7CNMN013W: Risk Management for Projects - Develop a Critical Awareness of Uncertainty Assessment Answer

Internal Code: 1AGCJJ Code: 7CNMN013W

Risk Management for Projects Assessment Answer

Assignment Task: Learning Outcomes On successful completion of the module the learner, operating autonomously and creatively, should be able to:

• Demonstrate a critical understanding of theories and practical application of uncertainty and risk management systems and how they support the decision making process.
• Design risk management systems that effectively identify, analyse and respond to project risk factors.
• Develop numerical models that inform decision makers by identifying and measuring variables and simulating the decision and critically interpreting the models’ outputs.
• Communicate risks effectively and efficiently using suitable terminology.
• Demonstrate self-reflection and the ability to identify and manage their own personal and professional development needs.

Module delivery - 7CNMN013W 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. Generally, the module will employ a pedagogy called the flipped classroom which is a model in which the typical lecture and homework elements of a course are reversed. Short video lectures are viewed by students at home before the class session, while in-class time is devoted to discussions.

Module delivery - 7CNMN013W 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. Generally, the module will employ a pedagogy called the flipped classroom which is a model in which the typical lecture and homework elements of a course are reversed. Short video lectures are viewed by students at home before the class session, while in-class time is devoted to discussions. Assessment - 7CNMN013W Generally - The coursework will be a problem based where the learners will work on two problems; a qualitative scenario-based project which will require the design of and application of a risk management system for a predefined scenario and a quantitative simulation using industry standard software (@Risk) to generate solutions to a problem set by the learner. Whilst carrying out the module and the coursework the learners will keep a reflective journal recording the processes undertaken by the learner in responding to the problems and their reflections on those processes and learning. The weighting of the three elements are as follows: problem 1: qualitative scenario 35%, problem 2: quantitative simulation 35%, reflective journal 30%. The pass mark for this module is a mark of 50% or greater. A qualifying mark of 40% is required in each of the following two assessment elements; problem 1: qualitative scenario and problem 2: quantitative simulation. Assessment Criteria - 7CNMN013W A range of skills will be developed and will be assessed. These will include the ability to:

• approach complex issues from a variety of viewpoints,
• critically evaluate theoretical frameworks,
• identify appropriate methodologies and practical strategies to facilitate research design,
• critically reflect on methodological issues from a theoretical and operational perspective,
• analyse and suggest relevant responses to organisational issues,
• successfully undertake a major piece of work based on relevant research

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. (51.507674,0.068772) Specific Assessment Criteria 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. (25%)
• The justification of the design. (25%)
• Consideration being given to the future proofing of the system. (10%)
• Demonstration of the working of the system. (25%)
• Written presentational and communication skills. (15%) A marking rubric for Problem 1 is posted on blackbord and appended to the handbook. The marking rubic will give you a greater insite 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 14th March 2019.

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 speardsheet 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 Along with the general assessment criteria listed above the following specific assessment criteria will be used in the assessment of this portfilio. Each criterion is allocated a percentage weighting to indicate its importance.

• Quality and complexity of spreadsheet (15%)
• Analysis of and identification of input distributions (30%)
• Effective use of @RISK (10%)
• Critical interpretation of output (30%)
• Written and graphical presentation skills (15%) A marking rubric for Problem 2 is posted on blackbard and appended to the handbook. The marking rubic will give you a greater insite 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 Tuesday 30th April 2019.

Reflective journal. 7CNMN013W To produce a reflective journal which records in writing your reflections over the currency of the module? (reflections can be defined as: ‘the conscious and careful considerations about one’s actions and about the thinking that accompanies actions.’) Reflection, particularly in problem-based learning has a prominent place. You don’t have an exam with which to test either new or old knowledge, nor if you can analyse, evaluate or apply this knowledge. What you learn is determined by YOU, and to a certain extent, your group. Mostly you will learn skills and knowledge without realising that you are learning. Reflection before, during and after the activity will help you realise what you have learnt and what you did not achieve and perhaps what you could have done better. There are three reflection stages to enhance the learning process: ? before (for) decide what the learning process will be to meet needs (personal and group); ? during (in) the project to consider how the process and learning goals are being achieved and what action needs to be taken; ? after (on) the process to decide if goals have been met, what could have been done better etc.

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