A hybrid risk management and value management model

In this research an hybrid approach based on risk management and value engineering has been developed to select contractors in construction projects. This model is designed based on some criteria and sub-criteria derived from the literature whose importance is evaluated by the best worst method. The contractors were then prioritized using VIKOR methods and GrayRelationship Analysis. According to the computational results it can be observed that the local risk strategic (0.348) has the highest score among the criteria and the other risk weighted local scale (0.080) has the lowest score among the criteria. In terms of operational risk the technical error sub-criterion had the highest local weight (0.477) and the cheaper sub-criterion the lowestlocal weight (0.165). In the strategic risk dimension the social dissatisfaction sub-criterion reported the highest local weight (0.380) and the environmental dissatisfaction sub-criterion the lowest local weight (0.136).