Value and Risk Management

Value and Risk Management

Haitham E. Khaireldin

Introduction

The value of the facility over time for a particular organization is considered as the driving factor of success for a construction project. Utilizing integrated process along with tools like value and risk management techniques constitute the main factors that ensure the successful delivery of a construction project (OGC 3).

The split between the value and risk management techniques is even considered as artificial and some practitioners argued that they should be combined (Fryer et al., 2004, p.196).

Value management is considered as the process that determines, evaluates and delivers the Client’s functional benefits and requirements in consistent with the Client’s culture and objectives (Kelly, Male and Graham, 2004, p.219).

This report is prepared to advise the Client representative on the details of the approach adopted by the VRM consultant to perform the value and risk studies carried out to identify business needs and options to meet business needs in conjunction with OGC 3 Project Procurement Lifecycle for a new-build local government administrative headquarters.

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