ation of value management process means estimation of what is required and how to achieve it in terms of cost and time perspective (Kannegiesser, 2008).
According to Barton (2002) Value management is an integrated process which involves decision makers, stake holders, specialists, planners and other works men to bring value in systems, processes and respective products and services of a firm (Kazi, 2005, p. 254).
Application of integrated value management process depends upon the value of a project. This may also include the level of risk involved in its system. A value persistently hides market excellence within its norms and so as the risk which needs to be covered up for achieving the market and business objectives (Kazi, 2005).
Risk management is sub merged process of value management which entirely goes side by side with the overall value management system. In any project like a construction or architecture project there are certainly some risks and hazards involved. Risk management is an assessment, evaluation and control of such hazards to vitally achieve the value based targets of the project. The sub objectives of a value based risk management system are cost and time, which are definite to be achieved to meet the overall value objective (Edwards, 1995).
Today both Value and Risk Management are tools of modern application. Whether it is a service organization or an engineering manufacturing organization like construction builder, identify such effective tools to give direction to their systems, projects and working elements (Edwards, 1995). With grounds of engineering, such organizations also include value and risk assessment as part of their technique, because without such tools they are unable to meet desired business objectives (Kamara et al., 2006). Today there are many construction organizations like in UAE which identify Value and Risk management as drivers of their business. To achieve market goals and preset value objectives they withdraw ...Show more