Integrating risk and value management using IRVM workshops: Case studies in infrastructure projects in UK

In infrastructure projects, even though both value management (VM) and risk management (RM) are widely accepted as tools for effective project management, they have never been synthetically practiced. To combine the two processes within a single project is practical and logical when both methods share the same resources. Both VM and RM are systematic processes and involve a multi-disciplinary team in creative IRVM workshops. This paper attempts to examine the application of IRVM workshop to integrate RM and VM through case studies as a qualitative approach in four infrastructure projects in UK. Results show that even through the application of IRVM workshop is very much dependent on several factors such as time and budget constraint, complexity of project, and client's requirement, it could effectively quantify the VM and RM approaches to increase the exercisability.