Risk for Value Engineering

Risk analysis has been a highly underrated project element.  Many challenges that occur during the construction phase could have been eliminated or reduced by doing a formal risk analysis during, at a minimum, the design phase.  It can also provide an approach for a design team to better analyze and understand scope and risks associated with the scope.  RHA has integrated a risk analysis as part of each VE study, as appropriate.  We have had great success in using this as a tool to better manage project risks during the planning and design phase. A risk analysis can be a small, focused effort or a much larger task to undertake.  This depends on the complexity and the needs of the project.  Risk analysis can provide the team with an opportunity to first identify various risks and then establish a plan to evaluate and categorize the risks.  We often combine an assessment with our formal VE studies.  The team works with the owner and the design team during the information phase of the study to ensure a well-rounded understanding and discussion of project risks.  During the creative phase of the VE workshop, in the brainstorming session, we will readdress the identified risks to provide opportunities and ideas for addressing the risk as determined by the team.