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Application of Value and Risk Management in United Arab Emirates Construction Sector - Term Paper Example

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This paper provides a comprehensive analysis and relevant assessment of value and risk management and its application in the UAE’s construction sector. It also presents a brief overview of the concepts of value management risk management and then applies these concepts in the UAE’s construction sector’s context…
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Application of Value and Risk Management in United Arab Emirates Construction Sector
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Download file to see previous pages According to Barton (2002), Value management is an integrated process which involves decision makers, stakeholders, 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 a submerged 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. ...Download file to see next pagesRead More
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tiana77 added comment 1 year ago
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I didn’t know how to start my text. "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 United arab emirates" helped me out a lot! Especially the list of closing part was valuable.

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