Implementation of Value Management in Public Projects

Jaapar, Aini; Maznan, Nur Amani; Zawawi, Mardhiah

doi:10.1016/j.sbspro.2012.12.208

Cited by 38 publications

(36 citation statements)

References 8 publications

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“…In Hong Kong, it is the high plot price that VM cannot control, while the favoring of friends and family in tendering procedures is also an obstacle [10]; according to a study in South Africa, the failure of its application is caused by the lack of communication [11], while in Nigeria, the stakeholders of the construction market reject the new method [12]. Elsewhere, Value Methodology is used as the fulfilment of a formal obligation, but does not result in considerable benefit due to the low effort exerted by experts [13,14]. However, in countries where the application of VM is not mandatory, market actors call for a government measure to make the methodology obligatory as part of the local construction process [15,16,17].…”

Section: About Value Methodologymentioning

confidence: 99%

Value Methodology in the Real Estate Practice

Hajnal¹

2019

Proceedings of the Creative Construction Conference 2019

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Value Methodology (VM) is a management consultancy methodology that dates back 60 years. According to its definition, value is the ratio of function and resources. VM is a complex decision-support procedure that takes the consumer's need as a starting point and, in order to reach the technical-economic optimum, analyses and shapes the relationships between the functions and costs of a product in a constructively critical manner, as part of team work, in the course of a closely monitored process to create a more favorable value. VM is widely used in various industries, including the construction industry. The methodology is also successfully applied in production processes in Hungary. However, it is striking that the use of VM is not common in segments related to real estate consultancy. This article examines the possible role of VM in the real estate practice, using the method of requesting expert opinion in a training program. The survey clearly shows that both the whole of the methodology and certain of its elements could be included in the everyday practice of real estate experts.

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Section: About Value Methodologymentioning

confidence: 99%

Value Methodology in the Real Estate Practice

Hajnal¹

2019

Proceedings of the Creative Construction Conference 2019

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“…Vorakulpipat et al (2010) concurs noting that, when VE is carried out during the early phase of design, it can see a 10% to 30% reduction in total costs. For an example, taxpayers were released in the order of $ 1 billion alone in US Highways and Transportation Departments due to the application of VE techniques (Jaapar et al, 2012). Dell'Isola (1997) yields typical VE savings as follows:…”

Section: Literature Synthesis: Value Engineering and Construction Indmentioning

confidence: 99%

A decision-making formula for value engineering applications in the Sri Lankan construction industry

Karunasena

Gamage²

2017

JFMPC

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Purpose-Construction industry in many developing countries is reluctant to apply Value Engineering (VE) due to uncertainty of outcomes. Thus, the purpose of this paper is to examine existing practices of VE techniques and make recommendations to organisations and national construction regulatory bodies to standardise VE practices to achieve value for money for all stakeholders. Further, a decision making formula is introduced to determine profitability of VE applications prior to implementation. Methodology-A broad literature review consisting of six case studies with 39 semi structured interviews and six experienced professional's interviews were conducted with construction professionals having extensive knowledge on VE techniques in Sri Lanka, to gather data. Building projects which applied VE were selected as case studies. Content analysis and cognitive mapping were used to analyse data within case studies. Findings-Findings revealed that application, knowledge and experience on VE techniques among construction professionals is unsatisfactory. Recommendations include reducing contractor's design responsibility, introducing proper VE guidelines and statutory regulations. Accordingly, a framework is introduced with recommendations to assist authorities to standardise application of VE techniques. Finally, a decision making formula is suggested to determine margins of contractor's portion due to VE techniques and original profits gained. Value-The formula can be used as a decision making tool by construction industry practitioners to determine successfulness of proposed VE techniques and proposed framework can be used to guide construction professional bodies to standardise VE practices to achieve value for money.

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“…There are still misconceptions and misconducts of VM. Jaapar, Maznan and Zawawi, (2012) highlighted that the negative attitudes towards VM is particularly greater in private construction sector. Sharing similar dilemma with VM, the SB sector is also experiencing challenges on the level of acceptance of sustainability concept and its acceptance is not industry-wide as many developers, especially the small and medium size are still reserving themselves.…”

Section: Problem Statementmentioning

confidence: 99%

“…Besides, it is not an easy job to satisfy every VM practitioners involved in the VM workshop. Thus, outcomes to satisfy them are hardly to be made as it consumes time and requires full participation (Jaapar et al, 2012).…”

Section: Value Management In Malaysia Construction Industrymentioning

confidence: 99%

Advocating Sustainable Building Paradigm through Value Management

Abd-Karim

Wah

Jaapar

et al. 2017

JDBE

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Sustainability issues had become one of the top issues of Malaysia construction industry. The implication of sustainable dimensions into construction project helps in generating buildings which are energy efficient, healthy, comfortable and flexible while at the same time increases its durability. Value management (VM) is proposed as a tool used to promote sustainable building (SB). VM aims to achieve optimum value of a project based on its objectives and its approach is much similar with sustainability which ideally focusing on achieving values, not just economically, but environmentally and social aspects of the project. This paper investigated the practicability of the VM-SB integration in the Malaysia construction industry. It explores the development and practices of VM-SB concept as well as assessing the performance criteria of integrating VM in SB projects. Findings from the questionnaire surveys which were distributed to G7 contractors showed that the VM-SB integration is still low but gradually increasing. More knowledge and understanding of both concepts are needed prior to be implemented into a project as there are potentials for VM-SB concept to be adapted to all projects in the near future.

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Implementation of Value Management in Public Projects

Cited by 38 publications

References 8 publications

Value Methodology in the Real Estate Practice

Value Methodology in the Real Estate Practice

A decision-making formula for value engineering applications in the Sri Lankan construction industry

Advocating Sustainable Building Paradigm through Value Management

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