Value management: recent developments and way forward

Today, several researches have been carried out in the area of sustainability with much emphasis being placed on the environmental dimension. Though this is good, a balance needs to be created between the environmental, economic and social sustainability dimensions. Bearing this in mind, the construction professionals are saddled with the responsibility of delivering sustainable construction projects using diverse tools. One of such tool is Value Management (VM). Hence, this research assessed the use of VM in delivering economically sustainable constructions. A case study approach was employed and the study revealed that VM has a great role to play in delivering economic sustainability in construction since both VM and Sustainability (the economic dimension) have a common goal which is; achieving value for money. Notable benefits of VM in providing economic sustainability in construction includes: reduction of overall cost while maintaining function through identification and removal of unnecessary materials and process and use of local materials to save cost of importation and transportation. The study therefore recommends the implementation of VM in building construction and presentation at various workshops and seminars in order to enhance sustainable construction development through VM practise.

Value engineering (VE) methodology was reviewed with the aim of improving it to achieve better sustainability outcomes. Limitations in the conventional VE process were identified and solutions developed to counter the limitations in the respective VE phases. Performance-Worth (PW) approach in the function analysis phase, Neuro-Linguistic Programming (NLP) method in the creativity phase, and Choosing By Advantages (CBA) in the evaluation phase of VE were identified as potential avenues that could improve sustainability outcomes. It was recommended that these methods be integrated in the VE job plan to improve the desired outcomes. These new methods would simultaneously include the three facets of VE that focus on achieving project outcomes at optimum cost and at the highest performance and quality levels. Case studies could aid in investigating further these new VE approaches.

International Journal of Project Management, 2012

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.

International Research Journal of Innovations in Engineering and Technology

In the realm of a modern building, sustainability and value enhancement are crucial factors. As a result, a construction project's value may increase as a result of the integration of sustainability and Value Engineering (VE). Therefore, the goal of this research was to create a framework that combines VE and sustainability ideas in Egypt's construction industry to increase project values. It's well known that Value engineering is an effective strategy for reducing costs and raising quality, particularly given the importance of the building sector to the global economy. Value engineering has been shown to have positive effects on the environment and the global trend of green construction, in addition to project prices and quality. Value engineering takes into account both the up-front and ongoing costs. Sustainable development is an approach that satisfies present needs without jeopardizing the ability of future generations to satiate their own needs. The sustainability approach takes into account all available resources, including water, energy, and the entire lifecycle of material, from its inception as raw materials to its eventual recycling.

SSRN Electronic Journal, 2018

Value Engineering (VE) is a function based approach to effectively attain sustainability and cost-effectiveness in construction processes. The present paper briefs the concept of value engineering; its potential, parametric assessment methodology and the applications. VE has been proven an effective tool for management and innovation. It opens ways to new practices that not only improve the quality of construction, but also result in greater consumer satisfaction. Value analysis deals with the economic aspect of value engineering on an actual construction project. By following value engineering methodology, the key critical parameters can be identified that play a substantial role in the cost of a project. Cost effective and sustainable ways of improving the processes can be highlighted. It has also been indicated to suggest renewable energy alternatives wherever possible to reduce negative environmental impact arising due to construction.

2018

The Nigerian Architecture, Engineering and Construction (AEC) industry suffers from poor performance especially in the aspect of sustainable construction. Using diverse construction practices available to achieve successful constructionwithout posing any danger to the environment, society and the economy is necessary to rectify this menace. One of such practices is Value Management (VM), which has been adopted by some developed and developing countries around the world and has proven to be highly beneficial. This study therefore assessed the adoption of VM and its benefits in the delivery of sustainable construction within the built environment in the country. The study adopted a survey approach in which construction professionals within the six geo-political zones of the country were sampled. Data were collected through the use of questionnaire, while percentage, mean and one-samples t-test were used to analyse the data gathered. Findings revealed that construction professionals ha...

Proceedings of International Structural Engineering and Construction

Value engineering (VE) is a practical approach for economic saving and enhancing quality, thereby increasing sustainability in the construction industry. This study presents a latent correlation between VE and sustainability in the construction industry. Such correlation is an adapted method from the current VE process that analyzes the effects of sustainability factors on alternative local building materials cost/performance through its lifecycle stages. The model enables the study team to apply the methodology during the briefing process and change their thoughts from the only cost to value. The paper also suggests three stages for applying a correlation study within the early stages of a project. The study modified each stage by considering the sustainability factors. The methodology was synthesized based on a review of previous studies reinforced by an electronic survey. This paper presents the model’s application in an apartment project’s case study. This case study presents th...

The construction industry has a vast impact on the environment and the economy. Construction project performance requires a focus on increasing the resource efficiency and reducing the impact on the environment during the construction lifecycle. This on-going research is addressed towards the need of improving construction project performance by creating addedvalue for building projects using quality management (QM) and value management (VM) approaches. This research employs a quantitative approach through a questionnaire survey distributed to construction industry stakeholders. The questionnaire consists of three parts of discussion including identification of critical success factors and barriers that exist typically at each construction stage in building projects, plus identification of additional functions in building projects, and total investment cost for building projects. As the significant findings indicate, this research evaluates how the understanding of quality and its perceived processes plus how the identification of additional functions can be applied to deliver efficiency and more added-value in building construction projects e.g. Energy Efficient Buildings.

World Scientific News, 2016

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.