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MCE | Learning and Teaching Version 2.0 | Page 1 of 7

Department of Mechanical and Construction Engineering Faculty of Engineering and Environment

Coursework Specification

1 Module Information

1.1 Module Title

Project Feasibility and Economics

1.2 Module Code Number

KB7037/AT7024

1.3 Module Level and Credit Points

Level 7, 20 Credits

1.4 Module Leader

Dr. Haibo Feng

1.5 Assessment Component Number (on Module Specification)

1 of 1

1.6 Assessment Weighting (on Module Specification)

100

1.7 Coursework Title

Feasibility and Economics Report

1.8 Coursework Specification Author

Dr. Haibo Feng

1.9 Academic Year and Semester(s)

2021 – 2022

1 Coursework Submission and Feedback

1.1 Release Date of Coursework Specification to Students

17:00 BST on 21 January 2022.

1.2 Mechanism Used to Disseminate Coursework Specification to Students

In class and via blackboard

1.3 Date and Time of Submission of Coursework by Students

23:59 BST on 23 May 2022.

1.4 The mechanism for Submission of Coursework by Students

Electronic submission on ELP

1.5 Return Date of Unconfirmed Internally Moderated Mark(s) and Feedback to Students

No later than 17:00 BST on 17 June 2022.

1.6 The mechanism for Return of Unconfirmed Internally Moderated Mark(s) and Feedback to Students

ELP

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2 Assessment Details

2.1 Module Learning Outcomes (MLOs) Assessed by Coursework

• Distinguish the economic perceptions of business organisations as clients/sponsors, professional advisors (independent practice), and contracting organisations.

• Reconcile the different economic perspectives relevant to demand, supply, costs and revenues and the operation of markets.

• Articulate a broad awareness of economics and project economics nomenclature.

• Develop your skills in recommending appropriate strategies for effective financial control in competition/ collaboration; public/private sector interactions, and in the interpretation of economic data for resource forecasting.

• Develop and reinforce the ethical characteristics of a Northumbria graduate as you consider the values that underpin ethical approaches to project feasibility and justification.

2.2 Coursework Overview

Over the 12 weeks of lectures and seminars, you will learn about a range of concepts, techniques, and methods for performing project appraisal and feasibility studies. These will cover the whole project lifecycle from the Concept phase through Deployment to Operation and Termination (see Figure 1). These concepts, techniques and methods will help you understand: (1) the different facets of feasibility including financial, economic, environmental, and social feasibility; (2) the different economic environments surrounding projects including, macro and microenvironments, and regulatory/legal environments; (3) various mathematical methods to help support decision making and risk mitigation on feasibility analysis; (4) stakeholder environments including the Sponsor, Professional, and Contracting environments, and sustainability approach. You will use your understanding of these techniques to develop a feasibility study as detailed in Section 2.3. Table 1. Overview of concepts, techniques and methods taught and discussed during the module1

No. Lecture Themes

1 Assessing financial health using financial statements and ratio analysis

2

Assessing macro-economic environment and applying financial feasibility methods (CBA, NPV,

IRR)

3 Appraising project options using decision trees, LCA, and Simple Addictive Weighting method

4 Multi-dimensional project appraisal using Analytic Hierarchy Process

5 Selection of sources of finance and funding, and understand financial workflows under

different procurement routes

6

Critical assessment of Private Finance Initiative (payment mechanism, sources of finance

leverage, risks, value for money)

7 Project bidding and estimating

8 Schedule Feasibility: developing a WBS, a deterministic (CPM) and a probabilistic (PERT)

project network and duration

9 Project control using Earned Value Analysis

10 Claim, final accounts, and financial settlements (claim scenario)

11 The Legal Environment: Contract, Tort, and Statute

12 Summary and Q&A week

1 The delivery does not necessarily follow these sequences and the distribution of topics over the weeks may change.

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Figure 1. Linear Project life cycle (APM BOK 7th Edition, p. 27)

2.3 Coursework Tasks to be Completed by Students

You are required to submit a 4000-word report for:

The report will be based on specific characteristics of a real-world project. You will select your own project. A list of recommended sources is:

• United Nations Office for Project Services (UNOPS) (Link: https://data.unops.org)

• European Commission Fund (Link: https://ec.europa.eu/regional_policy/en/funding/)

• International Monetary Fund (Link: https://data.imf.org/?sk=a0867067-d23c-4ebc-ad23-d3b015045405&sId=1390288795525)

And you could use other sources such as journal articles from sciencedirect.com, and financial reports from local government. In many instances, the original project brief may not contain all the information you may require performing your analyses. You may often need to develop your own assumptions based on information from other reliable sources. When you make assumptions, please make sure they are grounded and realistic. You must clearly indicate your assumptions using […] entitled ‘Assumption’ throughout your project report.

You are free to select a project of any type from this database or other databases. It is advised that you select a completed project as they provide richer documentation and information, but this is not mandatory. You are free to change any aspect of the project specification(s) to make the project relevant to the project’s feasibility and economic techniques that you intend to apply. For example, you can arbitrarily change aspects such as available budget, location of the project, the type of the stakeholders involved, and the intended benefits. You can also decide to focus on a specific work-package or component of a large project or exclude scope that is out of interest.

To apply the range of techniques and methods over the whole project lifecycle, you are very likely required to assume the role of different stakeholder types across the project report. For example, at the very early Concept stage you may play the role of a Sponsor interested in assessing the financial health of the organisation/consortium undertaking the project or some of its specific parts; at the Definition phase, you may play the role of a Professional Service provider who will perform the appraisal of the project options to the client/sponsor; at the Development phase, you may play the role of a Contractor interested in delivery aspects (cost, schedule, and their control); during procurement and assuming that Private Finance Initiative is adopted, you may play the role of a public sector client interested in understanding the contract structure, the risks, and the value of money. You are required to clearly indicate the stakeholder perspective for each analysis you present in your report.

The aim, from providing this flexibility in adapting the project brief and your role, is to enable you to challenge your knowledge of Project Feasibility and Economics while working on a suitable case for the application

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of the concepts, techniques and methods discussed in lectures and seminars.

The project’s report will have four Sections (A, B, C, D) as described hereafter.

Section A. Project Description (1200 words max) In this section, you are required to conduct a brief literature review regarding your project including:  Background knowledge with proper citations (e.g., what is feasibility analysis and why feasibility

analysis is necessary, etc.)  Introduction of the project as a case study (e.g., name, value, timescale, location, etc.)  Project briefing information (e.g., objectives, scope, critical success factors, etc.)

In the second part of Section A, you are required to present the project specifications by summarizing the information from the database. You may state your project level assumptions here for you to better apply different methods and techniques as the project/report progresses. The purpose of this part is to provide the setting/background for all the subsequent sections/sub-sections of the report. The project specification could include:

a) A list of main stakeholders (e.g., client, funders, sponsors, etc.)

b) A list of costs throughout the project life cycle (preferred in a table) c) Macro environment surrounding the project (e.g., political, economic, social, technical,

environmental, legal aspects – i.e. PESTEL analysis)

Section B. Feasibility and Economic Analyses of the selected project (2000 words) In this section, you are required to apply various feasibility, appraisal and economics analyses of the project, analyse and discuss the findings. You are expected to have a sub-section for each type of analysis performed. Sub-sections should be numbered B1, B2, etc. and each should be given a representative title. You are required to apply at least six of the techniques, methods and concepts listed in Table 2, which will be covered during the 12 weeks, and you are free to apply further techniques you have learned independently. A very good source for further related guidance and techniques is the HM Treasury’s Green Book (Link: https://bit.ly/35luxhf ). You are required to explicitly state the assumptions (using […] entitled Assumption) and the stakeholder role (e.g., client, contractor, etc.) you are undertaking when applying each individual technique or concept.

Table 2: Techniques, methods and concepts that need to be covered in the final report

No. Techniques/Methods/Concepts

1 Financial health assessment using financial statements and ratio analysis.

2

Project appraisal using supply and demand, multiplier effect, NPV, IRR, payback period and/or profitability index method (these count as one method) – it is important that you specify what is generating the incoming and outgoing cash streams.

3

Project options appraisal using life cycle costing or cost-benefit analysis – it is important that you specify what is generating the incoming and outgoing cash streams and how certain benefits are monetised.

4 Project options appraisal using decision trees and/or Simple Addictive Weighting (SAW).

5 Multi-dimensional project appraisal using Analytic Hierarchy Process (AHP).

6 Application of Private Finance Initiative or Private-Public Partnership (payment mechanism, sources of finance leverage, risks, value for money) into feasibility analysis.

7 Uncertainty and/or sensitivity analysis for project feasibility studies.

8 Schedule Feasibility: a deterministic (Critical Path Method) and/or a probabilistic (PERT) project network and duration supported by a Work Breakdown Structure.

9 Project control using Earned Value Analysis (EVA).

10 The effect of tax and inflation on feasibility outcomes.

11 The importance of legal environment on project feasibility analysis.

12 The impact of sustainability (environmental, economic, and social) on project feasibility outcomes.

At the start of Section B, you should include a table summarising the list of techniques, methods and concepts applied throughout Section B and the stakeholder role undertaken. Following the application of each technique, method or concept you are required to critically analyse and evaluate the findings. Whenever possible, support your work with a clear theoretical rationale, academic references, relevant data, and references to project specifications. The integration among different techniques is important. Therefore, it

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is necessary to develop a storyline to show the links between different sections/sub-sections. An example of a link between two sections/sub-sections is when you take forward the best project option you identified at the concept (e.g. through performing an appraisal study) into the development stage (e.g., assess schedule feasibility / plan budget for the selected project option). Details of the calculations can be placed in the appendix, and they do not count towards the word limit. Section C. Discussion (500 words max)

This section requires you to conduct a further discussion based on the conclusions drawn in Section B as in a proper feasibility report. It is suggested you link the overall project financial situation with the six (or more) feasibility analysis results and discuss the strengths and weaknesses of the project in terms of overall investment strategies, cost-benefit comparisons and financial management, etc.

Section D. Executive Summary (300 words max) The Executive Summary is usually the first section of the project report. However, in this coursework, you will include it as the fourth/final part. You should start this part only when the project (Sections A to C) has been finalised.

It should be a concise and compelling summary of the report. Readers of the executive summary should get the essence of the project without the need to get into the details. Sentences should be short and concise. Avoid technical jargon and acronyms. Use active verbs (e.g., “the project achieved its goals” instead of “the goals of the project were achieved”).

In your Executive Summary you should address the following: What is the need or the problem the project is addressing?; Who is involved (the stakeholders)?; What are the project options?; What are the techniques used to analyse the project and what are the corresponding findings?; What are the implications (social, environmental, legal, etc.) of the key findings/decisions?; What are the limitations affecting the findings validity?, and, What are the recommendations (e.g., future short/long term steps, responsibility for implementation)?

Student Checklist:  Section A: A brief literature review of the project (background to the concept of feasibility and

economic analyses; an introduction of the project as a case study; project briefing information) is included.

 Section A: A table for the project specification (project’s stakeholders, project costs, macro environment surrounding the project etc.) is included.

 Section B: A table at the beginning of Section B listing the feasibility and economics techniques/concepts (at least six) applied and the stakeholder position assumed is included.

 Section B: Assumptions made (where applicable) for different techniques are clearly stated.

 Section B: Details of the calculations are included in the appendix.

 Section B: A brief explanation of the results for each feasibility and economic technique is included.

 Section C: Overall discussion based on the feasibility analysis results is conducted.

 Section D: Executive Summary that complies with specification given above.

 Citations and references of relevant resources are included at the end of the report.

2.4 Expected Size of Submission

4000 words in total, the word limit for each section is listed above.

2.5 Referencing Style

You are to write your coursework using the Cite Them Right version of the Harvard referencing system. An online guide to Cite Them Right is freely available to Northumbria University students at: https://www.citethemrightonline.com/

2.6 Assessment Criteria

Weight Criteria

15% Background, choice of project, title, and project specification 1) The background knowledge of feasibility analysis 2) The relevance of the project selected to the module 3) The title conveys what the project is about 4) The project specifications are clearly identified and presented.

5) Inclusion and exclusion of scope of feasibility and economics study are clearly explained.

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50% Choice of feasibility and economics techniques and their applications 1) The selection (type and amount) of feasibility and economics techniques applied on the case studies including a table

summarising the list of techniques applied and the stakeholder position assumed. 2) The assumptions are clearly stated.

3) The techniques are correctly applied and the outcomes are analysed and discussed. 4) The conclusions clearly and logically articulate the findings that arise from the applications of the selection techniques. 5) The sources used demonstrate clear relevance to the paper and are used critically, with original commentary on their

value and limitations.

6) A good range of key source references are drawn upon. 7) All citations are suitably referenced using the Harvard-type referencing system.

10% Overall discussion 1) The comparable discussion for different feasibility and economic analysis results are conducted. 2) The positive and negative impacts of financial management strategies conducted in the project are discussed. 3) The potential solutions and suggestions for a better success of the project are proposed. 4) The overall statement would be drawn based on the detailed analysis.

10% Executive summary 1) A summary of the main findings of the performed feasibility and economics study.

2) A deduction made about the project options to pursue based on the performed feasibility and economics study. 3) A personal professional opinion on what has been discussed. 4) A statement about the limitations of the work. 5) A comment about the future based on what has been discussed.

15% Integration between sections 1) The feasibility and economics study shows links between its different parts. 2) The links are explicitly stated and explained. 3) The links properly illustrate the logic of the argument followed. 4) Any diagrams, illustrations, etc. are clearly and appropriately presented.

3 Referral

The Referral Attempt opportunity will generally take place after the end-of-level Progression and Awards Board (PAB). If you become eligible to complete a Referral Attempt but are subsequently unable to undertake the opportunity when required, you will be permitted to re-sit the module at the next scheduled sitting of the module assessment. This will typically entail the suspension of your progression on your programme of study until such time that you have completed the level and become eligible to proceed.

4 Guidance for Students on Policies for Assessment

The University has several policies for assessment. The following information, which is available to you

from the link below, provides guidance on these policies, including relevant procedures and forms.

(1) Assessment Regulations and Policies (a) Assessment Regulations for Taught Awards (b) Group Work Assessments Policy (c) Moderation Policy (d) Retention of Assessed Work Policy

(e) Word Limits Policy (2) Assessment Feedback

(a) Anonymous Marking Policy (3) Late Submission of Work and Extension Requests (4) Personal Extenuating Circumstances (5) Technical Extenuating Circumstances (6) Student Complaints and Appeals (7) Academic Misconduct (8) Student Disability and Unforeseen Medical Circumstances

https://www.northumbria.ac.uk/about-us/university-services/student-library-and-academic-services/quality-and-teaching-excellence/assessment/guidance-for-students/

KB7037/AT7024 Project Feasibility and Economics

Name ………………………………… Mark:

OUTCOMES I CAN’T BELIEVE IT!

[ 100%]

WOW! [ 85%] DISTINCTIVE [ 75%] COMMENDABLE [ 65%]

PASS [ 55%] FAIL [ 45%] POOR FAIL [ 0%]

Quality of background and project specification description 15%

This work is of outstanding quality and has surprised the markers.

Shows deeper learning than would normally be expected.

Excellent and very clear with few problems.

Very good and reasonably clear with some problems.

Quite a few problems but overall the message was received

Too many problems so the presentation was unclear.

Very poor with little ability to express the ideas in a clear and interesting manner.

Depth of analysis of the project feasibility with 6+ techniques 50%

The student has an excellent grasp of possible solutions.

The student has a good grasp of possible solutions although there are some minor problems.

The student does not fully grasp the solutions but there is some merit in what is said.

The student is not able to analyse solutions though there is evidence of a fair attempt.

The student has little or no grasp of the issues.

Overall discussion and criticism on the project with proper suggestions 10%

Solutions are clearly and cogently linked to problems.

Solutions arise from problems in most instances although there is some lack of clarity.

Some linkage of solutions and problems but the work lacks depth.

Evidence of only surface understanding of linkages.

Little evidence of ability to derive the solutions from the problems.

Executive summary based on the feasibility results 10%

Analytical and clear, well grounded in both literature theory and practical analysis. Ability to recognise limitations of study.

Good development shown in summary based on the analysis.

Evidence of findings and conclusions grounded in literature.

Limited evidence of findings with very superficial, surface approach to information.

Misses the point of the assignment. Unsubstantiated / invalid conclusions based on anecdotes and generalisations only.

Integration between sections 15%

The clarity of expression and cogency of the argument are generally excellent with few problems.

The clarity of expression and cogency of the argument are generally good though there are a few problems.

The clarity of expression and cogency of the argument are generally acceptable but there is some confusion.

The work lacks clarity and cogency – difficult to follow.

The work is confusing and has little merit.

Feedback – 3 areas of good practice, 3 areas for potential improvement: