a) Prepare a report evaluating how VRM can be integrated with RIBA PoW 2013 to ensure project success.

Value and Risk Management Assignment Session 2014/15
Summer (RESIT) diet
Scenario:
Your client is a development consortium who is redeveloping a brownfield site in the city centre in an area characterised by quality office and leisure developments.
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.

You have been appointed as the consultant to provide advice on applying Value and Risk Management services to ensure the project represents Value for Money at key stages.

Part 1
a) Prepare a report evaluating how VRM can be integrated with RIBA PoW 2013 to ensure project success. The report should identify the key issues to be addressed and advise on how VRM studies should be deployed.
b) Based on the Commission for Architecture in the Built Environment (CABE) definition of value drivers , prepare a case for the relative importance of the value drivers for the Hotel project.
c) The project is now 6 months on from the strategic assessment phase and has now progressed to RIBA PoW stage 4 following appointment of key supply chain partners. The client has just informed the project team that the construction budget needs to be cut by 10%. Explain how a Value Engineering exercise can help achieve the costs savings and identify which elements should be the subjects of the VE study.

Part 2
a) With reference to the controllable and uncontrollable risks, prepare a report that explains the types of risks that the Hotel project and its stakeholders is exposed to at RIBA PoW stage 4.
b) Identify five key risks to project success and suggest a mitigation strategy that the client could adopt.
Assignment marking schedule
5 – excellent
4 – good
3 – satisfactory
2 – poor
1 – not addressed
a) With reference to the controllable and uncontrollable risks, prepare a report that explains the types of risks that the Hotel project and its stakeholders is exposed to at RIBA PoW stage 4.
b) Identify five key risks to project success and suggest a mitigation strategy that the client could adopt.
5 4 3 2 1
PART 1
Identifies and justifies relevant stages of RIBA Plan of Work for applying VM, VE and RM activity
Explains how VM, VE and RM activity will resolve issues identified stages.
Explains study approach to be applied in resolving issues
Development of generic value drivers for project scenario
Clear prioritisation of drivers for the project
Considered appraisal of VE as means to achieving 10% saving
Proposals for cost savings

PART 2
Demonstrates knowledge and understanding of controllable and uncontrollable risks
Demonstrates knowledge and understanding of relevant risk issues to be addressed at RIBA PoW Stage 4
Identifies and justifies 5 relevant project risk issues.
Provides a clear approach to mitigating each risk issue.
General
Development of the scenario
Presentation- structure and layout
Report introduction and conclusions

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