Module Details

Module Code: INTR9014
Title: Construction Value & Risk Mgt
Long Title: Construction Value and Risk Management
NFQ Level: Expert
Valid From: Semester 1 - 2022/23 ( September 2022 )
Duration: 1 Semester
Credits: 5
Field of Study: 5213 - Interdisciplinary Engineering
Module Delivered in: 2 programme(s)
Module Description: On successful completion of this module the learner will be able to critically appraise the construction project life cycle from a value and risk perspective.
 
Learning Outcomes
On successful completion of this module the learner will be able to:
# Learning Outcome Description
LO1 Evaluate the client economic decisions and financial considerations and systems on construction projects.
LO2 Assess the value and risk management of the strategic and tactical development of a construction project.
LO3 Validate a practical appreciation of value and risk management techniques used at the technical development stage of the design.
LO4 Critically evaluate the implementation of value and risk management strategies on a construction project.
Dependencies
Module Recommendations

This is prior learning (or a practical skill) that is strongly recommended before enrolment in this module. You may enrol in this module if you have not acquired the recommended learning but you will have considerable difficulty in passing (i.e. achieving the learning outcomes of) the module. While the prior learning is expressed as named MTU module(s) it also allows for learning (in another module or modules) which is equivalent to the learning specified in the named module(s).
Incompatible Modules
These are modules which have learning outcomes that are too similar to the learning outcomes of this module. You may not earn additional credit for the same learning and therefore you may not enrol in this module if you have successfully completed any modules in the incompatible list.
No incompatible modules listed
Co-requisite Modules
No Co-requisite modules listed
Requirements

This is prior learning (or a practical skill) that is mandatory before enrolment in this module is allowed. You may not enrol on this module if you have not acquired the learning specified in this section.
No requirements listed
 
Indicative Content
Building the Business Value Case
Client requirements, client value system, capital investment, decision making, AAR/IRR, risk management, appraising capital expenditure and taxation matters including corporate tax and tax write off.
Pre-Contract Value Management
Value management, value engineering, functional analysis, facilitation, value engineering workshops, value management from the client's perspective, value management report.
Pre-Contract Risk Management
Initiation, project appraisal and selection, risk and uncertainty, project evaluation, risk management, uncertainty management, quantitative and qualitative risk, risk assessment techniques, develop awareness of project manager's view of risk.
Post-Contract Value Management
Framework to assess flexibility of quality, time and cost, post-operational feedback, client and project team interface, stakeholder satisfaction, contractor collaboration.
Post-Contract Risk Management
Risk categories, risk classification, risk allocation, monitoring and controlling risks on site, tools and techniques, risk response, understanding the amount of risk on a construction project.
Module Content & Assessment
Assessment Breakdown%
Coursework100.00%

Assessments

Coursework
Assessment Type Project % of Total Mark 20
Timing Week 3 Learning Outcomes 1
Assessment Description
Evaluate the economic considerations on a construction project in order to reduce risk and obtain better value for money.
Assessment Type Practical/Skills Evaluation % of Total Mark 40
Timing Week 7 Learning Outcomes 2,3,4
Assessment Description
Teamwork to prepare and deliver fully developed recommendations to obtain value for money on a given construction project.
Assessment Type Project % of Total Mark 40
Timing Sem End Learning Outcomes 2,3,4
Assessment Description
Prepare and develop reduction measures for the potential risks associated with a given construction project.
No End of Module Formal Examination
Reassessment Requirement
Coursework Only
This module is reassessed solely on the basis of re-submitted coursework. There is no repeat written examination.

The University reserves the right to alter the nature and timings of assessment

 

Module Workload

Workload: Full Time
Workload Type Contact Type Workload Description Frequency Average Weekly Learner Workload Hours
Lecture Contact Lecturer led discussions on course topics, illustrated with practical/worked examples as appropriate. Every Week 2.00 2
Tutorial Contact Further development of course topics by interactive discussions/problem solving. Every Week 1.00 1
Independent & Directed Learning (Non-contact) Non Contact Review of lecture notes and recommended material; and preparation of assessments for in-class topics. Every Week 4.00 4
Total Hours 7.00
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 3.00
Workload: Part Time
Workload Type Contact Type Workload Description Frequency Average Weekly Learner Workload Hours
Lecture Contact Lecturer led discussions on course topics, illustrated with practical/worked examples as appropriate. Every Week 2.00 2
Tutorial Contact Further development of course topics by interactive discussions/problem solving. Every Week 1.00 1
Independent & Directed Learning (Non-contact) Non Contact Review of lecture notes and recommended material; and preparation of assessments for in-class topics. Every Week 4.00 4
Total Hours 7.00
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 3.00
 
Module Resources
Recommended Book Resources
  • Roger Flanagan and George Norman. (1993), Risk management and construction, [ISBN: 0-632-02816-5].
  • Kelly J., Male S. and Drummond G.. (2004), Value Management of Construction Projects, John Wiley & Sons, Oxford, [ISBN: 1405173483].
  • Paul O'Meara, Thomas Power, Stephen Walsh,. (2009), Financial Management, [ISBN: 0-7171-3842-9].
  • Nigel J. Smith, Tony Merna, Paul Jobling,. (2006), Managing Risk, [ISBN: 978-1405130127].
  • Project Management Institute. (2017), A Guide to the Project Management Body of Knowledge, 6th ed.. Project Management Institute, [ISBN: 978-162825184].
Supplementary Book Resources
  • Michael Mulreany (Editor). (1995), Economic and Financial Evaluation, [ISBN: 1-902448-21-9].
  • Leslie Edwards. (1995), Practical risk management in the construction industry, Thomas Telford, London, [ISBN: 978-0727720641].
  • Basil Sawczuk. (1996), Risk avoidance for the building team, E & FN Spon, London, [ISBN: 978-0419208105].
  • by Michael F. Dallas. (2006), Value and risk management, Blackwell, Oxford, [ISBN: 9781405120692].
  • Virginia A. Greiman. (2013), Megaproject Management: Lessons on Risk and Project Management from the Big Dig, John Wiley & Sons, [ISBN: 978-111811547].
This module does not have any article/paper resources
This module does not have any other resources
 
Module Delivered in
Programme Code Programme Semester Delivery
CR_CCOPM_9 Master of Science in Construction Project Management 2 Mandatory
CR_CCNPM_9 Postgraduate Diploma in Science in Construction Project Management 2 Mandatory