Executive Summary Value and risk management is a critical component in managing construction projects in the construction industry. It is a process which when integrated into the procurement phases improves and increases project value, enables project managers identify and reduce unnecessary expenditure, optimising resources, enables mangers and stakeholders generate creative ideas, and provides a framework for updating standards and objectives. Integrating value and risk management provides successful project implementation to identify business needs, and design value and business study to evaluate the potential for implementing value into the project. In addition, value and risk management is critical in minimising minimizing waste, optimizing resources, and in protecting reputation and value of assets. Value and risk management provides a framework for assessing the contracting process against typical contracts signed in the recent past, which provide a typical example of the procurement contracting for the client. A typical example of the potential value of risk and value management in the construction industry is applied in the Chinese construction industry. Evidence has shown the potential impact value and risk management has had on the current and future construction projects in the construction industry in China. Typical areas include risk avoidance, reduction or mitigation for project value. Introduction Value and Risk Management are critical components in the current project in enabling optimization of team contributions to the value and risk management process to enhance value in the delivery of service by implementing a new-build local government administrative headquarters. The team is obliged to ensure that quality, performance, reliability are upheld while minimising the life cycle costs (Shen & Liu 2004, p.4). Value management will provide a creative project specific problem solving methodology with stakeholder involvement toward attaining value added solutions to the current project of constructing a new administrative block. The integrative approach of project learning define in value management is evidently optimized in constraining the budget and project complexity. The results will be sustained performance improvement and reduced costs in the construction of the City Government (Council) headquarters during the projects initial stages (Lin & Shen 2007, p.5). It will be able to add value to the building project. Mainly, value management will provide maximum value for the project, detailed information about the functions fundamental to a cost effective project which provides value for the users, clearly established and verified project objectives, optimized design solutions, and cost effective project development, making value management identifiably beneficial for the City Government (Council) headquarters project. Identify Business Needs The rationale for constructing a centralized administrative block at the center of the city is to reduce the costs of running different departments located at different parts of the city to optimize governance and service delivery from a centralized location. In this case, the strategic objective of rationalizing the local government service delivery and attain the vision of a progress