Necessity Analysis and Optimization of Implementing Projects with The Integration Approach of Risk Management and Value Engineering

Risk management and value engineering have appeared as modern management tools since the mid-19th century and have been used separately in different projects. Due to the ineffectiveness resulting from separate implementation of the two approaches in major projects as well as the similarity between them in terms of their goals and executive structures, this research tries to analyze the separate role of each approach in the project process and examine the possibility of integration and correlation between their different phases. This article aims at introducing and examining a tool that simultaneously has the capability of the two categories. Finally, the advantages and disadvantages of integrated use of them will be explored in order to reduce the negative risks and maximize the positive results besides optimizing the project's value satisfactorily and thus achieve the predetermined goals in relation to time, cost, and quality within the specified scopes of time and provide the investors and entrepreneurs with opportunities to make better use of the two techniques by presenting an all-sided and realistic attitude.

Risk Management, Project Process, Value Engineering, Ineffectiveness