MODULE AIMS, LEARNING OUTCOMES:
Module Aims:
The module aims are to:
1.to develop a critical awareness of uncertainty and risk management theories and applications as an aid to decision making.
2.Place uncertainty and risk management within the decision making context of construction projects.
7CNMN013W Risk Management For Projects Assignment-Westminster University UK.

Learning Outcomes:
On successful completion of the module the learner, operating autonomously and creatively, should be able to:
LO1 Demonstrate a critical understanding of theories and practical application of uncertainty and risk management systems and how they support the decision making process.
LO2 Design risk management systems that effectively identify, analyse and respond to project risk factors.
LO3 Develop numerical models that inform decision makers by identifying and measuring variables and simulating the decision and critically interpreting the models’ outputs.
LO4 Communicate risks effectively and efficiently using suitable terminology.

Initiative content:

• Uncertainty and risk in context
• Risk management systems
• Qualitative methods of risk analysis
• Quantitative (stochastic) methods of risk analysis
• Risk perception and utility theory
• Hard and soft decision making models under uncertainty.

Teaching & Learning Strategy
This module utilised a teaching and learning strategy called Problem Based Learning (PBL) a strategy which encourages independent learning. The University of Westminster Learning Teaching and Assessment Strategy 2009-11 states that“Courses are to be designed to encourage students to be self motivated and independent learners; self-aware, able to reflect on their learning, and manage their own personal development and career planning.”

PBL is a teaching approach that is characterised by the following five features;

• the problem – complex ‘real world’ with no right answer,
• students – working in small groups cohorts), identifying knowledge gaps in order to develop solutions,
• knowledge development – through self directed study,
• staff – acting as facilitators,
• skills – development of problem solving capabilities.

Introduction
The University has arrangements for marking, internal moderation and external scrutiny. Further information can be found in Section 12 of the Handbook of Academic Regulations, westminster.ac.uk/study/current-
students/resources/academic-regulations

The pass mark for the module is 50%. To pass overall, the overall total calculated from adding weighted marks in each assessment component must be 50% (If your mark for the module is between 40% – 49% you will be required to complete one or more referral assessments and your mark for these will be capped at 50%). There is a qualifying mark of 40% for Problem 1. This means that regardless of the overall mark on the module you must achieve a mark of 40% or greater in these assessments to pass the module.

In addition to the detail given below, further information may be posted onto the Blackboard site for the module.

Anonymous marking
Problem 1 and Problem 2 are subject to anonymous marking. Do NOT include your name or student number within the file name or anywhere within your submission. The submission will be subject to anonymous marking. Having logged into Turnitin the system will record your details anonymously and tutors will only see your name after the entire submission has been assessed and provisional marks have been released to all students at the same time.

Assessment General Threshold Criteria
All coursework is given a percentage mark out of 100 and we also provide detailed guidance on the strengths and weaknesses of your work. In order to be as consistent as possible between modules we apply the following standards:

Distinction standard:
You are required to show thorough understanding of the concepts that are in the syllabus but you also need to be able to use the concepts and ideas beyond the immediate applications that may have been studied. It is characterized by a high level of abstract thinking which enables you to generalize to new contexts, make applications or draw conclusions that are apparently original.

Merit standard:
You need to show that they have a clear understanding of major concepts and ability to see applications. You can understand the question, put up a good argument, show judgment about what is important and what is less important.

Pass standard:
Your performance shows understanding of most of the concepts dealt with, but little evidence of integration. You have not been able to relate all aspects in a coherent whole, or think through all of the implications of specific applications. However, there is evidence of some understanding, coverage and effort.

Inadequate standard:
Your performances shows some understanding of one or a few basic aspects of the unit, there are some serious problems with you work.

Totally inadequate standard:
Your work is irrelevant, incomplete or has plagiarized responses.
(Please note this grading scheme is different from the one that appears in the course handbook.)

7CNMN013W Risk Management For Projects Assignment-Westminster University UK.

Assignments
The assessment for this module is made up of two problems and a reflective journal.

Problem 1: a qualitative scenario based project.
Design and test a risk management system
An internal audit of your organisation has assessed itself to be at a risk maturity level

1 – “Ad Hock” (in accordance with the Risk Management Maturity Model (RMMM) from Risk Management Maturity Level Development April 2002 see the “assignments” section in Blackboard). The managing director has tasked you with the job of designing a risk management system that if implemented within the organisation would bring your organisation up to a maturity level 3 – “Repeatable” in the short term with the aim of level 4 – “Managed” in the longer term. The managing director has stressed that the system you design must be effective and efficient.

Once you have designed the system you are then to demonstrate its workings by applying it to the following project.

Project
Office development (shell and core) on a brownfield site (adjacent to the Thames) in docklands, London. Approx site area 14,500m2. A total pre-let has been agreed(tenant responsible for fit out). Basement car parking for 500 cars. Site access by road via University Way, access restricted by railway line. Site near London City Airport but not on the flight path. Initial discussions with local planning authority suggest they would not consider more than four stories high and that the building should not occupy more than 75% of the site. The Client wished to have a usable floor area of min. of 30,000m2. Design & Build is the Client’s preferred procurement route. The scheme has just completed feasibility stage.

You are the project management team working for the Client and he has identified the following targets.

• Handover to tenant 52 weeks from site possession.
• Design costs and construction budget £40 million.
• Must exceed planned government targets is respect to Co2 emissions in the building’s construction and subsequent operations.
• Meet specified quality criteria regarding the external aesthetics ‘Striking Modern Architectural style’.
• Meet functional performance set by tenant in regards flexibility and adaptability.

Site
The site is in the east end of London at the north east end of the Royal Albert Dock. The site is bounded by University Way on its southern flank and Royal Albert Way on it southern flank.

Specific Assessment Criteria
This assessment is assessing LO1, LO2 and LO4. Along with the general
assessment criteria listed above the following specific assessment criteria will be used in the assessment of this problem. Each criterion is allocated a percentage weighting to indicate its importance.

• The effective and efficient risk management system, designed.
• The justification of the design.
• Consideration being given to the future proofing of the system.
• Demonstration of the working of the system.
• Written presentational and communication skills.

A marking rubric for Problem 1 is posted on blackboard and appended to the handbook. The marking rubric will give you a greater insight into how your problem will be marked and it will form the basis of the feedback for this work once it has been marked.

PLEASE NOTE: that the work is to be submitted on-line via Turnitin on Blackboard and the submission date is Thursday 11th March 2021.

7CNMN013W Risk Management For Projects Assignment-Westminster University UK.

Problem 2: a quantitative simulation
Risk analysis simulation
Develop a two dimensional spreadsheet (the model) that contains mixtures of constants and variables. Compile data where possible for your input variables and identify distributions that reflects that data. Justify your selection. Using @RISK simulate the effect the selected distributions have on the outcome or outcomes and present the results using a variety of suitable graphs and reports. Critically interpret the results and comment on how the results could influence your risk management strategy.

Advice on developing the model.
It is best to view the development of the model as an iterative process. Start with a simple spreadsheet and add complexity as your understanding of the program, the inputs and outputs develop.Try to avoid using Excel’s functions in your model, use the basic formula. Do not mix the model and the data; keep them both on separate sheets in the spreadsheets.

Specific Assessment Criteria
This assessment is assessing LO1, LO3 and LO4. Along with the general
assessment criteria listed above the following specific assessment criteria will be used in the assessment of this problem. Each criterion is allocated a percentage weighting to indicate its importance.

• Quality and complexity of spreadsheet
• Analysis of and identification of input distributions
• Effective use of @RISK
• Critical interpretation of output
• Written and graphical presentation skills

A marking rubric for Problem 2 is posted on blackboard and published in appendix A in this handbook. The marking rubric will give you a greater insight into how this problem will be marked and it will form the basis of the feedback for this work once it has been marked.

PLEASE NOTE: that the work is to be submitted on-line via Turnitin on Blackboard and the submission date is Thursday 29th April 2021.

7CNMN013W Risk Management For Projects Assignment-Westminster University UK.

@Risk
@Risk is part of a decision tools suite of software published by Palisade. For those of you who have PC running Windows 10 you can access the software off campus by using the university system called apps any where the software does not run on computers which run on Apple operating systems however you will be able to access the software off campus by using a University system called splash top which will allow you to remotely access a computer in the University PC lab, once linked to the machine you will be able to access @Risk via apps any where.

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