Identifying the Level of Awareness on Value Management Practice amongst Construction Developers

Lop, Nor Suzila; Apandi, M.A.M.; Kamar, Izatul Farrita Mohd; Salleh, Nur Mardhiyah Aziz and Hafez; Mamter, S.; Hamdan, Nabil

doi:10.1051/matecconf/20141501029

Cited by 3 publications

(1 citation statement)

References 3 publications

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“…VM can be applied to the construction sector as it helps to enhance the time, cost, and quality and increase the project's value for the client [19]. The survey conducted by Jaapar et al [20], Lop et al [21] found that 78 per cent of respondents are familiar with VM. However, after completing the training, just 16 per cent of respondents had a clear understanding of VM resulting in low implementation in Malaysia. Hence, the government approval of VM Circular 3/2009 by the Economic Planning Unit (EPU) in December 2009 has significantly impacted the procurement of government projects for projects more than RM50 million.…”

Section: Literature Review 21 Evolution Of Vmmentioning

confidence: 99%

Enhancing Projects’ Sustainability Through Value Management Approach for The Malaysian Construction Industry: A Literature Review

Yassin

Jaapar²,

Marhani³

2022

IOP Conf. Ser.: Earth Environ. Sci.

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Recently, the Construction Strategic Plan (CSP) 2021-2025 announced by the Construction Industry Development Board of Malaysia (CIDB) highlighted several fundamentals towards achieving sustainable construction. Value management (VM) is one of the best tools that may be used to assist the sustainability success of the Malaysian construction industry. VM is well known to control the time, cost, and quality at once, fulfilling the client’s requirement in the construction industry. However, it is discovered that lack of knowledge, awareness of stakeholders and weak support from the government made it unable to practice VM thoroughly in many construction projects. This article aims to provide the current situation on VM and emphasize its usage in the construction industry in Malaysia. A snowballing method has been used as a research method to gather knowledge on VM from relevant sources such as articles and papers. VM can be implemented by using several techniques and phases to eliminate or reduce the current issues faced by construction projects. This study discovered that the SMART technique is the most compatible technique for a building project as it poses a simple and detailed solution. In addition, it was observed that there is a need for a more specific principle of VM to be adopted for specific construction fields, i.e., residential projects. Systematic training and proper planning are also vital to provide knowledge to the stakeholders to enhance VM incorporation in the Malaysian construction industry. Thus, this paper substantially contributes to a deeper grasp of current literature knowledge and a clearer picture of VM practices that may help our national construction industry in tandem with the foundations outlined by CSP 2021-2025 towards sustainable construction.

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Section: Literature Review 21 Evolution Of Vmmentioning

confidence: 99%

Enhancing Projects’ Sustainability Through Value Management Approach for The Malaysian Construction Industry: A Literature Review

Yassin

Jaapar²,

Marhani³

2022

IOP Conf. Ser.: Earth Environ. Sci.

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Status of value management studies in construction projects: A systematic review

Lin

Mazlan

Ismail

et al. 2023

Ain Shams Engineering Journal

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Value Management Practices in Construction Industry: An Analytical Review

Alshehri¹

2020

TOCIEJ

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Background: Every building project needs a plan for it to optimize value and minimize cost for better profitability. Currently, in the construction industry around the world, not all stakeholders are aware of value management and its benefits. Aim: This review aims to explore the awareness level of value management among all players in the construction industries. Also, to raise dust on the significance of applying value management within the construction workplace. Objective: The objective was explored using research and review papers from 30 studies for 18-years (2000-2018). Methods: Value management is essential at the briefing stage, specifically in the contractor's health and safety performance, the design process, cost and quality, contract strategy, and performance of time. Results: Results indicated that the level of awareness and implementation of value management varies from region to region and country to country. Some implementation barriers include lack of knowledge and awareness, no standard method of problem-solving, lack of value management practices by contractors, the concept is new in many regions, contractors not willing to implement VM fully during projects, and lack of qualified personnel to adopt VM. From this review, some of the benefits of adopting VM include maximizing productivity, better sustainability, and expected targets achieved within a reasonable time. Conclusion: In conclusion, the construction industry needs to put forth efforts to maximize the awareness and applications of value management to enhance project outcomes. The study is valuable for all the value management professionals involved with construction, in general, to try and incorporate it into their work ethics for better productivity.

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Identifying the Level of Awareness on Value Management Practice amongst Construction Developers

Cited by 3 publications

References 3 publications

Enhancing Projects’ Sustainability Through Value Management Approach for The Malaysian Construction Industry: A Literature Review

Enhancing Projects’ Sustainability Through Value Management Approach for The Malaysian Construction Industry: A Literature Review

Status of value management studies in construction projects: A systematic review

Value Management Practices in Construction Industry: An Analytical Review

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