Value Management – Creating Functional Value For Construction Project: An Exploratory Study

Olawumi, Timothy Oluwatosin; Akinrata, Ebunoluwa Bimbola; Arijeloye, Bamidele Temitope

Abstract

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.

• Journal Article Type: Article
• Acceptance Date: Aug 23, 2016
• Publication Date: 2016
• Deposit Date: Oct 15, 2021
• Journal: World Scientific News
• Peer Reviewed: Peer Reviewed
• Volume: 54
• Pages: 40-59
• Series ISSN: 2392-2192
• Keywords: barriers; benefits; drivers; value management; vm; vm methodology
• Public URL: http://researchrepository.napier.ac.uk/Output/2804151
• Publisher URL: http://www.worldscientificnews.com/wp-content/uploads/2016/01/WSN-54-2016-40-59.pdf