Beta
371397

THE INTEGRATION OF VALUE AND RISK MANAGEMENT IN STORM DRAINAGE NETWORKS

Article

Last updated: 24 Dec 2024

Subjects

-

Tags

Civil engineering

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)

DOI

10.21608/auej.2024.255746.1527

Keywords

value engineering, Risk, Storm Drainage Network, public private partnership, Value Risk Management

Authors

First Name

Mohamed

Last Name

Abdelsalam

MiddleName

-

Affiliation

Society of American Value Engineers (SAVE Int.)

Email

saadany118@hotmail.com

City

Al Rabie Dist.

Orcid

-

First Name

Ahmed

Last Name

Kamhawey

MiddleName

M.

Affiliation

Society of American Value Engineers (SAVE Int.)

Email

-

City

-

Orcid

-

Volume

19

Article Issue

72

Related Issue

49551

Issue Date

2024-07-01

Receive Date

2023-12-20

Publish Date

2024-07-01

Page Start

300

Page End

311

Print ISSN

1687-8418

Online ISSN

3009-7622

Link

https://jaes.journals.ekb.eg/article_371397.html

Detail API

https://jaes.journals.ekb.eg/service?article_code=371397

Order

371,397

Type

Original Article

Type Code

706

Publication Type

Journal

Publication Title

Journal of Al-Azhar University Engineering Sector

Publication Link

https://jaes.journals.ekb.eg/

MainTitle

THE INTEGRATION OF VALUE AND RISK MANAGEMENT IN STORM DRAINAGE NETWORKS

Details

Type

Article

Created At

24 Dec 2024