Abstract:
Successful Management is essential for the successful completion of any project, especially
construction projects due to its unique and special characters compare with other’
industries. This study is an initial attempt to evaluate the relationship between two main
managerial practices which are known as Risk Management (RM) and Value
Management (VM) with regard to the Sri Lankan construction industry.
Risk Management (RM) and Value Management (VM) are the key areas to achieve
project objectives by enhancing performance and reducing risks. Value Management is
about articulating what represents value in terms of project benefits while Risk
Management is about identifying causes of uncertainty and what can go wrong.
Risks are very common in the construction sector. The research facts exposed that the
design risks, environmental risks, political Tasks are significantly impacting Risk
management. And cost value and functional value are significantly impacting value
management. These risks affect 44.3% of the risk management in the construction industry
and the value affects 56.6% to the value management. Therefore, need to find out the more
risks and values in the construction industry.
The Study implies the Applicability and the practicability of the integrated approach are
desperate unless adequate measures have been taken. The questionnaires and
interviewees were conducted related to the construction practitioners regarding the
designed objectives. It was found that value management and risk management have
a significant effect on the construction industry of Sri Lanka. Finally, the positive and negative
sides of the outcome and restrictions to integration are communicated in this study.
