VALUE AND RISK APPRAISAL

SHE Level 4
SCQF Credit Points 20.00
ECTS Credit Points 10.00
Module Code MHN325167
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 GA Construction & Built Environment 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 The percentage of Work Based Learning for this module, as represented by the Independent Learning "Activity Type", is 76%. The percentage of Work Based Assessment for this module is 35%, which is represented by Coursework 1.

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 apprentice should be able to:- 1. Critically appraise and examine investment options2. Analyse and synthesise risk related information3. Offer professional insights and interpretation in isolating factors, constraints and uncertainty involved in decision making processes of a project4. Define and evaluate functions of a project5. Evaluate and make judgements of alternative client options in a project6. Produce value management report[A2, A4, A6, A7, B1-B4, B7 SDS GA:2.2 - 2.4,3.2,3.3,4.1 - 4.4]

Teaching / Learning Strategy

In consideration of the teaching & learning strategy of this module is to provide the student with the time and space to develop an understanding of the context and principles of investment and risk appraisal generally and project specific. This subject will be delivered by a student led "flipped classroom "core information, and supporting learning materials will be made available for each lecture electronically in GCU Learn. Seminars/tutorials will concentrate on applying core information in lectures to problem questions given in advance. Students are referred to supporting reading materials to deepen their knowledge and understanding of lecture and seminar topics. Concepts delivered in the 'Flipped Classroom' mode will require students to view lecture & supporting materials online and complete formative exercises prior to engaging and completing an on-campus seminar, or undertaking practicals using risk simulation software with academic support leading the discussions to explore the relevance of the content and specific to their workplace.

Indicative Reading

Essential Texts Flanagan, Roger and Norman, George (2007) 2nd ed Risk Management and Construction, John Wiley & Sons DellUIsola, Alphonse (1988) Value engineering in the construction industry (3rd Ed) Smith,Hinchman & Grylls Burtonshaw-Gunn, S. A. (2009) Risk and Financial Management in Construction, Gower Publishing Ltd Kelly, J., Morledge, R., Wilkinson, S. J. (2008) Best Value in Construction (1 st Ed) Wiley Blackwell Male, Steven and Kelly, John (1994) Value management in design and construction, E & F N Spons Kelly, J., Male, S., Graham, D. (2014) 2nd ed Value Management of Construction Projects, Blackwell Recommended Texts Raftery, John (2003) Risk Analysis in Project Management, Routledge Flanagan, Roger and Stevens, Susan, edited by Brandon, P. S. (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 Thompson, Peter and Perry, John (Edts) (1992) Engineering construction risks: A guide to project risk analysis and management Thomas Telford ICE Publishing Sawczuk, Basil (1996) Risk Avoidance for the Building Team, Routledge Byrne, Peter (1996) Risk, Uncertainty and Decision-Making in Property Development (2nd Ed) Taylor & Francis Cassimatis, Peter (1988) A Concise introduction to engineering economics, E & F N Spons Smith, N. J., Merna, T., Jobling, P. (2013) Managing risk in Construction Projects (3 rd Ed) 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 Ed) Stationery Office Loosemore, M. (2005) Risk Management in Projects (2nd Ed) Routledge Flyvbjerg, B. et al (2014) Mega Projects and Risk, Cambridge Press Cartlidge, D. (2006) Public Private Partnerships in Construction, Taylor Francis. Dallas, M. F. (2011) Value and Risk Management: a guide to best practice (1 st Ed) Blackwell Ngwira, M., Manase, D. (2015) Public Sector Property Asset Management, Wiley - Blackwell

Transferrable Skills

Application of IT in Risk Management activities Teamwork, written and oral presentation [C1, C2, C3-C5, D1, D3-D6, E1, E5, E6, E7 SDS GA:5.1 - 5.5]

Module Structure

Activity Total Hours
Assessment (FT) 25.00
Independent Learning (FT) 151.00
Seminars (FT) 24.00

Assessment Methods

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