Value Management in Australia

Abstract

Value management is a conceptual process that ensures the use of alternative materials to increase the function, reduce time and eliminate unnecessary cost. This process spreads from when the client has given the brief to the used stage of the project. It involves gathering the professionals involved in the project by a value management facilitator for 40 hours of brainstorming and finding alternative materials to be used. Furthermore, the ways to avoid difficulty in the project are devised by looking critically into the brief and outline design, removing unnecessary costs found in the design or brief before the project comes to execution and achieving more functionality for the project while at the same time getting value for money. Australia experienced an improved economy with the implementation of value management into construction some years ago. This study is aimed at evaluating how value management is practiced in Australia and correspondent application of its tools on construction projects in Australia. This entails details relating to its application in the country's construction, history and methodology, the application of the practice, challenges faced, benefits and measures to enhance the industry. The study was rounded up with a conclusion to summarize the salient observations made during the study.

Citation

Oke, A.E., Stephen, S.S. and Aigbavboa, C.O. (2022), "Value Management in Australia", Value Management Implementation in Construction, Emerald Publishing Limited, Leeds, pp. 31-43. https://doi.org/10.1108/978-1-80262-407-620221002