Construction Risk Management Assignment 2 (BLCN28002) Assignment Help

Due Date Week 9, Thursday, 9 May 2024, submit via Moodle by 11:45pm AEST 

Weight 50% 

Marks 50 marks total 

This assignment has been designed to develop your knowledge, skills, and graduate attributes through this learning unit. CQU Graduate Attributes: 1) Knowledge, 2) Communication, 3) Cognitive, Technical and Creative Skills, 4) Research, 5) Self-management, 6) Ethical and Professional Responsibility 

Unit Learning Outcomes: 3) Identify and evaluate management strategies for mitigating, transferring, and insuring  construction risk. 4) Effectively communicate business risks and their implications on insurance to various stakeholders 

Assignment Part 1) Literature review and identification of key risks and opportunities for Australian construction projects  (25% = 20 marks for research and writing, plus 5%= 5 marks for academic referencing. Please see marking rubric below).  The expectation is for approximately 6 pages of written text including references at the end of Part 1). 

Your Task: 

Investigate the recent academic and industry literature and prepare a short (1500-2000 words) overview of Risk and Value  Management (RM and VM) issues and opportunities in the Australian Construction Industry today. These RM and VM issues  may vary across the lifecycle stages of a construction project as well as management fields such as financial planning,  project and environmental management, labour procurement, building quality and others. Identify and evaluate the key RM  and VM issues you have identified and critically discuss how these can be addressed through construction risk management.

Assignment Part 2) Case study research and analysis with development of project specific recommendations (25%,  composed of Part 2a= 15%/15 marks and Part 2b =10%/10 marks). 

Your client has been impressed by your recent risk analysis for the development of a co-working office on the top floor of  their existing building (from your Assignment 1). The Property Investment Board has approved the project to go ahead, and  you have been engaged as the client’s Project Risk Advisor. Congratulations! 

Your tasks for the board meeting presentation next month are as follows: 

a) Design and develop a Risk Break-down Structure (RBS) for the construction phase of this project. This RBS should  include at least 15 items (Risk Level 2), of which the client has already raised several in the last meeting (see draft  table below. Items RL2 no. 1),5),9), and13) were given by the client and are to be included). Complete the RBS below,  making reasonable assumptions. You may include 1 extra page with notes or diagrams if needed. 

b) For five (5) of the risks from your RBS (Risk Level 2), please prepare for each a short description (300-400 words) on  how the project team can use specific qualitative or quantitative methods to analyse the identified risk from your RBS.  Briefly describe why the proposed analysis method is suitable, what data will be collected, and how the results will  inform the project delivery.

Construction Risk Management

 

RBS Project 

Risk Level 1 

Risk Level 2 

Risk Description /  

Cause (1-2 sentences)

Likelihood/ Impact (Scale 1-5, low/high)

Risk Analysis  Method/s

Risk Owner

Co-working  

Office space on  top floor of 

existing 

building 

External 

1)Stakeholder

        
 

2)

        
 

3)

        
 

4)

        

Internal 

5) Contracting and Procurement

        
 

6)Insurance

        
 

7)

        
 

8)

        

Technical /  

Environmental

9) Work Health and  Safety (WHS)

        
 

10) 

        
 

11) 

        
 

12)

        

Organisational 

13) Financial Risk Management

        
 

14)

        
 

15)

        


Submission Instructions and Checklist: 

⮚ Use Harvard referencing style for in-text references and bibliography ⮚ Name your file: “Your full name_BLCN 28002_A2” 

⮚ Please submit via Moodle online one document file as PDF, word doc or docx only ⮚ Due time is 11:45pm AEST on 9 May 2024. 

⮚ Late submission without approval accrue 5% mark deduction per calendar day. ⮚ You are required keep a complete soft copy backup of all material submitted.

Marking Rubric

Assignment 2 

(50%)

Fail 

Pass 

Credit 

Distinction 

High Distinction

  

Skills 

Assessment

<50% 

≥50% & <65% 

≥65% & <75% 

≥75% & < 85% 

≥ 85%

  

Part 1a) 

4 

8 

12 

16 

20

  

Research and  

investigation of  RM and VM  

issues and  

opportunities

Poor  

analysis  

lacking 

research  

and critical  

consideratio 

ns.  

Significant  

mistakes  

and  

omissions.

Basic analysis with  some research but  lacking depth in  

critical argument and writing. Some  minor mistakes and  omissions.

Clearly written  critical analysis  based on  

relevant  

research, 

within clearly  

written  

discussion.

Clearly written  

critical analysis  

based on relevant  research, within  

clearly written 

discussion. Drawing  out theoretical and practical 

implications.

In-depth and clearly  written critical analysis  based on relevant  

research, within well  written discussion. 

Drawing insightful  

theoretical and 

practical implications  and linkages to  

research.

  

Part 1b) 

1 

2 

3 

4 

5

  

References  

and Writing

Lack of in-text  

citations and  

bibliography. Not  correctly used  

Harvard  

reference style  with overall small  number of  

references.

Insufficient use of in text citations or  

bibliography. Not  

correctly used Harvard  reference style with  overall small number  of references.

Properly used in text citations and  bibliography. Use  of Harvard  

reference style and  sufficient  

references.

Properly used in-text  citations throughout and  adequate bibliography.  Correctly used Harvard  reference style; with  sufficient references of  journal articles.

Properly used in-text  

citations throughout,  integrated in advanced  writing and  

comprehensive  

bibliography. Correctly  used Harvard reference  style; majority of  

references are journal articles.

  

Part 2a) 

3 

6 

9 

12 

15

  

Prepare RBS  

and  

communicate  key project  

construction  

risks

Poor  

evaluation,  

lacking content  and clear  

definition of  

RBS structure  

for the  

specified  

project context. Including  

significant  

mistakes and 

omissions.

Basic evaluation and  content of RBS  

structure for the  specified project  context. Including  minor mistakes and  omissions.

Good  

evaluation and  content of RBS structure for the  specified  

project context.  Including some  theoretical and  practical risk  

implications

Clear evaluation and  relevant content of  RBS structure forthe specified project  

context. Including  theoretical and  

practical risk  

implications with  

linkage to  

construction  

management

In-depth evaluation and relevant content of RBS structure for  the specified project  context. 

Demonstrating  

advanced theoretical  and practical risk  

implications and  

linkagesto 

construction 

management practice.

  

Part 2b) 

2 

4 

6 

8 

10

  

Synthesis of  

RBS risk  

analysis  

methods

Poor  

synthesis  

lacking 

content and  

critical  

consideration 

s. Significant  

mistakes and  

omissions.

Basic synthesis with  some relevant  

content but lacking  depth in argument or writing. Some  minor mistakes and  omissions.

Clearly written  synthesis 

based on  

relevant  

content and  

clearly argued  and written.

Clearly written 

synthesis,  

demonstrating 

extended relevant  content, within clearly  argued written  

discussion. 

Drawing out some  theoretical and 

practical 

implications.

In-depth clearly written  synthesis based on  extended relevant  

research, within well  written discussion. 

Drawing out insightful  theoretical and practical implications

  

Total 

Comments

  

Late submission Penalty (5% of the assessment weighting per calendar day (2.5 Mark))