ABSTRACT
This chapter considers the integrated concept of risk and value, people’s values and attitudes and their connection with decision making and business planning. It investigates value management techniques and their practical implications in securing the best value for money. The value of a new school building is the learning environment it creates for pupils, teachers and parents. The chapter demonstrates how risk and opportunity are assessed and managed to reduce uncertainty in construction projects. Value management workshops are offered to integrate stakeholder value, risk evaluation and site and design constraints with the client’s value. The chapter aims to evaluate the tools and techniques that used to integrate risk and value management, and examines the effect of risk and response to change in the client brief. The essence of value management in construction is to question convention and preconceived ideas by a rigorous process of creative and constructive analysis.
