Value and Risk Management

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Introduction
The assignment has been designed to assess your understanding of (1) the nature of value from the perspective of the project stakeholders, (2) the processes of VM and RM and how they can be incorporated into the project life cycle and (3) the outcomes that can be expected from applying VM and RM to a project scenario.

Scenario:
Your client is a development consortium who is redeveloping a brownfield site [Site Details will be issued separately for Edinburgh, Dubai and Malaysia campus students]. The site is located just outside of the city centre and is characterised by quality office and leisure developments. With the economy showing signs of recovery, there are a number of speculative office and high quality apartment developments getting underway.

Your client is developing a hotel (estimated 125 beds) and leisure club complex on the site and has budgeted £25M for capital works. Construction management is the selected procurement path. The project is currently at Stage 1 of RIBA PoW 2013 edition, however there is concern that Stage 0 issues were not fully resolved and the brief for the project is not sufficiently clear to allow the design to proceed. A VM study has been commissioned to address this. The client has a vision that this will be a high profile development that will capture the imagination of residents and visitors to the city. It is intended this will be a catalyst for possible future development in the area as the market grows.

Part 1 – Understanding Project Value and the application of VM and VE
The client has commissioned a Value and Risk Management study to help ensure best use of their investment in the project and its timely delivery. You have been engaged to provide the following VRM consultancy services to the project team

1. Based on the CABE definition1 of value drivers, Develop and prioritise value drivers specific to this project. Suggest metrics for each of these value drivers against which project success can be measured and identify the relevant parties involved.

2. Design a detailed 3 day VM study agenda to be undertaken by the project team. This needs to identify all the key stakeholders that will be required to participate in the study. For each stage, explain both the study activities to be undertaken and the expected outcome.

1 http://webarchive.nationalarchives.gov.uk/20110118095356/http:/www.cabe.org.uk/files/getting-value-for- money-from-construction-projects-through-design.pdf

3. Prepare a one page (A4) function logic diagram that represents the functional requirements and clearly identifies the overall project task.

4. The project has moved on and is now at RIBA PoW stage 3. The client has just informed the project team that the construction budget needs to be cut by 10%. Advise the client how this saving may be accommodated with minimal impact on the project.

Part 2 Managing project risk

1. Design a structure for integrating formal RM into the project process in order that a risk register can be set-up and maintained throughout the design and construction phases. The Risk Management structure should identify key stages when a risk study is required, identify expected participants and explain the risk issues to be evaluated.

2. Identify those risks that should be recorded on the initial risk register for monitoring. Prepare a short narrative report on the key risks to success of the project at this stage and suggest the most appropriate ‘risk owner’ for each.

Approx 4500 words

List of References WITH NO PARTICULAR ORDER

– Value Management of construction projects, by John Kelly, Steven Male & Drummond Graham, 2004 by Blackwell Publishing.
– Value & Risk Management, A GUIDE TO BEST PRACTICE, by Michael F. Dallas, 2006, by Blackwell Publishing.
– A Practical Guide to Risk Management, by Thomas S. Coleman,2011, by CFA Institute.
– A Journal Paper by Robert C. T., Ellis, Gerard D. Gerard D. Wood Corresponding author & David A. Keel (2005), Value management practice of leading UK cost consultants, Construction Management and Economics.
– OGC Guide 4
– OGC Guide 5

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