D31VR Value and Risk Management ASSIGNMENT Value and Risk Management of New-Build Hotel Development

2020/21 academic session
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

Groups will be assigned early in semester
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.
Scenario 1
Cost saving – proposal for cut in the budget is required (cut to cost plan)
Scenario 2
Function emphasis – proposal for improving function is required at no extra cost
(rebalance cost plan)
OR
Function improvement – proposal for significant function improvement with cost

implication (increase to cost plan)
RISK
Risk Management Report
The client decided to implement one of the proposed Value Engineering options you
recommended above. Considering you are the project manager for the project at the
construction stage, carry out a risk assessment for the execution of the proposed option
at construction stage and present it in the form of a short report and risk register. Your report
should include risk mitigation proposals.
NB This next part is not related to the case study scenario
Risk Management Essay

Prepare a short essay which evaluates the risks associated with the Covid-19 pandemic
relevant to the construction industry in a country of your choosing. The essay should propose
possible strategies that could address the relevant risks identified.
The essay should cite references which support your arguments. Indicative word count for
the essay is 1500 words, excluding the list of references.
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 Covid-19 pandemic relevant to the
country’s construction industry?
• Is there evidence of the risk associated with Covid-19 pandemic leading to poor
performance of construction industry in the country?
• How effective are the measures taken by the government of the country in helping
the construction companies to cope with the risks associated with Covid-19
pandemic?
• What is your proposed strategy for the construction companies in the country to
better cope with the risks associated with the Covid-19 pandemic?
Indicative word count 5800-6000 (entire submission)

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2020/21 academic session

D31VR Value and Risk Management ASSIGNMENT

Part 1 20% – Group presentation to be assessed in week 8

(A) Strategic value study

(B) Value engineering study

Assessment of the presentation will be based on the following criteria:

• Development of client project value system

Value Engineering the design at RIBA Stage 4

Function improvement – proposal for significant function improvement with cost

Risk Management Report

NB This next part is not related to the case study scenario

Risk Management Essay

Indicative word count 5800-6000 (entire submission)

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