The concept of value engineering and its assimilation in Sri Lankan construction industry: a literature review

Abstract

Value is an ideational thought by which a worth of a good or service is expressed. Value Engineering is one of the tools used to evaluate such value and provide solutions for best fit value in real time. The core principle of practicing value engineering is to achieve value for money in construction projects, but it also bestows practitioners with added advantages such as innovative alternatives and enhanced quality. Even though value engineering is practiced globally, application of value engineering in Sri Lanka is highly limited due to lack of knowledge and awareness of the concept of value engineering, lack of realisation of the benefits it can bring to the construction projects and lack of government support. Hence, Sri Lankan construction industry lacks initiatives to pursue integration of value engineering in construction projects. The objective of this paper is to explore the idea behind the term "value" through value engineering and manifest previously identified causes and mitigation strategies to enhance value engineering practices within Sri Lanka. A comprehensive literature review has been carried out to disclose facts and cues of value engineering identified globally and to contextualise the concepts of value engineering within Sri Lankan construction industry. This paper emphasises that value engineering enhances the total value of the project while irradiating unnecessary costs associated with the projects. However, Sri Lankan construction industry is not practising value engineering in its full potential due to barriers identified above. Recommendations were, therefore, proposed to reveal the importance of standardising value engineering practice in Sri Lankan construction industry.