Related Papers
APPLICATION OF VALUE MANAGEMENT IN CONSTRUCTION
ketema teshome
Advances in Civil Engineering
A Decade of Value Engineering in Construction Projects
Nida Fauzia
Over the past half-century, value engineering (VE) has emerged as an effective tool to manage time, costs, and quality with an aim to maximize value. It has been shown to be a highly effective approach for evaluating current construction projects. However, this tool’s application in the construction domain is quite variable. This research aims to provide an in-depth quantitative and qualitative content analysis of the application of VE in construction projects. It is found that new research over the past decade has continuously improved the efficiency and productiveness of VE practices. Current work focuses on integrating VE with other disciplines, applying VE in diverse project domains, assessing VE performance, and developing new VE technologies. This broad review highlights some of the key areas of interest that required future investigation to ensure the continued delivery of value in the ever-changing and evolving construction industry.
World Scientific News
Value Management – Creating Functional Value For Construction Project: An Exploratory Study
2016 •
Dr. Timothy O Olawumi, Bamidele Arijeloye
Value management is a process whereby the project is evaluated and scrutinised to obtain maximum value for money by following a prescribed methodology. It focuses on the value, rather than cost, in relation to the function of the element of the project. However, value relates to what an element does. The key benefit of VM is the financial benefits to the client; other benefits include a clearer brief, improved communication, use of local materials etc. However, there are barriers to its application such as inadequate training and education, the unwillingness to entertain new ideas, lack of regulatory framework etc. Also, the following drivers of VM approach were identified: establishment of a regulatory framework, client's awareness, establishment of a group support system on VM etc. This paper considers value management from a functional value perspective and argues for greater recognition for it to form an integral part of projects.
International Journal of Project Management
Beyond value engineering: ? value management for building projects
2012 •
Denis Merlin
The paper distinguishes between value management and value engineering on the basis of their underlying assumptions. The traditional approach to value engineering is analysed, and is found to reflect the optimizing paradigm of hard systems thinking. In contrast, the alternative approach offered by value management is based on the learning paradigm of soft systems thinking. While the objectives of value engineering are dominated by cost reduction, the purpose of value management is to develop a common understanding of the design problem and to identify explicitly an agreed statement of design objectives by the project stakeholders. smart value management is introduced as the means by which these ends can be achieved. It is further suggested that this approach enables project managers to exert an increased level of control over the early stages of building design. It also ensures that different interest groups within the client organization are actively involved in the design process, and that they thus ‘buy in’ to the decisions which are made.
Construction value management revisited: the designer's role
2001 •
Derek Thomson
Value management is well established in construction. The method provides a structured, documentable consideration of project stakeholders to ensure that projects are required, framed to satisfy values and sufficiently supported by all stakeholders to ensure successful completion. A variety of construction-specific value management methods exist and many UK design management contractors offer the practice to clients as a structured method of considering the role of each project in adding value to clients' business activities. Value ...
POTENTIAL ROLE OF VALUE MANAGEMENT IN CONSTRUCTION INDUSTRY
IRJET Journal
Application of value management to selected construction projects in Nigeria,
Ayodeji E Oke, Douglas O Aghimien
Due to benefits of value management (VM) in capital projects in some developed and developing countries of the world, there has been call by built environment professionals in Nigeria for embracement of the practice by project stakeholders. VM has been introduced in the country but there are challenges with its implementation and application, this study therefore examine the influence of VM practice on 4 selected building projects. Case-study approach was employed in which group of professionals carried out hypothetical VM analysis of selected projects using 40-hour workshop plan. Prior to the examination of the projects, facilitators and members of the team were trained on the history, basis and application of VM to construction works and a typical project was examined in the course of the training. On a general note, the study revealed that VM has numerous benefits if fully implemented for construction projects thereby enhancing value for money for project clients, owners or sponsors. The two notable benefits are reduction of cost while maintaining function as well as identification and removal of unnecessary materials, process and workmen time. Beyond the introduction of VM into curriculum of higher institutions and presentation at various workshops and seminars, a major issue of implementation should be addressed by stakeholders in the construction industry.
Contribution of value management to construction projects in South Africa
Ayodeji E Oke
For clients, owners and financiers of construction projects, construction process signify a huge capital investment which translate into substantial fixed costs for their organizations. Value Management (VM) is a business strategy tool to ascertain whether construction of a facility will provide best function at the lowest possible cost. This study examine the contribution of value management to construction projects with a view to assessing challenges and measures to improve adoption and application of the discipline. Primary data were collected through well-structured questionnaires administered on construction professionals within the study area and Mean Item Score was used for data analysis. The major contributions of VM to the South African construction industry include optimize value for money, creates a clearer focus on the project objectives and works towards arriving at a more effective design. However, poor communication, lack of interaction and unwillingness of clients to pay for VM service, were the challenges affecting the adoption of VM. In order to improve construction project performance using the process of value management, orientation meetings should be duly organised, team structure should be finalised and team members must be appropriately selected for construction projects. Built environment professionals - including construction and project managers, should familiarize themselves with VM and strive for its full adoption and implementation for construction projects in order to achieve best value at the lowest complete life cycle project cost for construction clients.
Journal of Financial Management of Property and Construction
An analysis of value management in practice: the case of Northern Ireland's construction industry
2011 •
Professor Srinath Perera
CONTRIBUTIONS OF EXISTING PRACTICES TO PURSUING VALUE IN CONSTRUCTION PROJECTS
Patricia Tzortzopoulos Fazenda
