The discipline of risk management has traditionally focused on the identiﬁcation and quantiﬁcation of risk. This focus on problems, while it has indeed proven to be effective in improving decisions that involve uncertainty, often misses the mark with respect to identifying appropriate responses in an innovative way that maximizes project value. Value improvement relative to the management of risk requires that attention be given to project functions. The integration of function analysis into risk management provides a powerful means to do this.
Similar to most risk workshops, an integrated VE and risk assessment workshop utilizes a multi-discipline team composed of subject matter experts (SMEs) representing various areas of knowledge relevant to the project. In addition, it requires a facilitator who is also ﬂuent with function analysis as well as other VE techniques. This may be the same person as the risk manager or a co-facilitator who will work in conjunction with the risk lead. It is important to note that a skilled facilitator with the necessary qualiﬁcations is important, as they will ultimately be
able to best drive the process and achieve the desired outcome.