The Balance Between Value and Risk: A Study on Engineering Philosophy and Practice Based on the Hong Kong-Zhuhai-Macao Bridge

Abstract

As human engineering capabilities enter the era of "mega-projects," the value created by engineering activities and the accompanying risks have reached unprecedented scales and complexity. How to maximize engineering value under high-risk environments has become a key issue in major project management. Using the iconic Hong Kong-Zhuhai-Macao Bridge (HZMB) as the research subject, this paper conducts a systematic case study to deeply explore its embodiment within multi-dimensional value systems and complex risk spectra. Focusing on the dynamic decision-making process of "acceptable risk," this paper reveals how engineering decision-makers, guided by strategic, economic, technological, social, and environmental values, utilize technological innovation, meticulous management, and system synergy to reduce various risks from unacceptable levels to the lowest reasonably practicable level of acceptability. This study indicates that risk management for major projects is essentially an art of dynamic balance guided by value rationality. Its successful practice offers significant theoretical insights and practical references for future major project management. This study not only systematically summarizes the innovative practices in risk management during the HZMB project but also reflects on the value realization paths of modern mega-projects from the perspective of engineering philosophy, providing useful references for the decision-making and implementation of similar major infrastructure projects.