Value & Risk Management Assignment example
Masters
Assignment
Engineering and Construction
Pages 18 (4518 words)
Download 0
VALUE AND RISK MANAGEMENT Name University Professor Date of Submission Table of Contents Table of Contents 1 VALUE MANAGEMENT 2 Effective project management 3 Financial targets 5 Minimising operation, maintenance costs and environmental impact 6 Third party requirements 8 VALUE MANAGEMENT STUDY 9 Information gathering stage 10 Back to basic stage 11 Evaluation and development stage 11 Action planning stage 12 PROJECT FUNCTIONAL DIAGRAM 12 ACCOMMODATING BUDGET CUTS 13 RISK MANAGEMENT 14 Establishing context 15 Risk identification 16 Risk assessment 17 Key stages for risk study 19 RISK REGISTER 19 REFERENCES 21 VALUE MANAGEMENT Value management can be defined as the utilisation of value analysi…

Introduction

Value drivers can be defined as elements within a project which improve the product quality, and also minimise costs. These drivers become essential during project management as they provide assistance to auditors on possible value adding elements. The utilisation of value drivers remains fundamental to successful completion of many development projects, within the construction industry. These elements remain fundamental towards ensuring projects remain within their allocated budgetary requirements, and produce satisfactory outcomes. ...
Download paper
Not exactly what you need?

Related papers

The quality of risk management in the Civil Engineering
Facility construction and civil engineering by necessity involves a wide range of risks. International projects — defined in this case as those where the owner and/or contractor originate from a country other than that of where the project is situated — usually require a wider range of issues than purely domestic efforts. There is no doubt that venturing beyond one’s typical business…
The quality of risk management in the Civil Engineering
Since the international contractors operate outside their normal business jurisdiction, there are numerous uncertainties. Civil engineers working outside their resident jurisdiction face such difficulties as different management approaches, foreign technology, legal requirements, and uncommon construction practices and systems. The understanding and appreciation of the risks associated with these…
Risk Management
Often, an infrastructural construction project involves a number of phases before final completion and transfer to the contract awarding authority. The phases include the appraisal phase, the design phase, the construction phase, and the operation phase. Although there are some cross-cutting risks across the phases, some are unique to each phase and hence it’s often important to independently…
The Quality of Risk Management in the Civil Engineering
In some cases only money is at stake, but all these concerns must be brought to bear during the planning process and identify so that evaluations of the inherent dangers are efficient. Additional statistics are provided to allow for comparison and evaluation in diverse industries to permit a more thorough understanding of risk calculation strategies as well as the ramifications of inadequate…
Value Management/ Value Engineering
The aspect of VM operates under a well structured schedule of process. This allows the functional needs and alternative resolutions, linked with their costs to be recognized and incorporated to strict timetable (Pinto 2008, p. 128). 2. Defining the Concepts Value management is different from value engineering in that value engineering entails attaining specific functions at reduced cost or…
Value and Risk Management essay
(Office of government commerce, 2003) On the other hand in practice, the value management exercises are basically carried out first in order to determine an exact cause which is responsible for constituting the values to the business mainly from delivery of any project. A preferred option is also identified and together with all other risks, there is a great chance of it to occur if any particular…
Critical approach in project risk management
As Wrona (2010, p. 1) states, “companies that do perform a risk management process on a fairly typical multi-month project (no longer than 12 months) will identify and manage possibly five to ten easily recognized project risks”. This statement shows that doing comprehensive risk analysis regularly at each stage of the project can reduce the occurrence of risks and make companies able to…