3/25/2014 UH Construction Management UH Construction Management UH Construction Management UH Construction Management AACEi AACEi AACEi AACEi Houston Gulf Coast Section Houston Gulf Coast Section Houston Gulf Coast Section Houston Gulf Coast Section RICS South Central Chapter RICS South Central Chapter RICS South Central Chapter RICS South Central Chapter March 21, 2014 Agenda Agenda Agenda Agenda 3:00 – 3:45 Introduction to AACE & RICS 3:45 – 4:15 Risk Assessment: Identification & Qualitative Analysis (David McNamara) 4:15 – 4:45 Probabilistic Analysis for Lump Sum Contracts (Jay O’Connor) 4:45 – 5:15 Risk Intelligence (James Arrow) 5:15 – 5:45 Panel Q&A (Industry Young Professionals) 5:45 – 6:00 Reception 1
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RICS Overview RICS: an international standards setter • Over 180,000 members and candidates working in more than 146 countries worldwide have already recognized the importance of securing RICS status 30,000 30,000 150,000 150,000 5,000 5,000 1
RICS’ training • APC-related training – Becoming a supervisor/counsellor – Preparing for the critical analysis – Preparing for final assessment • Soft skills: – Time management – Client management – Business development – Contract management – Team management • Technical – Sustainability and the property lifecycle – Red Book compliance, reporting, and valuation – Property for non-property professionals Benefits of Membership • Membership provides access to an international network of more than 180,000 experts in all asset classes, enabling inter-disciplinary best practice support, career advancement, and business development opportunities • RICS offers access to members specialising in every aspect of real estate, property and valuing assets in every asset class • RICS offers access to proprietary industry research capabilities • Access to RICS products including RICS training, the RICS Online Academy, and the APC Portal 2
RICS’ online academy • Virtual learning environment - wide-ranging resources, e-learning, free podcasts • Enables anyone to study online, in their own time • Typical areas: – APC-related: Introduction to the APC, Critical Analysis, Final Assessment , training for APC Supervisors and Counsellors – General business skills: Creating Professional Presentations, Creating Win-Win Negotiations, Preparing for a Successful Interview – Technical: ethics, valuation, risk management • More information: – www.rics.org/onlineacademy Becoming a member 3
APC pathways Property Built environment • Arts & antiques • Building control • Commercial property practice • Building surveying • Facilities management • Infrastructure • Housing management & development • Project management • Machinery & business assets • Quantity surveying & construction • Management consultancy • Taxation allowances • Property finance & investment Land • Residential property practice • Environment • Residential survey & valuation • Geomatics • Valuation • Minerals & waste management • Valuation of businesses and intangible • Planning and development assets • Rural Details of competencies for each pathway at www.rics.org/apcguides Americas Pre- Receive Determine Establish Assessment Election and Resume Pathway Competency Assessment Staff Staff Candidate Member Staff Receive Determine Election Staff Resume Pathway Step 3 Step 1 Step 2 Step 5 Candidate Establish Competency Step 4 Pre- Member Assessment and Assessment 4
Assessment of Professional Competence To qualify for membership in RICS, professionals must demonstrate that they are competent to practice in their chosen profession and meet the relatively high standards required by RICS • To demonstrate competency, candidates are assessed • RICS defines competence as “having the skill or ability to perform a task or function” • The RICS competencies are not just a list of tasks or functions, but are also based upon attitudes and behaviours. The senior professional route • Senior professionals may be either: – leaders, operating at a senior level within an organisation, exercising extensive leadership and management skills, or – expert specialists, recognised for their depth of knowledge and expertise in their specialist area • If you are senior in terms of high-level leadership and management, your assessment will focus on management skills • If you are senior in terms of specialist expertise the focus of your assessment will be on your technical specialism. 5
Senior Professional Route (to MRICS) Membership requirement: • Seniority to be proven based on position within profession, size of project/budgets managed, expert specialist knowledge and experience • 10+ years experience, hold a senior position – a degree is no longer a mandatory requirement Process: • Submit: – Résumé and application form (incl. mandatory & technical skills) – Continuing professional development (CPD) record – 3 x 500 word case studies • Successfully complete a final assessment interview More information: www.rics.org/seniorprofessional Professional Experience Route (PER) Minimum requirements for application: • A full bachelor’s degree or an equivalent professional qualification • 5+ years’ relevant experience post degree that demonstrates: – An advanced application of a broad range/depth of technical competencies – Shows responsibility for working on complex assets/projects and ‘sign off’ – Includes an ability and responsibility for providing recommendations and reasoned advice to clients – A high level of business acumen 6
Qualifying for PER 1. Enrolment Candidate completes application form to confirm suitability • Work experience (companies, roles, achievements) including management experience • Qualifications and training • Payment Workshop 2. Submission Candidate completes submission to demonstrate competency achievement • Summary of experience 2,000–3,000 words against the technical competencies required • Case study of 2,000 words • Record of CPD for the past 12 months – minimum 20 hours 3. Preliminary assessment Assessor reviews candidate submission and advises on next steps, either approving a candidate to go to final assessment or providing a skills gap report Workshop 4. Ethics module ’Approved candidates’ complete online ethics module and test and make regulatory declaration 5. Final assessment Candidate attends a structured one-hour interview. If successful qualifies for membership NEW YORK - LONDON - BRUSSELS - DUBAI - NEW DELHI - HONG KONG - BEIJING - SYDNEY 7
3/25/2014 Use of Probabilistic Analysis in Preparation for Lump Sum Contract Negotiations AACE & RICS UH Outreach Jay O’Connor Mar 21, 2014 Biography • BS Construction Science Texas A&M • MS Construction Management Texas A&M • 30+ years with Owners’ and contractors’ organizations • Currently working for Chevron’s Project Resources Company in an Estimate Assurance role. • Career spent in Estimating, Planning and Risk Analysis • Worked internationally 1
3/25/2014 Project Life Pre-FID Post-FID Engineer, Procure & Pre-Feed FEED Construct Identify & Concept Project Definition Execution Assess Selection • FID – Financial Investment Decision – Final Investment Decision • Pre-FID – Pre FEED / Identify & Assess, Concept Selection – FEED / Project Definition • Post-FID – EPC / Execution Lump Sum Bid • Process begins during FEED • Submitted by contractors at end of FEED • May be tendered on sole source or competitive basis – Sole source: open book estimate converted to lump sum – Competitive: closed book benchmarked against FEED estimate – Competitive FEED with open book estimates converted to lump sum for competing technologies • The tendered value of the bid is rarely the awarded value of the contract • The awarded value of the contract is never the final value of the contract 2
3/25/2014 Contingency Analysis Results Contractual Risk / Opportunity Variables 3
3/25/2014 Tornado Diagram – Adjustments by Owner Project Risk Tornado Diagram 4
3/25/2014 Labor Tornado Diagrm Points to Consider • Results are only as good as the risk analysis model • Risks and opportunities must properly modeled to achieve desired information • Process works can work well in sole source environment • Process works best in competitive environment. 5
3/25/2014 Benefits • Results help: – Identify points to focus on during negotiations – Set target value for negotiation points – Set target value for final negotiated price • Results can be used by Economist to set target price of contract • Identify risk variables that have the largest impact to the project • Provides a complete analysis of the project 6
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