Quantity Surveying Pathway - part of the MSc Surveying/Construction programme MSc

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Home > Study > Quantity Surveying Pathway - part of the MSc Surveying/Construction programme MSc > Modules > Decision Making, Risk and
Value Management

BE1013 - Decision Making, Risk and

Value Management
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Course info
Credits 20
Level of Study Postgraduate
Mode of Study Distance Learning
Department Architecture and
Built Environment
Start September 2014

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Synopsis of module
This module will introduce the general theories of Decision Making, Risk Management and the Management
of Value as part of the design, briefing and quality-modelling process. The inter-relationship of these three
elements of the module will be emphasised. Each element (decisions, risk and value) will then be
approached in terms of its practical application to project situations, and as a result, decision-making, value
management, and risk management techniques will be introduced, applied and critically evaluated in project
contexts. The module is assessed by one assignment.

Quantity Surveying
Pathway - part of
the MSc
Surveying/Construction
programme MSc
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Indicative reading list or other learning resources

The directed reading material forming part of the module content is provided to students as part of the
programme. The following texts are identified to assist students in their own associated research
pursuits and independent learning.
Ashworth, A. and Hogg K. (2002) Williss Practice and Procedure for the Quantity Surveyor (11th
Edition) Blackwell Science.
Bernstein, PL (1996) Against the Gods: The remarkable story of risk. John Wiley and Sons, New York.
Chapman, CB and Ward, SC (1997) Risk Management. John Wiley & Sons, New York.
Dallas, MF (2005) Value and Risk Management: A Guide to Best Practice Blackwell Publishing.
Kelly J, Male S and Graham D (2004) Value Management of Construction Projects. Blackwell
Publishing.
Lawson B (1997) How designers think The design process demystified,(3rd Edition). The
Architectural Press.
McMillan, J (1996) Games, Strategies and Managers. Oxford University Press
Raftery, PJ (1994) Risk Analysis in Project Management. E &FN Spon, London.
Walker, P and Greenwood DJ (2002) Companion to Risk and Value management. RIBA Enterprises,
Bath.

Outline syllabus
https://www.northumbria.ac.uk/study-at-northumbria/courses/quantity-surveying-pathway-part-of-the-msc-surveyingconstruction-programme-dl-dtdsqs6/modules/be1013-decision-making-risk-and-value-management/[11/8/2014 12:02:51 PM]

Quantity Surveying Pathway - part of the MSc Surveying/Construction programme MSc

Decision-making
Introduction, Background and Philosophy;
Theoretical classification of decision types;
Deterministic and non-deterministic decision-making techniques;
Objective functions, payoff matrices & decision criteria;
Multi-party decisions: negotiation, competition and game theory.
Value Management
Introduction, Background, Philosophy and Rationale;
The design process, its imperfections and how VM can address these;
The modelling and management of design quality;
The Value Management Process;
The process of functional analysis;
Value Management tools and techniques.
Risk Management
Introduction, Background and Philosophy;
The Risk Management Process: identification, evaluation, assessment, allocation, and management;
Tools and techniques for risk identification and evaluation;
Risk, contracts and procurement;
Human elements: judgement, attitude and bias.
Risk Management
Introduction, Background and Philosophy;
The Risk Management Process: identification, evaluation, assessment, allocation, and management;
Tools and techniques for risk identification and evaluation;
Risk, contracts and procurement;
Human elements: judgement, attitude and bias.

Aims of module
The general aim of the module is the comprehension of the inter-relatedness of decision-making,
value and risk in the project context. The aims are to analyse and critically evaluate decision-making,
value management, and risk management theories and techniques, with particular attention to their
appropriate application within the project management context.

Learning outcomes
Prerequisites
Distance learning delivery
Learning and teaching strategy
Assessment and feedback strategy

Any Questions?
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https://www.northumbria.ac.uk/study-at-northumbria/courses/quantity-surveying-pathway-part-of-the-msc-surveyingconstruction-programme-dl-dtdsqs6/modules/be1013-decision-making-risk-and-value-management/[11/8/2014 12:02:51 PM]

Quantity Surveying Pathway - part of the MSc Surveying/Construction programme MSc

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https://www.northumbria.ac.uk/study-at-northumbria/courses/quantity-surveying-pathway-part-of-the-msc-surveyingconstruction-programme-dl-dtdsqs6/modules/be1013-decision-making-risk-and-value-management/[11/8/2014 12:02:51 PM]