonomisk analyse. Emnet passer godt i kombinasjon med TIØ4317 Empiriske og kvantitative metoder i finans. Emnet skal bidra til å oppfylle MTIØT-studiets læringsmål punkt 4.1 når det gjelder "Asset pricing models, Valuation and optimal exercise of financial and real options, Financial risk measurement and management."

Emnet skal formidle følgende kunnskap:
- Det teoretiske grunnlaget for analyse av prosjektøkonomiske problemstillinger og verdsetting av verdipapirer/derivater. 

Emnet skal gi studentene ferdigheter som følger:
- Gi trening i å tenke på prosjekter som en samling av realopsjoner. 
- Studentene skal settes i stand til å utarbeide analyser/beslutningsgrunnlag for stiliserte prosjektvurderinger under usikkerhet, og verdsette en rekke vanlige derivatkontrakter, samt prissikre stokastiske kontantstrømmer som følge av eierposisjoner i prosjekter, kontrakter eller verdipapirer.

Andre viktige læringsmål:
- Gi trening i implementering av finansmodeller i regneark og annen egnet programvare.

Web/Lists(guid'8b698a2d-6ad0-4f7d-b3be-219cc1979f02')/Items(12571)/FieldValuesAsText

Prosjektfinans og -analyse - TIØ4140