Future Constructors
The Centre for Smart Modern Construction is focused on investing in new areas of research and academic resources to ensure our next generation of graduates are future-ready.
By 2025 the Construction Management program at Western Sydney University will have graduated over 1500 new constructors. Many of these will become important players in the enterprises that will deliver Western Sydney construction projects in the future. They will not be limited to working in Western Sydney construction enterprises but many will continue to base their homes and businesses here.
It is these future constructors and the enterprises they will lead that will unlock Western Sydney’s potential to power our economy throughout the 21st century. Achieving this will require input from many organisations. To inspire and teach these constructors we will need the best evidence-based insights and resources to allow them to get ahead of the game and stay there. As stakeholders in this future this is the time to invest.
Overview
Despite decades of many studies and efforts to predict and/or reduce project cost overruns or schedule delays, major projects around the world continue to be significantly affected. Consistent, effective and efficient engineering approaches to uncertainty and risk assessment help businesses to better understand and quantify the range of possible consequences and the organisation’s overall risk exposure. This empowers organisations not only to calculate the required contingency allowances for their desired confidence level but also to proactively manage the treatment and response actions for risks and opportunities, while making informed decisions and optimising their investments.
The Risk Engineering Society (RES) has published its 2nd edition of Contingency Guideline in February 2019. The Contingency Guideline provides a reference document for different practical approaches and guidance for determining, allocating and managing the most appropriate contingency (time and cost allowances) at different stages of the project and program lifecycle. In Australia, under current Government policy settings a probabilistic cost estimation process must be used for all projects, for which Australian Commonwealth funding is sought, with a total anticipated outturn cost (including contingency) exceeding $25 million. In addition, the ‘Guide Note 3A Probabilistic Cost Estimation’ published by the Department of Infrastructure, Transport, Regional Development and Communications (DITRD), establishes the principles for determining an appropriate project contingency allowance using a probabilistic methodology.
A qualified CMP is a mid to senior level practitioner with project and business experience in asset investment from development to delivery through project, program and portfolio management with strong risk and contingency management knowledge and skills: from a wide range of risk analytical methods; Quantitative Risk Analysis (QRA); human decision making under uncertainty; commercial/contracts; and project performance measurement as well as business management. A CMP also has extensive technical experience in specialised tools and risk-based decision making methodologies such as: decision analysis; Quantitative Cost Risk Analysis (QCRA); Quantitative Schedule Risk Analysis (QSRA); Monte Carlo Simulation technique; Range Analysis; and Trend Analysis for assessing and managing optimum schedule and cost contingency reserves throughout the asset project/program investment life cycle.
Course Outline
The Risk-based Contingency Management Masterclass will be delivered over 4 intensive 4-hour days in a face-to-face environment with additional hours reading and undertaking some assignments. The Masterclass will qualify for 25 CPD hours from Engineers Australia. At the completion of this Masterclass and receipt of its Certificate of Completion, you will also receive a complimentary registration to attend an online exam for the CMP Certificate, i.e. a 120-minutes multi-choices exam.
On the first day of the Masterclass you will be introduced to project risk management and be provided with a detailed and broad foundation of risk and contingency management, including contingency throughout project lifecycle and Program Portfolio Effect, with the aim of providing a solid overview and bringing everyone up to speed. The rest of the Masterclass will focus on the contingency management framework and practical implementation tools for quantitative cost and schedule risk analysis, contingency allocation and controls. Over these four days, you will continuously work and learn the concepts through a practical case study while sharing learnings with other participants.
Through several case studies, the facilitator will explain the characteristics of good contingency management to quantify uncertainty; to encourage systemic thinking; and to support decision making process. An overall review of few most common software including Palisade @Risk, Oracle Primavera Risk Analysis, Deltek Acumen Fuse/ Riskand Safran Riskplatforms will be also discussed.
Benefits of attending:
- Certificate of Attendance, jointly endorsed by Western Sydney University, Engineers Australia and Risk Engineering Society
- Global recognition and 25 CPD hours from Engineers Australia
- Complimentary registration to attend the exam for CMP Certificate
- Networking opportunities with industry practitioners
- A learning experience like no other, facilitating peer learning and group discussions
Course facilitators:
- Professor Srinath Perera - Chair Professor in Built Environment & Construction Management, Director, Centre for Smart Modern Construction (c4SMC), Western Sydney University.
- Pedram Danesh-Mand - President of Risk Engineering Society, Director KPMG.
- Dr. Xiao-Hua (Sean) Jin - Associate Professor in Project Management, Director of Project Management Programmes, Western Sydney University.
Masterclass delivered face-to-face over 4 days in Sydney:
23rd April, 30th April, 7th May and 14th May 2022
Morning tea and lunch are provided on each of the four days. For catering purpose, please indicate your dietary requirement when registering.
CMP Certificate examination date:
21st May 2022
Who Will Benefit?
Cost Estimators, Project Risk Analysts, Planning Managers, Bid Managers, Estimating Managers, Risk Managers, Project Controls, Project Managers, Bid Managers, Schedulers/Planners, Corporate Services, PMO Managers, Commercial Managers, Contract Managers
Contact:
Click here to register for the Masterclass (inclusive of free registration for the examination).
Click here to register for the CMP Certificate examination directly.
High Achiever Undergraduate Scholarships
The centre will announce the first two High Achiever Scholarships for undergraduates approaching the end of their studies in April. These are the first of a program that is planned to offer up to six scholarships each year by 2020. The eligibility criteria will be reviewed by Industry and the University to make these scholarships highly prized and recognised. Many achievers will compete to secure these scholarships.
Applications for this scholarship are now closed - will be opening again soon.
Eligibility - Continuing students in the Bachelor of Construction Management (CM)
Criteria - Applicants must: be Australian citizens or permanent residents, be currently enrolled in the third or fourth year of the CM program, have completed at least 160 credit points, have a minimum GPA of 5.0, and be able to demonstrate excellent communication skills and industry knowledge
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