Quantitative Risk Analysis and Integration of Value Engineering to Increase the Efficiency of Project Management Case Study: Sattar Khan Commercial Centre - Flour Parking - Tehran

Abstract

Major organizations and large construction companies in the world are always looking for removing challenges of the project environment through risk areas. Potential risks that sometimes emerge at the beginning, middle and late stages of a project, and in case of improper dealing with it and not getting appropriate response and approach sometimes will lead to failure in the project-based organizations. But providing systemic solutions for transforming risk into opportunity and finding knowledge based on more accurate understanding of qualitative and quantitative risk analysis methods in the early stages of the project is an issue that since the past has attracted risk managers and experts' mind and is considered as the necessity of this research. A distinct use of the two approaches, risk management and value engineering in projects has long been done, therefore the combination and integration of these two techniques is an issue that during recent years has been highly regarded by the researchers and managers. Research framework contains a brief description and introduction of tools and quantitative risk analysis techniques, reasons and benefits of integrating risk management with value engineering and then description of case study. This research has provided a new way for planning and forecasting future performance of the final cost projections.

DOI: 10.5901/mjss.2016.v7n4S2p96