Optimizing Implementation of Value Management Processes for Capital Projects

Sung, Hee; O’Connor, James T.

doi:10.1061/(asce)0733-9364(2005)131:2(239)

Cited by 26 publications

(16 citation statements)

References 2 publications

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“…In other words, the goal in VM is not merely to reduce costs but to balance performance with cost. Recent developments and practices in VM discussed in literature (Cha, O'Connor 2005;Chen et al 2010;Luo et al 2011;Fan et al 2010;Bowen et al 2010) in principle conclude that VM in construction industry is still in its developing stage.…”

Section: Value Managementmentioning

confidence: 94%

Use of Value Management Workshops and Critical. Success Factors in Introducing Local Experience on The. International Construction Projects

Šurlan

Cekić

Torbica

2015

Journal of Civil Engineering and Management

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Critical success factors can be used in value management workshops to determine the client value system, which in turn is critically important to the briefing process and the successful delivery of construction projects. This research is concerned with international construction projects. In particular, it investigates the impact of local knowledge on the client value system. Workshops were organised on 12 international projects in the western Balkans region. The initial client value system was captured by using a paired comparison exercise. Next, local knowledge information was introduced, and the EFTE (Estimate-Feedback-Talk-Estimate) technique was used to capture the revised client value system. The changes in the two sets of client value systems were analysed. The results indicate that 4 parameters (Scope, Contract-admin, Human resources and Health and Safety) out of 8 changed and that the changes were statistically significant. Local knowledge can be used to impact client value system.

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Section: Value Managementmentioning

confidence: 94%

Use of Value Management Workshops and Critical. Success Factors in Introducing Local Experience on The. International Construction Projects

Šurlan

Cekić

Torbica

2015

Journal of Civil Engineering and Management

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“…Thyssen et al (2010) discuss value both in objective and subjective terms, also differentiating between intrinsic and extrinsic value. Cha & O'Connor (2005) argue that there is no single definition of value, as value is an abstract concept in nature. In the realm of projects, discussions about value deal with outputs (at the end of the project), outcome (some months after the project), and impact (years after the project) that a project delivered according to different stakeholders, levels and timescales (Turner & Zolin 2012;Zwikael & Smyrk 2012;Davis 2014).…”

Section: The Complexity Of Defining "Value"mentioning

confidence: 99%

“…This includes agreeing on a mission statement to be used as a benchmark for future decision making (utilising function analysis) and analysing all the options available to the project team, considering the political, social, economic and environmental impacts (Hayles et al 2010, p.45). Even if the terms "VM", "value engineering" "value analysis" are sometimes used interchangeably (Cha & O'Connor 2005;Fong et al 2001), some authors differentiate between these terms, arguing that "value analysis" and "value engineering" have been developed to optimise projects and processes, while VM focuses on the overall achievement of "value" (Laursen & Svejvig 2016).…”

Section: The Value Management Studymentioning

confidence: 99%

Applying value management when it seems that there is no value to be managed: the case of nuclear decommissioning

Invernizzi

Locatelli

Gronqvist

et al. 2019

International Journal of Project Management

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The vast majority of project management literature relating to infrastructure focuses on the project lifecycle up to commissioning and handover. Conversely, little attention has been paid to the end-oflife of infrastructure, i.e. when decommissioning begins. Infrastructure decommissioning projects are long and complex projects, involving an extensive network of stakeholders. Moreover, their budgets can reach hundreds of billions of Euros and, for many of these projects, keep increasing. Since decommissioning projects do not generate direct revenues, they are often considered an expensive nuisance with limited value linked to their delivery. This paper explores the use of Value Management (VM), examining the constraints of decommissioning projects and the requirements for successful implementation of VM, focusing on the nuclear industry due to its techno-socio-economic relevance.Findings derived from the application of content analysis on semi-structured interviews with experienced decommissioning practitioners include suggestions on how to implement VM, ultimately contributing to increase the knowledge on how deliver decommissioning projects with better performance.

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“…To a lager degree, value management has been widely used to meet challenges arising from the construction industry, which has been showed that interactive value management system (IVMS) has a positive influence on idea generation in VM workshops [5]. And it is essential to optimize the implementation of value management processes (VMPs) to facilitate the implementation of the VMPs on the construction industry and maximize the potential benefits to a particular project [6].Through identifying the key competitiveness indicators (KCIs) for contractor competitiveness in the Chinese construction market, then, on which an index value is used to indicate the relative significance of various competitiveness indicators, are built [7]. Based on [7], by using the comparative and relative difference among Construction Company, a corresponding value growth strategy and innovation blue schedule will be identified.…”

Section: The Relative Theory Of Value Innovationmentioning

confidence: 99%

Value Innovation Circulation of Construction Enterprises: A Chinese Case

Zhang

Zhou

2009

2009 International Conference on Management and Service Science

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Although it is true that the issues of low added value growth and disco responding status in the international construction market for China Construction market have been dealt with extensively from different perspectives, studies on the value innovation combined with Deming cycle of TQM are few. This study tackles the issues by analyzing the relative theory to purify the broader concepts of value innovation, then, integrates the Deming Cycle of TQM by analyzing the relationship between innovation and TQM. During this retrospect, the combined point is identified to build the value innovation circulation model for China Construction Industry and the criteria of decision making for the value innovation based on the classic theory of marginal value and the four steps of value innovation. Then, the marginal value in the five conditions is compared. It shows that two necessary and sufficient conditions and one necessary condition about the decision criteria are certificated in the value innovation of China Construction industry (VICI). Finally, the study provides the model of the VICI evolvement to explain the running of value innovation circulation, and it also further puts forward the element transition matrix of CIVI to interpret the change of the buyers' claim in the circulation of the CIVI reasonability and the inner mechanism of value innovation circulation. The study provides useful references for further studies that explore the value innovation used in the China construction industry and those used in other construction industries.

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Optimizing Implementation of Value Management Processes for Capital Projects

Cited by 26 publications

References 2 publications

Use of Value Management Workshops and Critical. Success Factors in Introducing Local Experience on The. International Construction Projects

Use of Value Management Workshops and Critical. Success Factors in Introducing Local Experience on The. International Construction Projects

Applying value management when it seems that there is no value to be managed: the case of nuclear decommissioning

Value Innovation Circulation of Construction Enterprises: A Chinese Case

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