Reference no: EM133163343 , Length: word count:1500

BSS054-6 Risk and Procurement Management - University of Bedfordshire

Learning outcome 1: Demonstrate the following knowledge and understanding

- critically informed knowledge of Risk and Quality Management framework and standards alongside related tools and techniques in the context of Project Management

- critically informed knowledge of Risk and Quality Management framework and standards alongside related tools and techniques in the context of Operations Management

Use the Case Study BAA Heathrow Terminal 5, your own reading and research and risk management concepts and models to develop an understanding of the requirements to develop a risk management process for large scale projects involving infrastructure.

You must developa Business Report that focuses on three key areas that summarises your understanding of risk management in this context.
- Develop a bespoke risk management plan for the case study by engaging with the literature. Identify and justify Key Performance Indicators to rate the effectiveness of the bespoke process you have developed.

- Identify risks by researching the literature and justify your answer. Develop a risk criteria. Therefore, assess and analyse the risks by developing a probability impact model and risk register. Develop mitigation to be included in the risk register by researching the literature.

- Explain how Monte-Carlo simulation can be used in the context of the case study and in particular how the Monte-Carlo results can be used in decision making about fixed price and cost plus contracts.

Part A
Group presentation
As a group of 5 to 7 students, you are required to present your answers to the THREE questions as set in this assessment. Time of your presentation is limited within 10 minutes and 5 minutes for questions and answers. All members of your team are required to answer at least one question.
Specifications
Length of presentation: 10 minutes presentation and 5 minutes Q&A

Part B
Individual Report

This part of the assessment is based on the group work that you have undertaken and presented to the class. You need to consider the formative feedback received to produce a written report covering the following areas individually:
• Business Report that focuses on three key areas that summarises your understanding of risk management in this context.
1. Develop a bespoke risk management plan for the case study by engaging with the literature. Identify and justify Key Performance Indicators to rate the effectiveness of the bespoke process you have developed.

2. Identify risks by researching the literature and justify your answer. Develop a risk criteria. Therefore, assess and analyse the risks by developing a probability impact model and risk register. Develop mitigation to be included in the risk register by researching the literature.

3. Explain how Monte-Carlo simulation can be used in the context of the case study and in particular how the Monte-Carlo results can be used in decision-making about fixed price and cost plus contracts.

- Personal reflection on Individual learning
- What did you contribute the most in your team?
- What skills, abilities or knowledge did you use?
- What skills, abilities or knowledge did you gain from the project (or the course)? For example:
- Hard skills such as Project Management Tools and Techniques
- Soft skills such as Group-working or Leadership Skills?
- How will you update your resume to show these skills, abilities and knowledge