VALUE AND RISK APPRAISAL (CCE)

SHE Level 4
SCQF Credit Points 20.00
ECTS Credit Points 10.00
Module Code MHN324863
Module Leader David Manase
School School of Computing, Engineering and Built Environment
Subject SCEBE - School Office
Trimester
  • B (January start)

Pre-Requisite Knowledge

Level 3 modules for BSc Quantity Surveying programme

Summary of Content

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

Syllabus

Risk Management Introduction to risk managment - uncertainty, risk, sources of uncertainty, risk categorisation and classification Risk management cycle - identifiation, analysis and response strategies Quantitative and qualitative menthods of management Financial risk management and Private Finance Initiative 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 technqiues - VM in UK, USA and Japan Value management workshop Best value requirements Presentation of VM study Integration of value managment and risk management processes

Learning Outcomes

-On successful completion of this module, students should be able to1. Critical appraisal and examination of investment options (A2, A3, A4, A5)2. Analysis and synthesis of information (A2, B2, B4, C3, D10)3. Isolation of factors, constraints and uncertainty involved in decision making processes (C1, C2, C3, B4, B5)4. Define and evaluate function (A2)5. Evaluate alternatives (B1, B2, B3)6. 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 Blackwell Scientific Publication* John Raftery (1994) Risk Analysis in Project Management E & F N Spons Steven Male and John Kelly (1994) Value management in design and construction E & F N Spons* 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 Basil Sawczuk (1996) Risk Assessment for the Building Team E & F N Spons Peter Bryne (1996) Risk, Uncertainty and Decision-Making in Property Development 2nd Edition E & F N Spons 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 NJ (1999) Managing risk in Construction Projects, Blackwell Sciecne Chicken J (1994) Managing Risk and Decisions in Major Projects. Chapman ? Hall * 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
Lectures (FT) 24.00
Seminars (FT) 12.00
Assessment (FT) 12.00
Independent Learning (FT) 128.00
Tutorials (FT) 24.00

Assessment Methods

Component Duration Weighting Threshold Description
Exam (School) 1.50 20.00 n/a Mid Term Test -  Unseen written examination-1½ Hours
Exam (Exams Office) 3.00 50.00 35% Final Exam - Unseen written examination-3Hours
Coursework 0.00 30.00 n/a Mini Project linked with a report submission 2000 words