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Risk and Management

1.    Determine and evaluate the aspects of decision theory that are applicable to project management.
2.    Critically appraise the role of different decision-making strategies in managing projects and apply a range of appropriate decision-making

techniques within the project process.
3.    Analyse the overall facets of project value and evaluate approaches to value management and engineering that are applicable to project

4.    Evaluate and selectively apply a range of appropriate Value Management and Value Engineering techniques within the project process.
5.    Evaluate the theoretical aspects of risk and approaches to risk that are applicable to project management.
6.    Apply a range of appropriate Risk Management techniques within the project process.
7.    Evaluate the impact of client requirements, scope and external stakeholders upon value and risk management decisions in the project process.
8.    Analyse the impact of risk, in project environments, upon decisions generally and in particular upon value management objectives.

Part A Project specifications – This part of the assignment should comprise all the specifications adopted in the production of the report. Their

purpose is to serve as a repository to support decisions taken in all subsequent parts.
E.g. It should include information such as:-
o    details (name, value, timescale) of your project
o    an identification of Client, Funders, Sponsors and other stakeholders
o    Project objectives, scope and Critical success factors
o    any relevant Background and Environment information.

Please make every effort to reference sources as appropriate and highlight where the specifications diverge from the selected seed project.

Part B Value Management (answer two of the following questions:)

Question B1 – Produce a value analysis on the project with techniques of your choice.

Question B2 – What value management activities would you set up for the project? What different stakeholders would be involved in them, and what

tools recommended?

Question B3 – What project roles would you establish for benefit management? What responsibility and tools should they adopt?

Question B4 – Describe issues associated with the project’s social responsibility and their implication in the area of value.

Part C Risk Management (answer two of the following questions:)

Question C1 – Identify and classify the Project Stakeholders (e.g. as primary, secondary and tertiary) and carry out an analysis of the positive

and/or adverse impacts these may have on the project’s success;

Question C2 – Present a risk management strategy that would allow qualitative and quantitative risk prevention and monitoring.

Question C3 – Analyse how the location of the project might have an impact on its risk management processes and policies.

Question C4 – What actions would you recommend in the area of risk management to ensure the project is completed according to time and budget


Part D Governance and Decision Making (answer two of the following questions:)

Question D1 – identify 3 key decisions that would impact the project lifecycle; these could include strategic aspects and/or operational aspects of

the project execution. Describe how you would prepare for the decision making moment.

Question D2 – present the governance plan for the project in consideration of a balanced prioritisation of control and efficiency.

Question D3 – identify the main project roles along with their communication flows and responsibilities.

Question D4 – What information and communication technology systems would you recommend for project office/support?

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