Applying Risk Analysis, Value Engineering, and Other Innovative Solutions for Project Delivery (2017) / Chapter Skim
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The primary focus of this research report is to summarize the research performed, present the conclusions drawn from the research, and present the tools and techniques developed. Summary of Research Activities The research team conducted an extensive review of the following focus areas: • Value Engineering • Risk Analysis • Constructability Review • Other Innovative Methods • Project Delivery Methods A detailed summary of the research results for each of these focus areas is included in this research report.
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26 15 23 13 40 5 1 58 1 12 19 8 0 10 20 30 40 50 60 70 80 Value Engineering Risk Analysis Constructability Review Project Delivery Other Innovative Methods Type of Documents Reviewed N um be r of D oc um en ts DOT Guidance Technical Reports Academic Papers Research Reports Figure 2. Summary of the survey results.
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The research team tested the hypothesis that VE studies that adhere to the formal VE process (including function analysis) and spend an appropriate amount of time performing a VE study will produce better outcomes.
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The research team emphasizes that consultants are not superior, but rather that the application of proper technique coupled with an appropriate amount of VE study time led to enhanced innovation and better results -- thus, a worthwhile investment. Communication and collaboration have significant benefits for projects.
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Because the focus is on total value improvement, the research team calls this process Integrated Value Management. Figure 3 provides a visual outline of how this new process aligns with a generic project delivery life cycle for transportation projects.
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Integrated Value Management Conceptual Design • Project Initiation • Need & Purpose • Stakeholder Outreach • Project Delivery Planning Preliminary Design • Engineering Studies • Environmental Analysis • Options Analysis Final Design • Plans, Specifications & Estimates • Right-of-Way Acquisition • Utility Relocation Construction • Advertise, Bid & Award • VECPs • Change Orders & Claims • Project Closeout Value Planning • Key Elements • Focus on defining value and aligning project team with project outcomes • Project decision tools • Scope Planning - Project Functions / Performance • Stakeholder Analysis • Risk Analysis • Constructability Planning • VE Study • Delivery Method Selection Value Analysis • Key Elements • Focus on improving major design options and selecting the best ones • Stakeholder Analysis • Risk Analysis • Constructability Checklist • VE Study • Options Analysis Value Engineering • Key Elements • Focus on improving technical engineering, materials, and methods • Risk Analysis • Constructability Review • VE Study Value Alignment • Key Elements • Focus on leveraging contractor knowledge and experience to improve project value • Partnering • Risk Analysis • VECP Program • ATC Program
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Summary 7 Research Report Structure NCHRP Research Report 850 includes the following sections that provide more detailed information on the research findings and results: • Value Management System Tool • Value Engineering Research Results • Risk Analysis Research Results • Constructability Review Research Results • Innovative Methods Research Results • Project Delivery Methods Research Results
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