teaching staff · web viewliverpool john moores university page 13 1 module guide 2017/18 6518besg...

moduleguide

2017/18

6518BESG Project Financial Management

1

Liverpool John Moores University

Contents

Teaching Staff.................................................................................................................................................................................... 3

Teaching staff contact details:...............................................................................................................3Syllabus.............................................................................................................................................................................................. 4

Introduction:.......................................................................................................................................... 4Attendance:...........................................................................................................................................4Timetable changes:...............................................................................................................................4Independent learning:...........................................................................................................................4Using Blackboard:..................................................................................................................................4Aim:....................................................................................................................................................... 5Learning Outcomes:...............................................................................................................................5

Timetable........................................................................................................................................................................................... 6

Assessment........................................................................................................................................................................................ 7

Assessment Timetable and Module Mark Weighting:.............................................................................7Assessment Details and Marking Criteria:..............................................................................................7

Coursework 1 – Whole Life Analysis of buildings (working individually);.............................................7Coursework 2 – Cost Value Reconciliation (working individually);.......................................................8

Examination – (working individually);....................................................................................................9Grading criteria.................................................................................................................................... 10Moderation processes:.........................................................................................................................12Submitting Coursework:.......................................................................................................................12Anonymous Submission:......................................................................................................................12Electronic submission:.........................................................................................................................12Feedback:............................................................................................................................................ 12LJMU’s policy on feedback:..................................................................................................................12Higher Education Academy Guidelines on Feedback:..........................................................................12We want your feedback:......................................................................................................................13

References/Book List........................................................................................................................................................................14

2

Teaching StaffTeaching staff contact details:

Mr. Tee Kim Sim, telephone 65 9171 2855, e-mail [email protected]

Kim Sim is a Quantity Surveyor of the reputable MNC. Besides that, he has had joined precast manufacture company as Quantity Surveyor which are involved for 2D, 3D precast panels and PPVC project. He also worked at construction site as Assistant Site Manager in his previous career company. He obtained his bachelor’s degree in Construction Management from University Tunku Abdul Rahman, Malaysia and MSc. in Construction Project Management from Heriot-Watt University, UK.


mailto:[email protected]

Syllabus

Introduction:Please remember as a student who is studying (reading) for a degree, you jeopardise your chances of a success by adopting an approach which considers revision and assignment completion to be a cramming exercise, therefore you should try to take a reflective approach to your work.

Please read this module handbook carefully and ensure that each week prior to the lecture you prepare for the lecture by reading the support material available either on blackboard or as recommended reading text.

Attendance:Attendance at all sessions is important for you to make the most of what your degree has to offer. There is a clear connection between attendance and performance and you need to make sure you understand your timetable and where you need to attend, in line with LJMU policy. A module timetable may include a range of different types of sessions including: lectures; tutorials; lab/studio-based practical’s; group work; field trips/site visits and it is important that you attend all of these.

Timetable changes:Occasionally, changes may be made to timetables/rooms but you will be notified of these. Email is the most frequent form of communication used and it is suggested you check your LJMU email account at least once a day.

Independent learning:Timetabled sessions are only a part of how you will learn on the module. A large part of what it means to study and learn at university is based on directed independent learning outside of formal classes. This independent study is just as important as timetabled sessions and may involve you in extra reading, research, task development, group work, keeping up to date with current events related to your subject, technology-based tasks provided through Blackboard, or preparation for the next session or assessment. Undertaking this work, as directed by your module tutor, will assist you in building on from what is learnt in class but also in pursuing your own interests related to the subject of study. It is expected that you will commit your time to undertaking these independent study activities just as you would commit time to attending timetabled sessions. You are expected to fully engage in your lectures and workshop sessions, be prepared to ask questions during your lectures and workshops.

Using Blackboard:Blackboard is the University Virtual Learning Environment and you need to check this against each module you study at least 2-3 times a week. As well as access to module announcements and learning materials, you may be asked to engage in a range of collaborative or assessment activities to support your learning. If your work is being submitted through Blackboard you will be given details regarding this. Lecture notes, assessments and any relevant additional information for further reading will be available on Blackboard.


Aim:The aim of the module is to introduce financial management techniques used in construction in order to identify the lifecycle cost of a construction project.

Learning Outcomes:After completing the module you should be able to:

1. Critically review systems theories and techniques and identify how they can be applied to project financial management;

2. Evaluate the approaches adopted by client representatives to design cost management during a project's lifespan;

3. Critically appraise methods of reconciliation of cost, value and programme to provide project accounting information;

4. Analyse approaches to forecasting project cost and cash flows;5. Design and assess systems for resource productivity management; and6. Evaluate the use of IT and appropriate software packages in relation to project financial

management.


Timetable

Week

No.

Topic Tutorial/Coursework Reading materials

1 Introduction to the module Value management theory Value management practice

Introduction to Coursework 1

Tutorial: Lecture 1 discussion and Q&A

Lecture Note 1

2 Risk management theory Risk management practice


Coursework 1 progress discussion

Lecture Note 2

3 Cost modelling theory, principles and methods

Cost modelling in practice


Lecture Note 3

4 Whole life costing theories and principles

Whole life costing for building projects

Whole life costing for infrastructure projects



Lecture Note 4

5 Tendering (bidding strategies, tender evaluation, dealing with errors)

Management accounting principles and practice in contracting


Coursework 1 submission

Introduction to Coursework 2

Lecture Note 5

6 Cash and its management (valuation, front loading, cash prediction)

Accounting policies (SAPP9 in practice)


Lecture Note 6

7 Valuation (external, internal, work in progress)

Production cost control Bonus system



Lecture Note 7

8 Cost reporting systems (Direct, indirect, accruals)

Cost value reconciliation


Lecture Note 8

9 Earned value analysis IT systems for financial

management


Coursework 2 submission

Lecture Note 9

10 Revision Lecture Note 1-9


AssessmentThe assessment of this module takes the form of a portfolio with two individual submissions and an examination. The lectures and workshops have been structured and programmed to assist you in working towards the final submission deadline dates for each of the assessments.

Assessment Timetable and Module Mark Weighting:Type of Assessment

Module Breakdown

Date of hand out

Date of hand in

Feedback date

Learning outcome assessed

Coursework 1 25% Week No.1 Week No. 5 Week 8 1

Coursework 2 25% Week No.6 Week No. 9 Week 12 3Examination 50% Week No. 12-13 TBC TBC 1,2, 3, 4, 5,

6

Assessment Details and Marking Criteria:

Coursework 1 – Value and Risk Management of new-build multi-agency community Hub project (working individually);

Your client is a public sector Local Authority (LA) who is about to invest SGD20.5M in a new-build multi-agency community Hub project on a brownfield site in a suburb of the city. The Hub project is intended to bring together and give residents access to a number of local authority, leisure and community service within a single facility (these have still to be decided as part of the project). The client is looking for innovative proposals to provide an inspiring and enriching experience that will raise the quality of life of the local residents in the finished building.

You have been engaged as the consultant to provide advice on applying Value and Risk Management services within the procurement process to ensure the project represents Value for Money at key Stages.

Proposed project Site Proposed new-build (multi agency community Hub project)

You are required to write a report, not exceeding 3000 words, by considering the following:


Existing Office

Existing Residenti

al

New Buildin

g

Prepare a report evaluating how V&RM processes will ensure the project success. The report should identify the key issues to be addressed how V&RM studies should be deployed and how does it provide value for client’s investment.

Discuss five key risks to project success and suggest a mitigation strategy that the client could adopt.

Clearly indicate any assumptions made, along with robust justifications where necessary.

Marking Criteria (CW1) Weighting %

Professional approach and presentation of the report (includes correct use of Harvard referencing)

10%

Understanding of the key principles of Value and Risk Management processes of a typical building

20%

Application of Value and Risk Management for proposed new-build (multi agency community Hub project) (option analysis)

Application of typical job plan Identification of key risk factors and mitigation measures Option analysis (areas where the value can be optimised while

reducing risks) How does this VFM

50%

Clear assumptions and robust justifications 10%Conclusions 10%Total marks 100

Submission deadline: Week 5

Coursework 2 – Cost Value Reconciliation (working individually);

You have been employed as a commercial manager for a contracting company and have been asked to develop a training manual for graduate quantity surveyors who have joined the company having had no experience of contracting. You are to develop a PowerPoint presentation (no more than 15 slides) showing the stages for the financial assessment of construction activity, how your assessment will inform the estimating and CVR process. You should use the information which will be provided on the assessment handler of blackboard to illustrate the different steps.

You also need to provide a brief report (no more than 1500 words) discussing the importance of accurate project cost and value reporting and how such reports inform the annual accounts of the firm.

All parts of the assignment should be submitted via the e-submission aspect on blackboard in accordance with the schedule shown above. Late submissions will be strictly penalised in accordance with University and programme regulations.

Marking Criteria (CW 2) Weighting %

Quality of the presentation of the slides and professional report 10%Presentation incorporating the CVR (This will incorporate your analysis of the construction activity to demonstrate your understanding of net value, buying gains, production losses and the activities of a contracting quantity surveyor)

50%

Preparation of report (The report will address the issues of company governance, the role of accounting standards in company and project accounting, the need for accurate project financial reports which truly

40%


reflect the value of the work in progress and the tactics used by site teams to protect their decision making autonomy)Total marks 100

Submission deadline: Week 9


Examination – (working individually);The examination will take the form of both ‘essay/scenario type’ and numerical questions requiring a calculator. Paper is structured in two sections (A and B). You will be required to answer total of four questions from a choice of six, two questions in each section. Further guidance will be provided in the workshops.The module blackboard site contains information to guide your preparation for the exam. Please consult it throughout the semester. In addition to the work planned for the seminar/workshop sessions, you should use the opportunity to discuss lecture and related material with the tutor. This should assist your comprehension of the subject area, and prepare you for assessment, especially the examination. A mock examination and mock feedback session will be included within the lecture programme. Wherever possible ‘Test yourself’ questions will be included within the teaching programme. The examination accounts for 50% of the module assessment.


Grading criteriaGrade descriptors for Level 5 written workMark range

characteristic

criteria

90-100 Exceptional Pass

Exemplary attainment of all learning outcomesDemonstrates an exceptional grasp of key concepts with comprehensive application to a specific area of studyOffers an exhaustive exploration of the literature and evidence-baseThe material covered is accurate and relevantThe argument is highly sophisticatedThe writing style is refinedNo errors in the use of the specified referencing systemWell-presented and organised in an appropriate academic style

80-89 Outstanding Pass

Excellent attainment of all learning outcomes, with some met to an exemplary standardDemonstrates an outstanding grasp of key concepts with comprehensive application to a specific area of studyExtends far beyond expected levels of engagement with the literature and evidence-baseThe material covered is accurate and relevantThe argument is generally very astuteThe writing style is refinedNo errors in the use of the specified referencing systemWell-presented and organised in an appropriate academic style

70-79 Excellent pass Excellent attainment of all learning outcomesDemonstrates an excellent grasp of key concepts with wide-ranging application to a specific area of studyThorough use the literature and evidence-baseThe material covered is accurate and relevantThe argument is persuasive and there are very perceptive elementsThe writing style is highly advancedOnly minor errors in the use of the specified referencing systemWell-presented and organised in an appropriate academic style

60-69 Good Pass Good attainment of all learning outcomesDemonstrates a good grasp of key concepts with generally sound application to a specific area of studyGood consideration of the literature and evidence-base that develops from recommended readingsThe material covered is accurate and relevantThe argument is persuasiveThe writing style is well clear and readable, with some sophisticated phrasingOnly minor errors in the use of the specified referencing systemWell-presented and organised in an appropriate academic style

50-59 Clear Pass Adequate attainment of all learning outcomes, with some met to an good standardDemonstrates a good grasp of key concepts with limited application to a specific area of studySufficient consideration of the literature and evidence-base, but little consideration beyond recommended readingsThe material covered is mostly accurate and relevantThe argument is straightforward and relatively clearThe writing style is clear and readable.Some errors in the use of the specified referencing system, but meets key principles


Generally well presented and organised, but does not always conform to conventions of academic presentation

40-49 Threshold / satisfactory pass

Adequate attainment of all learning outcomesDemonstrates a reasonable grasp of key concepts with limited application to a specific area of studyBasic consideration of the literature and evidence-base, but restricted to recommended readingsThere are some inaccuracies or irrelevant materials, but there is sufficient accurate material to suggest a threshold level of understandingThe argument is relatively clear, although some elements are difficult to understandThe writing style is reasonable and there are very few areas of confusion and/or errors in spelling/grammar.Some errors in the use of the specified referencing system, but meets key principlesGood presentation that may include some organisational errors and/or tendency not to conform to conventions of academic presentation

30-39 Needs improvement

Meets most, but not all learning outcomesDemonstrates a reasonable grasp of key concepts, but no application to a specific area of studyMinor consideration of the literature and evidence-base, but inadequate use of recommended reading and no exploration outside that.Some materials is accurate, but the amount of inaccurate or irrelevant materials indicates insufficient understanding of key conceptsThe argument is poorly defined and defendedWriting style is acceptable. The structure is reasonable, but there are some areas of confusion and/or some errors in spelling/grammarAttempts to use of the specified referencing system. Meets key principles, but there are systematic errorsAcceptable presentation that may include some organisational errors and a tendency not to conform to conventions of academic presentation

20-29 Needs significant revision

Does not meet most learning outcomesDemonstrates a poor grasp of key concepts with no application to a specific area of studySuperficial consideration of the literature and evidence-baseThere are major inaccuracies or significant amounts of irrelevantThe argument is very weakWriting style tends to be weak. The structure is confused and/or thereare numerous errors in spelling/grammar.Attempts to use the specified referencing system, but there are significant errorsGenerally weak or untidy presentation that may include some organisational errors and does not to conform to conventions of academic presentation

0-19 Needs substantial work

Does not meet any learning outcomesDemonstrates a fundamentally flawed understanding of key conceptsNo engagement with the literature and evidence-baseThe material covered is inaccurate or irrelevantThe argument is incoherentWriting style is poor. The structure is disorganised and/or there are too many errors in spelling/grammar.Does not use specified referencing systemWeak or untidy presentation


Moderation processes:For every piece of work that is formally marked there will be procedures in place to ensure that the marking is fair, consistent and upholds academic standards. For most assessments, including examinations, there is anonymous marking so that the marker does not know the student who has produced the work. At Levels 5, 6, 7 and 8 a proportion of the work will be marked by a second member of staff. External examiners, experts in the subject from outside the University, are appointed to every programme and these examiners will look at samples of work from across the programme. These marking and moderation procedures are designed to ensure standards and fairness to all students. Once the marks for all the assessments on your programme have been moderated and finalised an assessment board can meet.

Submitting Coursework:All assignments are to be submitted electronically via Blackboard, in accordance with the table shown above. Late submissions will be processed in accordance with the University and programme regulations.

Anonymous Submission:All coursework that is submitted for grading either electronically via Blackboard or through the Student Support Zones will be anonymous. Could we remind you not to put your name on your work, and to always keep a back-up copy for your own security.

LJMU has a policy on the marking of anonymised coursework. Further information is available here:

http://www.ljmu.ac.uk/Academic_Enhancement/Academic_Enhancement_Docs/Anonymous_Marking.docx

Electronic submission:The submission method for your assessments will generally be electronic via the Blackboard Assignment Handler. The assessment will normally be a single file or document in MS Word or pdf format of up to 3000 words or equivalent

Feedback:Feedback is a crucial part of the learning process and is taken very seriously on all modules. You will receive feedback from your assessed work, where possible, within three working weeks. If for some unknown reason this timeframe cannot be met you will be informed when the feedback will be given within a different time period. You need to take note of all the feedback you have been given and link this to actions for your learning. If you are not clear on what is meant by the feedback or how you might use it to improve or develop please make an appointment to see a tutor or use other opportunities such as workshops to seek clarification.

LJMU’s policy on feedback:LJMU’s policy on feedback implemented from 2010-2011, determines that:

Student assessment deadlines will be published alongside University feedback deadlines

Details will be provided within programme and module handbooks of assessment submission deadlines as well as when you will receive feedback on those assessments

Feedback will be available three weeks after the assessment deadline

Unless otherwise stated, you should expect to receive feedback on assessed written coursework, excluding examinations or dissertations, three weeks (15 working days) after the assessment deadline. Feedback may consist of marks (but they will be provisional, subject to moderation) as well as more detailed written comments.


http://www.ljmu.ac.uk/Academic_Enhancement/Academic_Enhancement_Docs/Anonymous_Marking.docx

Feedback will relate to the assessment criteria

All assessment tasks are marked according to assessment criteria. Tutors will use these criteria when providing you with feedback in order that you are better able to understand how well you have done and why. In this way, feedback should be helpful to you in future similar assessment tasks in any modules.

Students will be entitled to face-to-face feedback on their first piece of assessed work

Early on in each year of study you will have an opportunity for face to face feedback on a piece of assessed work. This will not necessarily be in a one to one meeting with your tutor but may take place in a small group setting, such as a workshop.

Higher Education Academy Guidelines on Feedback:Please take a careful note of the timing and type of feedback you will receive. The feedback provided will be in accordance with the Higher Education Academy Guidelines (below) and can be used to:

Facilitate the development of self-assessment (reflection) in learning. Encourage teacher and peer dialogue around learning (performance conversations). Help clarify what good performance is (goals, criteria and expected standards). Provide opportunities to close the gap between current and desired performance (performance

conversations).

The assessment and feedback process should enable dialogue between you and your tutors to develop and this can then be used to improve your performance and help you achieve your personal goals whilst studying here.

The feedback you will receive in this module will be one of the following:

Verbal feedback given in class (lecture or workshop) Written feedback provided via a feedback sheet – electronically and/or physically Digital ink feedback provided on a pdf or MS Word file that were submitted electronically.

We want your feedback:You will be asked for your formal feedback on the module each year by completing the Module Appraisal Survey which will be managed and analysed by the Academic Enhancement Unit. Results are disseminated back to faculty staff to address and comment on.


References/Book List

The following is a comprehensive, albeit not exhaustive, list of books and useful electronic resources. Further research and engagement of the University’s resources will assist students in attaining greater understanding and subsequent achieve higher marks in the module. The objective of providing you with a reference/book list is to assist you in reading around the subjects and issues introduced in the lecture programme. You are not expected, nor would it be possible for you to read all of the material listed. Texts printed in bold are the key texts for this module and recommended purchases.

Ashworth, A. 2010. Cost studies of buildings. 5th ed. UK: Prentice Hall.

Ashworth, A. 2008. Pre-contract studies. 3rd ed. UK: Blackwell Publishing Ltd.

Barret, F.R. 1992. Cost value reconciliation. 2nd ed. CIOB (available as a pdf file on construction information service).

Canter, M.R. 1993. Resource Management for Construction: An Integrated Approach, UK: Macmillan.

Fellows, R., Langford, D., Newcombe, R. and Urry, S. 2002. Construction management in practice. 2nd ed. UK: Blackwell Science Ltd.

Flanagan R. and Jewell, C. 2005. Whole life appraisal for construction. UK: Blackwell Publishing Ltd.

Griffith, A. and Watson, P. 2004. Construction management – Principles and practice, UK: Palgrave Macmillan.

Harris, F., McCaffer, R. and Edum-Fotwe, F. 2005. Modern construction management, 6th ed. UK: Blackwell Publishing Ltd.

Jagger, D.M., Ross, A.D., Smith, J. and Love, P. 2002. Building design cost management. UK: Blackwell Science Ltd.

Kirk, S.J. and Dell'Isola, A.J. 1995. Life cycle costing for design professionals. 2nd ed. USA: McGrew Hill Book Company.

Ross, A.D. and Williams, P.N. 2012. Financial management in construction contracting. UK: Wiley Blackwell.

Smith, J. and Jaggar, D.M. 2007. Building cost planning for the design team. 2nd ed. UK: Butterworth Heinemann.


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