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

Abstract

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.

A Cross-Sectional Analysis of the Application Sustainability and Current Practices of Value Management at the Briefing Stage

“…In addition, the findings have shown resistance in the implementation of value management practices in the construction industry as well as some influencing factors that allow the implementation of value management in the construction industry. The findings are in-line with the findings of Surlan et al, [18] who indicated the implications of value management workshops and critical success factors in instigating local experience on the international construction projects. The study has supported the findings of the current study that there is an immediate need for increasing the awareness of value management among stakeholders.…”

Theoretical framework of accounting and analysis for value-based management

“…• Problem of reflecting the deferred taxes; Other features of accounting and taxation. 6. Financial indicators calculated based on accounting (financial) statements depend on the company's accounting policy.…”

“…However, data on the company's value should be obtained by the management as part of management accounting, since management requires information on the company's value. Among other things, this is necessary to understand the conditions required to achieve the necessary investments [6,7].…”

Value Methodology in the Real Estate Practice

“…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].…”