Value Management Implementation in Construction

This chapter brings to notice the general idea behind the need to consider value as a pertinent point since construction is swiftly moving towards sustainability. The introductory chapter introduces the general information about the subtopics across the parts of the book and mentions other techniques implemented in the construction industry. The value system for construction characterizes construction features into sections. The barriers often experienced in implementing value management highlight some of the difficulties encountered in applying value management or any new technique in the construction industry. The summary aspect ends the whole concept of the work discussed in this chapter.

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.

The introductory aspect of this work gives an insight into definitions concerned with value management (VM). VM in projects gives exclusive benefits, which is brought into the project to complete an identified goal. It was also brought to attention that VM could also serve as a risk management tool by adopting various phases, techniques and concepts involved in VM. The barriers stated are some ways by which full implementation of this practice might be difficult in which understanding the practice in VM tops the list. Several solutions were also recommended, which would help in minimizing the highlighted barriers.

The construction industry is an industry that brings a lot of development to the economic status of any nation if it is well coordinated. There is always an upsurge in the attribute of the professionals concerned as modern methods and innovations are incorporated into the industry. This chapter identifies the value management (VM) practice in many countries researched by several authors, France inclusive. It also gives different definitions by researchers on the subject. The concepts involved in VM practices explain the means by which it is practiced and relates that to its procedures and processes. VM techniques bring closer the different techniques employed in executing a VM practice as the promotion of VM service wraps up the concluding part of this study.

The construction industry is one that aims for perfection in terms of delivery at the end of the service rendered. Over the years, the Hong Kong construction industry is still trying to make the implementation of value management (VM) generally accepted by construction professionals. This research begins with the introduction of the subject as well as its history. It then further brings into the discussion who can initiate VM study into construction. The projects carried out using VM practice are also discussed, along with their preparations at every stage of construction. Criteria for conducting VM, key success factors for VM implementation, benefits of implementing VM and the functional roles of the Hong Kong Institute of Value Management concludes the other sections of this research. It is concluded that necessary measures should be made to make VM implementation more rampant in the Hong Kong construction industry.

Value for money (VfM) is a concept widely recognized by many even beyond the field of the built environment. A concept known as value management (VM) is one of its kind that construction professionals and clients employ towards achieving vVfM. This study critically examined the VM practices of the construction sector of Northern Cyprus. The first section introduced what value management is from various professionals views and the concept behind it. The second aspect of this work looked at VM considering various expert research on the field. The third section looked at how VM is practised in Northern Cyprus. The result shows that VM practice is still in its infancy even though some construction companies or firms have adopted the process for some of their projects. The term value management is not common among the construction professionals in Northern Cyprus, but instead, they are more familiar with what they called ‘job plan’.

Value management (VM) practice has come to stay in the construction industry. It is no more alien that the construction industry is making use of this practice and other sectors of the economy connected to a country's policy. The basic idea is to adopt the system into every facet of the economy to have a better output at the end of a fiscal year in the long run. The construction industry in Scotland is not left behind as this study focuses on the adoption of VM practice in the country in terms of value planning, methodology, value engineering, review and analysis. Best value and VM focus on the delivery of values attached to VM projects and brings into notice how VM could serve as a risk management tool. This study also explains the role of teams in VM, VM actions, rewards and challenges experienced along with a summary of the whole system in Scotland.

Value management (VM)'s introduction into construction practices has been debated over the years, with different researchers coming up with definitions to satisfy the desired outcome, getting the value for the project and satisfying the client with the lowest possible cost in project execution. The construction industry in England had been introduced to VM practice for a very long time. It is believed that if constructions in the country could follow the laid-down features of VM, the construction sector would develop to a summit beyond profoundness. The historical fact of how VM was introduced into England and the United Kingdom (UK) was discussed as part of the chapters of this research work. Other chapters of the work focus on VM definitions, metamorphosis of the practice, features that make up the practice, its application and resources needed to carry out VM. This chapter is summarized in the concluding part to give a brief overview of the project work.

Virtually every literature reviewed asserted that value management (VM) originated from the United States of America (USA). The practice has been into practice during and after World War II. There have been several implementations of VM practice in the US construction industry, and there have been manifestations in other sectors. This is just pointing the direction to how established the VM practice is rampant in this construction industry before spreading across to other countries. The introduction part of the research points to value involving planning, execution, controlling and management for the benefit of the client and concerned professionals. With the history of VM founded in the United States, the originator drafted initial procedures and stages concerned with the practice before being modified by various countries to suit their environmental needs. Early challenges were also recorded in the research, and conclusions were made on the work's general outlook.

The quality of the project to be delivered at completion should matter to the contractor or professional in charge of the project as much as the profit expected after everything. To deliver a project that is of standard, construction professionals have suggested several concepts. One of these concepts is value management (VM). China adopted VM into its construction industry some years ago. The history of how it got to be was explained along with the current state of the practice itself. A summary of some of the projects that have been carried out using VM concepts gave insight into the level of VM implementation in China's construction industry. With all this well spelt out, some constraints were identified, which hindered full compliance from all parties involved in construction. Findings were carried out to obtain data about the influence of VM in saving cost, results were obtained and conclusions were inferred from the general study.

The Ghanaian construction industry implemented the concepts of value management (VM). Despite this implementation, the practice has not been totally utilized to an acceptable level for the industry to enjoy optimum benefits of the services concerned with applying VM The introduction gave an insight into what the subject is and diving into other matters related. The historical relevance and adoption level in this construction level indicated some of the reasons for the perception of some professionals in or against VM. VM processes were discussed, and the benefits they bring to project management led to more understanding of the phases involved to have a wider scope for VM in construction. VM techniques and strategies explicitly showcased solutions to perceived challenges associated with the practice of VM in buildings.

One of the impetuses that empower a country to keep running and developing is the construction industry. Value management practice has spread across different countries. This study aims to look into the overview of the practices of value management in the Malaysian construction industry. The research introduces what value management means from a variant view of expert opinion. It reviews different expert works to comprehend the state of value management as practiced in Malaysia and gives a conclusive statement to the outcomes of the review works. The review shows that value management has grown over the years; such growth has seen the government having a guideline and regulation in carrying out public construction projects using value management.

Existing studies relating to value management in developing countries reveals that the Nigerian construction industry is also facing the challenge of not fully adopting value management practice into construction, let alone other sectors of the system. The introduction gives the correlation between sustainability and value management as techniques vital to the development of construction in Nigeria. The relative importance of value management is said to give an overview of the new advantages the practice brings to parties involved in an identified project concerned with using value management. Requirements, challenges and behavioural elements pertaining to value management in the Nigerian construction industry summarize the concerns with the application of value management in the country. The conclusion gives a general summary of the elements highlighted throughout this research.

This study starts with an introduction to what value management (VM) is, regarding its acquaintance with structures in construction. This gives the background understanding of the practice with its relevant importance, as pointed out in the general overview of the subject in the early part of the study. The importance of implementing VM gives a complete view of why most industries are trying everything possible to adapt its system into their respective industries. Identified roles of a value manager that oversees VM give the avenue to comprehend what it takes to be ensued with the VM tasks, which later drafted the history of VM in the Saudi Arabian construction industry. Other chapters of this study include its application, phases, factors to be considered, reasons for implementing VM practice, barriers in implementation with solutions to some of the barriers and the concluding part making a summary of the perceptions inferred from the VM task through the study.

The implementation of value management (VM) by the stakeholders in the South African construction industry is very low due to misperception about the integration of sustainability and VM as two separate studies. The South African construction industry implementation of VM is at a stage where one could infer that it has not been introduced into the construction industry at all. The introduction gives a review of the interest of the client towards getting the desired satisfaction using various VM techniques. The following chapter evaluates the services employed using VM practice to how project management could be enhanced through the services mediated by construction professionals in South Africa's construction industry.

The relevance of the value management (VM) concept in the construction industry in Sri Lanka cannot be overemphasized. VM ensures that projects are designed and documented to provide satisfactions within an expected project value. VM is a team approach that assesses the relationship between function, cost and worth. Its significance notwithstanding, VM is still not widely used in Sri Lanka in construction projects. Practitioners in the country's construction industry are still not disposed to its use. This research strives to explain the development, relevance and evolution of VM in the construction sector in Sri Lanka. An effort is also made to outline the objectives of VM as well as the method of its application with a conclusion, using practical brief case studies to demonstrate the level of its application in Sri Lanka.

Culture is a big influence in the United Arab Emirates (UAE). The presence of culture and related social practices influences the nature and types of demands from the clients of construction projects. Value management (VM) introduced into this construction industry had to break barriers facing the full adoption of the practice. The introductory aspect of the work explains the growth of the construction industry in the UAE over the years. Sustainability and construction were also discussed to understand the influence of both and the utility to be derived with time. Another part of the work speaks on how to improve the practice of VM in UAE construction by suggesting ideas in the design and construction stages. The effect of environment and the cultural aspect of the people, clients, professionals and so on conclude the later part of the work.

This chapter concludes the entire value management (VM) practice in the selected countries. Also, it gives additional perspective about the application and functionality of VM practice in other aspects that are different from the ones identified in various sections of this book. It combines both VM and value engineering (VE) practices and highlights their importance by comparing similarities and relevant ways in which their implementation could help getting the desired project (of an identified sort). Furthermore, it researches the difficulties in engaging both VM and VE practices by explaining in detail some of these challenges and possible ways by which solutions could be coined from addressing them. Resources needed to carry out both studies are represented in subsections of the chapter to balance practice in the past and the one to be implemented now.