Module Code - Title:
MN6912
-
PROGRAMME VALUE, RISK AND DECISION MAKING
Year Last Offered:
2025/6
Hours Per Week:
Grading Type:
Prerequisite Modules:
Rationale and Purpose of the Module:
The overall aim of this module is to introduce the foundation concepts , and process framework use to develop business models and value solutions through projects and programmes. It will include models of benefits management and benefits realisation tracking throughout programme lifecycles, and incorporate risk management, probability assessments and decision analysis theories and their empirical applications in critically evaluating programme options. The module integrates these elements in an overall framework for the management and execution of projects and programmes.
Syllabus:
Introduction to value management, key concepts, value management phases/processes, tools and techniques, roles. Introduction to risk management, key concepts, probability theory risk management phases/processes, quantitative and qualitative analysis decision analysis, expected value and decision trees, simulation, sensitivity analysis, attitudes to risk. Integrating risk, value and opportunity.
Learning Outcomes:
Cognitive (Knowledge, Understanding, Application, Analysis, Evaluation, Synthesis)
- Describe the value management process and use this to select the most beneficial course of action to deliver long term business benefits
- Identify the key components of the value management process
- Develop value objectives for projects and programmes
- Conduct empirical investigations and develop business models aimed at delivering stakeholder value through programmes.
- Recommend value proposals to project sponsors through a formal presentation and report
- Use probability theory and decision tools to construct models of programme uncertainty.
- Create distributions using Monte Carlo Simulation and develop contingency plans
- Conduct sensitivity analysis and test robustness of value proposals
- Synthesise knowledge of risk and value management processes into an integrated framework for managing projects
Affective (Attitudes and Values)
- Justify project proposals using established project management procedures and techniques aimed at delivering value to project stakeholders
- Participate in a collective team endeavour to achieve a common purpose
- Relate the application of value management to other project and programme settings
Explain the importance of risk management when assessing project and programme proposals
Psychomotor (Physical Skills)
N/A
How the Module will be Taught and what will be the Learning Experiences of the Students:
Synchronous and asynchronous methods will be used to deliver the module. This module will make extensive use of case examples, group assignment work and group presentations to prepare students for the in-company project in the summer semester. They will have access to all materials through a Learner Management system, specifically written for the remote learner. Students will be expected to participate in on-line interactions and engage with fellow learners and tutors through this system, feedback on their learning will be provided on an ongoing basis and students will be able to track their own personal development throughout the programme.
Research Findings Incorporated in to the Syllabus (If Relevant):
Prime Texts:
Dallas, M.F. (2006)
Value and Risk Management: A Guide to Best Practice
, Blackwell
Publishing.
Thiry, Michel (1997)
Value Management Practice
, PMI
Other Relevant Texts:
PMI (2008)
A Guide to the Project Management Body of Knowledge (PMBOK)
,
Barkley, B.T. (2004)
Project Risk Management
, McGraw Hill
Dell Isola, A. (1997)
Value Engineering: Practical Applications for Design, Construction, Maintenance and Operations
, RS Means.
Programme(s) in which this Module is Offered:
Semester(s) Module is Offered:
Autumn
Module Leader:
paul.maguire@ul.ie