Reference no: EM133080149 , Length: word count:3000
Assessment - Value and Risk Management
Level 7
Learning outcome 1: Understand concepts of value and value management in construction projects.
Learning outcome 2: Understand the concepts of risk, hazard and uncertainty with a focus on value risks in projects.
Learning outcome 3: have knowledge of risk management systems/frameworks.
Learning outcome 4: understand risk assessment techniques and processes (quantitative and qualitative methods).
Learning outcome 5: know current risk and value management practice in the industry.
Aims:
• To develop a knowledge and understanding of the importance of value and risk management in construction projects.
• To apply the processes of value and risk management to construction activities.
• To explore new and emerging processes and practices in value and risk management.
Assessment task: The aim of this assignment is to enable you to understand value and risk management in construction projects, to apply learnt knowledge of techniques and methods to analyse a project and to encourage you to give your opinions how to improve project management performance. You should complete tasks and follow instructions as described below.
Instruction
• The assignment is to be submitted in report format individually and as such should have a formal structure and layout. It should be submitted as a single document.
• The assignment is to be individually prepared (this is NOT a group submission).
• The assignment should include an executive summary.
• The assignment must identify, apply and fully reference (Harvard style) appropriate concepts and methods.
• The assessment will take into the OVERALL quality of the report account - but, as a guidance, the breakdown between the sections is as follows:
(1) A description and discussion of the requirements of value and risk management in the construction projects.
(2) A description and critical analysis of risks including those value risks associated with a case example of your selected or assumed project, and
(3) An explanation and discussion of your proposals for improvements that aim to improve the performance of project value and risk management.
Tasks
• Select or assume a construction project.
• Provide an overview information of the selected or assumed project.
• Identify hazards (or risks) and uncertainties including those potential value risks associated with the selected or assumed project by an appropriate technology, e.g.
brainstorming/checklist etc.
• To analyse the identified risks of the project and pay attention to an appropriate technology,
e.g. risk matrix as discussed in the class.
• To analyse outputs of risk analysis and give suggestions of risk reduction.
• To provide your opinions on how to improve project management performance.
• To write a formal report fully describing the selected or assumed project and value and risk management and the improvement recommended. As suggestion the report should include the following components:
Abstract/Summary List of Contents List of Figures
List of Tables
1. Introduction
2. Value and risk management requirements of a construction project (the project should be the project that you have selected or assumed)
3. Hazard identification including those value risks
4. Risk analysis
5. Output analysis and discussion
6. Recommendation of the improvement
7. Conclusions References
Appendices (optional)
Practical, Professional or Subject Specific Skills
1. Apply value and risk management techniques and appropriate appraisal tools in the project management.
2. Establish criteria for utilising appropriate decision techniques including identifying, formulating and solving problems related to the project value and risk management.
3. Apply risk and value management techniques to evaluate various project options and review decisions.
4. Develop critical thinking, creativity and innovation related to value and risk management in the industry.
Transferable Skills and other Attributes
1. Develop communication and presentation skills.
2. Develop IT skills and skills of data and information analysis.
3. Develop critical and creative thinking skills.
4. Report writing skills
Attachment:- Value and Risk Management.rar