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Value and Risk Management - Essay Example
Author : alvertahammes
Engineering and Construction
Pages 10 (2510 words)
Name of student: Programme name: “An evaluation of current and potential future application of Value and Risk Management into [QS/CPM/FM/BS] professional services in the construction sector in [my country of study]” The scope of both risk and value management is increasing day by day in today’s world…
(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 option is implemented. (Office of government commerce, 2003) Risk management mainly includes all the activities that are required for identification and control of the risks that are related to the option of the preferred project. Successful risk management also requires a senior management commitment along with ownership and a thorough understanding of the whole process and also an active risk management regime that is reviewed on daily basis in a much constructive culture. Attitudes to the risk are known to have a significant effect on the overall success of the projects being carried. For instance, the main objective related to ‘not failing’ will surely have a low tolerance of the risks of all kinds. ...