VALUE AND RISK APPRAISAL

SHE Level 4
SCQF Credit Points 20.00
ECTS Credit Points 10.00
Module Code MHN322297
Module Leader David Manase
School School of Computing, Engineering and Built Environment
Subject Construction and Surveying
Trimester
  • B (January start)

Pre-Requisite Knowledge

Level 3 modules for BSc Quantity Surveying programme

Summary of Content

Introduction to Risk Management Risk Management cycle Evaluation of risk analysis and management systems Project framework risk management Procurement and risk Value Management- Introduction to value management. Value management in practice- Analysis of value management systems

Syllabus

Risk Management Introduction to risk management - uncertainty, risk, sources of uncertainty, risk categorization and classification Risk management cycle - identification, analysis and response strategies Quantitative and qualitative methods of management Financial risk management and Public Private Partnerships. Procurement and risk Advances in risk analysis software (e.g. @ Risk) Project selection and evaluation techniques Risk Management software Value Management Introduction to Value management Leadership, construction project briefing and Group Skills - Designing to function/creativity Evaluation of alternatives Format of VM studies/relationship with other techniques - VM in UK, USA and Japan Value management workshop Best value requirements Presentation of VM study Integration of value management and risk management processes

Learning Outcomes

On completion of this module the student should be able to:- 1. To critically appraise and examine investment options (A2, A3, A4, A5)2. To analyse and synthesise risk related information (A2, B2, B4, C3, D10)3. To isolate factors, constraints and uncertainty involved in decision making processes of a project (C1, C2, C3, B4, B5)4. To define and evaluate functions of a project (A2)5. To evaluate alternative client options in a project (B1, B2, B3)6. To produce value management report (C1, C2, C6)

Teaching / Learning Strategy

Lectures provide the theoretical concepts and will be supported by group work, computer simulation sessions, tutorials and independent study Learning and teaching strategies will be developed and implemented, appropriate to students' needs, to enable all students to participate fully in the module

Indicative Reading

Roger Flanagan and George Norman (1993) Risk Management and Construction John Wiley & Sons * John Raftery (2003) Risk Analysis in Project Management Routledge Roger Flanagan and Susan Stevens, edited by P S Brandon (1992) Risk Analysis in Quantity Surveying Techniques - New Direction Blackwell Scientific Publication - Chapter 5, pp 121-138 The Association of Project Managers (Vol. 4, No. 12, April 1992) Project Risk Analysis and Management in Project The Bulletin of The Association of Project Managers Peter Thompson and John Perry (Edts) Engineering construction risks: A guide to project risk analysis and management Thomas Telford (1992) ICE Publishing Basil Sawczuk (1996) Risk Avoidance for the Building Team Routledge Peter Bryne (1996) Risk, Uncertainty and Decision-Making in Property Development 2nd Edition Taylor& Francis Peter Cassimatis (1988) A Concise introduction to engineering economics E & F N Spons Aplhonse DellUIsola (1988) Value engineering in the construction industry 3rd Edition,Smith,Hinchman&Grylls * Smith NJ ,Merna T ,Jobling P (2013) Managing risk in Construction Projects,3 rd Edition, Wiley Blackwell Chicken J (1994) Managing Risk and Decisions in Major Projects. Cengage Learning EMEA Murray-Webster R. (2010) Management of Risk; Guidance for Practitioners, 3 rd Edition,Stationery Office. * Burtonshaw-Gunn S A (2009) Risk and Financial Management in Construction, Gower Publishing Ltd Loosemore M, (2005) Risk Management in Projects,2nd Edition, Routledge Flyvbjerg B et al (2003) Mega Projects and Risk, Cambridge *Kelly J ,Morledge R, Wilkinson SJ (2008) Best Value in Construction,1 st Edition ,Wiley Blackwell Cartlidge D (2006) Public Private Partnerships in Construction, Taylor Francis. Steven Male and John Kelly (1994) Value management in design and construction E & F N Spons* *Kelly J, Male S, Graham D (2004) "Value Management of Construction Projects" Blackwell Dallas M F (2011) "Value and Risk Management: a guide to best practice" ,1 st Edition, Blackwell Ngwira M, Manase D ( 2015 ) " Public Sector Property Asset Management " , Wiley - Blackwell * Essential Texts

Transferrable Skills

Application of IT in Risk Management activities (D1, D2, D3, D6, D7) Teamwork, written and oral presentation (D12, D13, D14)

Module Structure

Activity Total Hours
Assessment (FT) 12.00
Seminars (FT) 12.00
Independent Learning (FT) 128.00
Lectures (FT) 24.00
Tutorials (FT) 24.00

Assessment Methods

Component Duration Weighting Threshold Description
Coursework 1 n/a 35.00 35% Assignment on Risk Management (2000 words)
Exam (Exams Office) 3.00 65.00 35% Examination on Value Management and Financial risk management & Public Private Partnerships.