THE INTEGRATION OF VALUE AND RISK MANAGEMENT IN STORM DRAINAGE NETWORKS | ||
| Journal of Al-Azhar University Engineering Sector | ||
| Volume 19, Issue 72, July 2024, Pages 300-311 PDF (560.15 K) | ||
| Document Type: Original Article | ||
| DOI: 10.21608/auej.2024.255746.1527 | ||
| Authors | ||
| Mohamed Abdelsalam* ; Ahmed M. Kamhawey* | ||
| Society of American Value Engineers (SAVE Int.) | ||
| Abstract | ||
| Seeking value enhancement and risk mitigation are inseparable concepts in the engineering field. This is where the need for integration between value management and risk management appears. While value study is a process that identifies unnecessary costs and finding potential performance improvements, risk study is a process that identifies any uncertainties to avoid any negative impacts. This paper will discuss integrating value management and risk management in a Public-Private Partnership (PPP) infrastructure project case study forming the known value and risk management combination through exploring the potential benefits of this twin process and highlighting the intersecting zones between each management type. Both studies have many similarities, as, they are systematic, engages multidisciplinary teams in workshops, and use the very same techniques (like, brainstorming, critical thinking.... etc.). Not only similarities between the two management methodologies, but they are interacting theoretically and in practice. This kind of integration is considered to be a complementary procedure enables each type of management to augment the other. This will allow value management to decrease risk and risk management to magnify value recommending this action as one of the best practice management approaches. The adoption of internal value risk management VRM faces challenges due to its novelty in the industry. To address this, the paper underscores the importance of developing a framework to facilitate VRM studies, particularly in major infrastructure projects. Such a framework would help overcome obstacles and skepticism, ultimately leading to more informed decision-making and successful project execution. As the field evolves, integrating value and risk management will prove increasingly essential for effectively managing uncertainties and optimizing project value. Special Issue of AEIC 2024 (Civil Engineering Session) | ||
| Keywords | ||
| Value Engineering; Risk; Storm Drainage Network; Public Private Partnership; Value Risk Management | ||
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