Management Research in Iran

Abstract Value engineering is a powerful tool for solving problems based on creativity and function and it has been used in construction projects for many years and could prove its advantages to all members of this industry in recent years. However, like other tools, it has the ability to upgrade and increase productivity. This study attempts to provide a consolidated framework for value engineering and risk management. Accordingly, after identifying the model’s factors in these two areas, models which are more associated with the construction industry have been chosen. Based on experts' opinions, top models were selected for integration. By using the Delphi method, experts reached a consensus for sequence of the framework steps. After necessary synchronization, this framework implemented in Ports and Maritime Organization as a verification. By using this framework, the process of value engineering is improved. Risk management (associating experts who are aware of all aspects of project) was executed in two levels and based on fuzzy logic. It resulted in spending less time and money.