Managing value, requirements and risk in the appraisal stage of UK construction projects

The construction industry in the United Kingdom has grown significantly and its ability to produce construction projects successfully has a significant impact on the whole economy’s performance. This industry needs better performance and value for money improvement because of ineffective decision-making associated with the management of risks, uncertainties, and changes which are inherent in these projects, particularly at the early {appraisal} stage and its investment decisions. Positioning this research within a wider body of international literature, including standards on managing projects, has made clear: the lack of VM, ReqM and RM approaches that address these methodologies comprehensively at different organisational levels; and the lack of a clear and proper linkage between these organisational levels. This research clarifies the relationships between policy, strategy, portfolio, programme and project levels and their contribution within the appraisal stage of projects. It investigates the applications of value, requirements and risk management at different levels of an organisation; and subsequently develops an integration approach. This approach applies these methodologies together within investment decisions under uncertainty to appraise projects top-down and manage the organisational value chain through these organisational levels to successfully provide the right projects that align with corporate strategy, leading to improve performance and value for organisations in the construction industry.