Questionnaire 1

QUESTIONNAIRE Your Name: __Junaid Usman ____________________________________________________________ Your Organization: _Techno-Consult International________________________________________________________ Your Work Experience: ____8 Years__________________________________________________
You are currently working with: Other (_________) Your Designation: _________________________________________________________ How much experience do you have of site execution: ______6_________ yrs? Among the following Project Control strategies which you think contribute more: (e.g. 1 for least affecting and 10 for most affecting). Also mention other factors if not listed below Owner/Client Design Consultant (Yes) Contractor
Value Management
Value Management is a method of management particularly dedicated to motivating people, developing skills, and promoting synergies and improvement with the aim of maximizing the overall performance of an organization. Value Management is a structured and analytical process in which a defined Work Plan is followed to improve value and, where appropriate, value for money in products, processes, services, organisations and systems. The process may be applied to management decision making at any level of an organisation and is equally appropriate for public and private sector applications. Management in construction industry plays a very important role in terms of its quest for continuous improvement and innovation Value Management in construction industry can be applied to the strategic planning of the business and improvement in performance on top of delivering Best Value. Best value management in construction projects is to keep and maintain a tight workforce with higher management supervision and clear direction. To be more specific, you have to make sure that project teams. Value Management throughout the project cycle - normally, a project has a planned series of workshops incorporated with the project program beginning at project description- strategic level, and continuing through to construction technical level. Cost Cutting Versus Value Improvement, value analysis and value engineering were associated with cost cutting. But value methods on projects improving the understanding of the clients requirements and business needs. Value Management can be applied in ongoing project and general management within any organisation to improve value or value for money. Value Management is a powerful process that may be used to develop agreement, understanding and commitment when applied to the resolution or optimisation of particular issues.
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Achievement of optimum value for money while satisfying the range of 10 user requirements. 11 Prevention of unnecessary expenditure through reducing waste and
inefficiency. 12 Improved team working with joint ownership of solutions. Simple, clear definition of specific stakeholder needs, consideration of all 13 options, alternatives and innovative ideas
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5
Risk Management
1 Identified in the qualitative and quantitative risk analysis 2 Analyzed the critical set of risks and set contingency plans Collaboration with the client's management team, agency planner, engineer, or 3 construction manager and insurance agent or broker 4 5
Develop a risk management strategy that will enable the client to effectively identify, quantify and control most construction risks and exposures Make more informed decisions in order to mitigate their risks
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6 Responsibility transferred through delegation, or the contractual assumption Risk mitigation and planning efforts may require that agencies set policies, 7 procedures, goals, and responsibility standards. Educate clients on the strategies available, evaluate and assist with selecting the ones that are most appropriate, and offer sound advice on the 9 implementation process. 1 Develop and document an organized, comprehensive, and interactive risk 0 management strategy. 1 1 Determine the methods to be used to execute a risk management strategy. 1 Risk Avoidance is just that, avoiding the risk associated with a specific task, 2 activity or project 1 Risk Abatement is the process of combining loss prevention or loss control to 3 minimize a risk. 1 4 Risk Retention is the diminutive value placed on the risk can be safely absorbed. 1 5 Risk Transfer is the shifting of the risk burden from one party to another. 1 6 Risk Allocation is the sharing of the risk burden with other parties. 1 7 Risk management knowledge 1 8 Risk management motivation 1 9 Experience and professional pride 2 Risk management and insurance strategies to cover the entire lifecycle of 0 projects 2 1 2 2 2 3 2 4 Risk management services, insurance, surety bonding, and alternative risk management strategies can deliver effective risk solutions Understanding The Nature of Extreme Events Reducing Community Vulnerability Through Shared Information Distribution of Information on Risk and Institutional Power Structures
Value and Risk Management

1 Risk and value management are interrelated tasks that should be carried
out in parallel. 2 3 Risk and value management are fundamental to the successful delivery of projects and should be used throughout the life of the project. Value management exercises are carried out first, to determine exactly what constitutes value to the business from delivery of the project. A preferred option (or options) is identified, together with the risks that are likely to occur if that option was implemented. The integrated project team repeats the parallel exercises of defining value and associated risks until they arrive at the optimum balance of value and risk. Risk and value management are continuous processes throughout the procurement lifecycle. Value management to develop output-based specification, to refine and evaluate options that satisfy project brief and objectives Risk management to identify risks for each procurement option, cost of managing them. Value management to apply selection and award criteria Risk management update risk register and revise base estimate and risk allowance Value engineering study to optimize whole-life design quality and cost. Integrated project team to assess build ability of options Risk management identify residual risks and continue to manage risks and risk allowance. Agree and implement collective risk management approach
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8 9 a
Process of Value & Risk Management

Project inception: review identifies the needs of the stakeholders and informs the decision on whether or not a project is required. Value management is the tool for strategic options appraisal and making a choice: do something/do nothing/maintain status quo. Options appraisal: review identifies key priorities and constraints; it also identifies and examines possible solutions. It makes explicit the clients values and priorities, the project needs and objectives, and key project constraints and risks. Procurement strategy: evaluate options and define the procurement strategy.This review should help ensure that the option finally selected will meet the objectives set for it. It is concerned with the means of achieving project objectives (procurement strategy and contract strategy) as well as the objectives themselves. Output specification : review considers the output specification against the background of project needs, priorities and the objectives hierarchy developed at earlier reviews. Outline design: to ensure that the required functionality and quality are confirmed before proceeding to detailed design. Detailed design (before approval for construction to begin): value engineering reviews of the design. These focus on the integrated project teams expertise in improving buildability so that works are implemented faster, more efficiently and safely and at lower whole-life cost.
c d e
g Construction: to resolve any issues on site as required. h In-use: to inform the ongoing management and operation of the facility. 1 Orientation/identification: involves the identification of the business 0 problem, the customer needs and priorities.
1 Information: involves the collection of information/data regarding 1 values, costs, risks, programmed and other project constraints Speculation generation: involves the generation of ideas to meet the needs and priorities previously identified. This is usually best undertaken via a workshop with all the stakeholders and project team members. The 1 principle is that ideas are generated in a criticism-free atmosphere, 2 which promotes freethinking and creative ideas. 1 Idea evaluation: this step identifies the most promising options from 3 the last stage. 1 Idea development: the most promising options are developed and 4 appraised. This may be undertaken by sub-groups of the workshop Recommendation/decision/implementation: the results from the last stage are presented to the workshop group and a decision is made on 1 which proposal to pursue. An action plan is prepared to take the proposal 5 forward. 1 Feedback: the success of the options implemented is assessed to 6 provide lessons learned and inform future projects.
Your valuable suggestion for project Control Strategies. ________________________________________________________________________________________________ ________________________________________________________________________________________________ ________________________________________________________________________________________________ ________________________________________________________________________________________________

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QUESTIONNAIRE Your Name: Junaid Usman __________________________________________________________ Your Organization: _Techno-Consult International______ Your Work Experience: 8 Years

Value and Risk Management

Process of Value & Risk Management

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