Value Management Practices in Construction Industry: An Analytical Review

Abstract

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.