Implementing Risk and Value Management in Civil Engineering Projects (EPC) and Investigating the Internal Failure Structure of the Project (Case Study of Moj Darya Commercial Residential Complex)

Document Type : Original Article

Author
Amir Motamedi Ghazvini
Master of Engineering and Construction Management, University of Science and Technology, Tehran, Iran.
10.22034/he.2026.584745.1225
Abstract
The goal of combining risk management and value engineering is to maximize value, reduce the severity and probability of risk events, and maximize the return on initial investment. It also enables the project team to be in a position to create conditions for successful projects, given the specific characteristics of each project (goal, people, communications, real and achievable budget, specific achievements, feasible program, efficient delivery). If there is a risk management study group in the project, value engineering can use risk as one of the main criteria for evaluating its proposed options. Also, since the output of value engineering studies is provided as input to risk management, the separate application of these two methods will increase the time of project studies. By studying construction projects, it can be seen that the two processes above (risk and value management) are either not used in projects or are used separately, which does not create the necessary effectiveness. This article presents a combined approach of these two processes, using which the project management process can be evaluated and controlled at each specific stage. Specifically, this article examines and evaluates the internal risk structure of construction projects.
Keywords
Project Management
Risk Management
Value Engineering
External Project Failure
Subjects