Best Value Approach (BVA): Enhancing Value Creation in Construction Projects

Abstract

Background: Research has revealed an inadequate understanding of the owners' and users' strategic objectives and a lack of methodology for translating these objectives into functional buildings. Fulfilment of owners' and users' objectives is fundamental in creating value through a project. Management and design processes can be decisive in achieving the desired objectives. Hence, knowledge about what creates value applied into a management framework will enable higher value creation. Objectives: Providing a framework to enhance value creation in projects by addressing: i) what means and principles should be considered in the front end of a project to secure value creation?; and ii) how can these principles be structured in a framework to maximize the project's value creation? Methods/Approach: A literature study, two questionnaires, a focus group workshop, 8 interviews, and two case studies. Results: Fulfilment and alignment of users' needs and owners' strategies combined with innovative thinking is required for value creation. Challenges and obstacles for value creation are identified, and a framework is suggested. Conclusions: The framework suggests principles that contribute to value creation in each phase of a project. Implementing this methodology will help decision makers towards a better understanding of the objectives and translating them to functional solutions.

A Framework for Understanding the Dynamic Nature of Value in Design and Construction

“…"Value is generated through a process of negotiation between customer ends and means" according to Ballard and Howell (1998). Several studies proposed frameworks and models for implementation in an attempt to enhance value on projects during design and construction Haddadi et al 2017;Thyssen et al 2010). Mainly, those models are in connection with approaches such as value engineering (Kelly and Male 2003), value management (Musa et al 2016), and value-based management (Wandahl and Bejder 2003).…”