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Value and Risk Management - MSc Civil Engineering and Construction Management Essay Example

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Value and Risk Management - MSc Civil Engineering and Construction Management

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This study will be a collaboration of the different stakeholders including department heads and key employees of SBE Innovations and our very own team. They will carry out a workshop to undertake value management and value engineering. The team will conduct functional analysis and provide suggestions, including inputs from the different stakeholders and the people in the field in order to provide the greatest value for the project.Through value management, we can evaluate the different aspects and functions of the construction project. Our objective is to minimise unnecessary costs and see to it that all functions have their important role in the entire project. This will utilise a structural functional analysis and other problem solving tools and techniques that will ensure low cost and great value for the project.We will identify the core values of the project and transform goals into actions to achieve the necessary results. Our ultimate goal is to help our client by introducing creative ways in ‘valuing’ the project, and providing recommendations and seeking solutions to the problems which are still unseen.The members of the team will conduct the inspection and look for possible scenarios that may occur in the future, including seeing to it that the parts, stages, and the different functions are closely studied to attain maximum results.All personnel who participated in the on-site inspection and all stakeholders will be involved in the discussion. Discussion will take much of the time of the study. This will also include brainstorming, gathering data, ideas, suggestions, and everything that could be of use at present or in the future when construction is in full swing.Total economic management of projects involves considering both cost and value. Value management occurs much earlier in a project’s life-cycle whilst cost management occurs in the later stages. (Kelly and Male, 1993, p.The cost aspects of the service can be ascertained by the use of traditional quantity surveying services. The assessment of worth and its relationship to cost can only be ascertained with reference back to the views of the client or end-user. Cost management involves traditional ways of surveying skills, reducing costs, and using proven procedures. The team will brainstorm suggestions and ideas to ensure

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preview essay on Value and Risk Management - MSc Civil Engineering and Construction Management
  • Pages: 15 (3750 words)
  • Document Type: Assignment
  • Subject: Unsorted
  • Level: Undergraduate
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