What will I learn on this module?
In this module you will learn the various financial and contractual models popular for the effective and efficient delivery of programmes and projects. Specifically the module will examine a broad range of applicable tools relating to financial decision-making in the pre-project environment, during the project’s implementation and for post-project review. It will consider the key contractual considerations in the formation of an effective contract strategy; the formation of contracts, their discharge or termination, the control of change and dispute resolution.
Overall, this module assists in defining the levels of responsibility and accountability of a project manager. The module will cover the following key subjects, such as:
• The project’s economic environment: general economic theory; financial reporting, ratio analysis, determinants for solvency, business case appraisals, methods of project finance, and evaluating project portfolios.
• The Professional economic environment; general economic theory; resourcing, forecasting (risk and uncertainty), cash flow and professional services marketing.
• The Contracting economic environment: efficient risk allocation, contract formation, budgeting and cost management, contract administration, assessing delays and earned value analysis. Social Economic environments: public and private sector distinctions in procurement.
How will I learn on this module?
The module will be delivered using a mix of taught workshops, tutorial, directed and independent learning.
An initial workshop will introduce you to the module, assessment and core topics. Subsequent to this you will be guided through a range of subject specific topics delivered over the period of the module. Key messages from these sessions will be available by video/podcast to support your learning outside of the classroom.
Subsequent tutor-guided activities reflected in a learning plan, including prompted reading, activities to undertake and questions to address will form the next stage of your learning. Topics will normally be introduced in lectures and further explored through practical exercises. Therefore, you will be able to develop a range of relevant practical skills.
Independent study requirements also entail reading beyond the learning materials/reading list provided, reflecting on its potential relevance for your own development will also be essential.
Throughout the module you will asked to engage in a range of formative assessment tasks. These may be in the classroom or to be completed in between taught sessions. These formative assessment activities are designed to build your knowledge, understanding and ability to apply concepts learned in class. Feedback will typically be provided by your tutor or peers on these formative assessment activities which in turn should aid your overall understanding of the subject and final assessment submission.
The virtual learning environment will be used to encourage individual and group contributions to critical debate on key topics and issues. Materials and discussion group work will be available on the e-learning portal to support and engage you. To support and embed the learning, provide the opportunity for reflection and encourage effective communication, you will engage in discussion forums via the University’s e-Learning platform.
This will include posing and answering topic specific questions posed by the tutor and peer group and providing peer group formative feedback. You will also be encouraged to use email and discussion board tool to clarify issues.
For those of you studying on the part time, your work experience may form a significant element of your learning. An interactive approach to taught sessions will draw upon your own experiences. You can therefore expect the reflective-practitioner approach to learning to be embedded in all workshop/seminar sessions through undertaking activities which facilitate application of theory to ‘real-life’ situations, critically analysing and making recommendations for appropriate ways forward for the organization/individual. Significant emphasis will also be made on making your cohort network a key element of knowledge/experience exchange a subsequent learning.
For those of you studying in full time mode it is recognised you are likely not to have relevant work experience to draw upon. As such opportunities to apply learning to practice will be achieved through use of case study, simulation, visiting speakers from practitioners and additional lab and workshop experiences.
How will I be supported academically on this module?
A range of approaches are adopted to accelerate your learning in this module.
During the first week of this module, you will receive information about the module and Teaching & Learning Plan. The teaching and learning plan (TLP) sets out
• Learning outcomes and overall module and programme aims
• Teaching, learning and assessment strategy
• Teaching schedule
• Directed reading references (text and journals) and core texts for the module
During this module your module tutor will provide academic support including:
• Delivering workshops
• Providing guidance in relation to assignments
• Development of key resources, made available through the VLE
• Assessing assignments and assess or review any other agreed summative or formative outputs as appropriate
E-Reading Lists
The module will also have an e-reading list which directs learners to specific reading for each session. This includes direct access to repositories, journal articles and other academic sources. You will also be provided with access to a significant set academic research sources via the Northumbria University library portal.
What will I be expected to read on this module?
All modules at Northumbria include a range of reading materials that students are expected to engage with. Online reading lists (provided after enrolment) give you access to your reading material for your modules. The Library works in partnership with your module tutors to ensure you have access to the material that you need.
What will I be expected to achieve?
Knowledge & Understanding:
1. Critically appraise differing economic perceptions of business organisations as clients/sponsors, professional advisors (independent practice), and contracting organizations relevant to demand, supply, costs and revenues and the operation of markets.
2. Critically review a range of concepts, techniques and methods for performing project appraisal and feasibility investigations across the whole project lifecycle of projects from the concept phase through development to operation and termination
3. Discuss the key elements of contracts, the laws of obligation, the fundamental aspects in their administration and aspects of dispute resolution.
Intellectual / Professional skills & abilities:
4. Recommend appropriate strategies for project selection and effective financial control in competition / collaboration; public/private sector interactions, and in the interpretation of economic data for resource forecasting.
Personal Values Attributes (Global / Cultural awareness, Ethics, Curiosity) (PVA):
5. Developing and reinforcing the ethical characteristics of a Northumbria graduate as you consider the values that underpin ethical approaches to project feasibility and justification. You will have the opportunity to reflect on how these are linked to your own values.
How will I be assessed?
Summative Assessment will consist of a single individually prepared 4000 word summative task.
Drawing on appropriate academic and practitioner literature, this will form an individual submission of a forensic audit on a complete project. It will review the initial pre-investment analyses, the appropriateness of the contracting strategies applied, the form of contract applied and the effectiveness of these delivery decisions.
This task is worth 100% of the module, and addresses all Module Learning Outcomes.
You will be encouraged to select your own project and explore the case study in a directly and personally relevant context. However, the tutor will also provide some case study options as an alternative. This will ensure sufficient material to explore the module learning outcomes.
Throughout the module you will also be asked to engage in a range of formative assessment tasks. These may be in the classroom or to be completed in between taught sessions. These formative assessment activities are designed to build your knowledge, understanding and ability to apply concepts learned in class. Feedback will typically be provided by your tutor or peers on these formative assessment activities which in turn should aid your overall understanding of the subject and final assessment submission.
Written feedback will be provided via the module electronic portal upon return of the coursework.
Module abstract
This module will provide a critical knowledge and understanding of project feasibility and economics as located within the project, programme and portfolio environments including the relevant financial drivers affecting option selection and project selection, procurement and contract strategies. It will also explore the key features of contracting, performance monitoring and the management of claims and disputes.
You will achieve an understanding of (1) the different facets of feasibility including financial, economic, environmental, and social feasibility; (2) the different economic environments surrounding projects including, macro and micro environments, and regulatory/legal environments, and (3) stakeholder environments including the Sponsor, Professional, and Contracting environments.
This knowledge and understanding is essential for your career development or future employment. Employers are looking for graduates with project feasibility and economics skills who can work individually and as members of a team in tackling problems and at the same time being able to make difficult decisions relating to projects.
The module has been designed to satisfy several of the programme learning outcomes related to technical knowledge, employability, critical thinking and problem solving innovation.
