D31VR Value and Risk Management ASSIGNMENT
Value and Risk Management of New-build Hotel development
The scenario for Part 1 and 2 is based on the Citizen M development project BCIS analysis #28544. For the purposes of the assignment scenario, assume the project is at the design stage and therefore has not yet been built.
Part 1 20% – Group presentation to be assessed in week 8
Group presentation will be based on the work carried out in tutorial groupwork sessions.
The client has instructed your consultancy to carry out a value review of the project and make a presentation to the client team, which covers the following
(A) Strategic value study
Present the client project value system for the scheme relevant to RIBA PoW Stage 1 in the form of a pairs-comparison matrix to reflect the priorities and measures of success for the project. Your team should briefly explain the relative importance of each of the 9 dimensions of value to the project. This will help ensure the design team understand the client’s values as they develop the design solution.
(B) Value engineering study
Using the existing BCIS cost plan as a benchmark, present and justify options to the design team for improving value for money. Your recommended options should make clear what the implications are for the project value system
Assessment of the presentation will be based on the following criteria:
• Development of client project value system
• Creative and credible proposals for enhancing project value
• Demonstration of team work and management
• Quality and clarity of ppt presentation (maximum 8 slides)
Part 2 80% - Individual submission: Value and Risk Report and Risk Essay
Assume that a number of months have passed and the project has now developed to the detailed design stage……
Value Engineering the design at RIBA Stage 4
The client has commissioned a review on options for value engineering the design and has requested one proposal for each of the two scenarios below. You may wish to identify element(s) of the design which would be targeted from the cost plan and propose how the specification would be adjusted. NB Detailed costings are not required. Your proposals are to give the client an indication of VE options.
Cost saving – proposal for cut in the budget is required (cut to cost plan)
Function emphasis – proposal for improving function is required at no extra cost (rebalance cost plan)
Function improvement – proposal for significant function improvement with cost implication (increase to cost plan)
Risk Management Report – RIBA PoW Stage
Prepare a report on the possible internal and external risks faced by the project team at Stage 5 (Construction phase) of the RIBA Plan of work. These may be relevant to the sponsor, client, design team or the contractor. Conclude your report with an assessment of the priority risks that need to be monitored and managed.
Risk Management Essay
NB This part is not related to the case study scenario
Prepare a short essay which evaluates the application of Risk Management within a construction industry sector of your choosing, and in a global region of your choosing. The essay should cite references which support your arguments. Indicative word count for the essay is 1500 words.
You may wish to think about the following when preparing your essay. (These are pointers and not intended to be prescriptive. You may choose to concentrate on particular issues here or advance your own)
• What are the types of risk associated with your chosen sector?
• Is there evidence of risk leading to poor performance within your chosen sector?
• Is there evidence of established RM practice in your chosen sector?
• What type of RM processes might usefully be applied in your chosen sector and who are the parties involved?
Indicative word count 5800-6000 (entire submission)