An analysis of value management in practice: the case of Northern Ireland's construction industry

An analysis of value management in practice: the case of Northern Ireland's construction industry Purpose – The purpose of this paper is to report the findings of research into the principles and procedures associated with value management (VM) and assess its use and effectiveness within the construction industry in Northern Ireland. It provides a brief review of the principles, various procedures and methods associated with VM, investigates the positive and negative factors relating to its use whilst analysing the extent of its usage and determining its effectiveness. Design/methodology/approach – Using a mixed method approach, the authors present the results of a survey of construction professionals operating in Northern Ireland and provide an examination of three case studies exploring the use of VM within the Northern Ireland construction industry. Findings – In an industry where the client's needs and demands are of paramount importance, VM has emerged as a tool which can help satisfy these needs. This study shows that VM is frequently used within the Northern Ireland construction industry and on the whole is quite effective. However, the research exposed a general consensus that the VM process is frequently not implemented at the most appropriate stage of a project, which suggests that if it was, it could perhaps be more effective than it is at present. There is an apparent lack of formal methods used to carry out the VM process. Instead, rather loose and informal methods are used. Originality/value – In the absence of a similar study that analyses the factors that influence the VM process highlighting and documenting the views and opinions expressed by the professionals within today's industry and reviewing the effectiveness of its usage, this paper documents a snapshot of practice of VM within the Northern Ireland construction industry. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Financial Management of Property and Construction Emerald Publishing

An analysis of value management in practice: the case of Northern Ireland's construction industry

Loading next page...
 
/lp/emerald-publishing/an-analysis-of-value-management-in-practice-the-case-of-northern-JHUOeLt4AR
Publisher
Emerald Publishing
Copyright
Copyright © 2011 Emerald Group Publishing Limited. All rights reserved.
ISSN
1366-4387
DOI
10.1108/13664381111153097
Publisher site
See Article on Publisher Site

Abstract

Purpose – The purpose of this paper is to report the findings of research into the principles and procedures associated with value management (VM) and assess its use and effectiveness within the construction industry in Northern Ireland. It provides a brief review of the principles, various procedures and methods associated with VM, investigates the positive and negative factors relating to its use whilst analysing the extent of its usage and determining its effectiveness. Design/methodology/approach – Using a mixed method approach, the authors present the results of a survey of construction professionals operating in Northern Ireland and provide an examination of three case studies exploring the use of VM within the Northern Ireland construction industry. Findings – In an industry where the client's needs and demands are of paramount importance, VM has emerged as a tool which can help satisfy these needs. This study shows that VM is frequently used within the Northern Ireland construction industry and on the whole is quite effective. However, the research exposed a general consensus that the VM process is frequently not implemented at the most appropriate stage of a project, which suggests that if it was, it could perhaps be more effective than it is at present. There is an apparent lack of formal methods used to carry out the VM process. Instead, rather loose and informal methods are used. Originality/value – In the absence of a similar study that analyses the factors that influence the VM process highlighting and documenting the views and opinions expressed by the professionals within today's industry and reviewing the effectiveness of its usage, this paper documents a snapshot of practice of VM within the Northern Ireland construction industry.

Journal

Journal of Financial Management of Property and ConstructionEmerald Publishing

Published: Aug 2, 2011

Keywords: Northern Ireland; Value management; Effectiveness; Practice; Construction industry

References

  • Value Management
    British and European Standards BS EN 12973
  • Value engineering: a powerful productivity tool
    Elias, S.E.G.
  • Organisational knowledge and responses of public sector clients towards value management
    Fong, P.W.S.
  • Application of value management in project briefing
    Yu, A.T.W.; Shen, Q.; Kelly, J.; Hunter, K.

You’re reading a free preview. Subscribe to read the entire article.


DeepDyve is your
personal research library

It’s your single place to instantly
discover and read the research
that matters to you.

Enjoy affordable access to
over 18 million articles from more than
15,000 peer-reviewed journals.

All for just $49/month

Explore the DeepDyve Library

Search

Query the DeepDyve database, plus search all of PubMed and Google Scholar seamlessly

Organize

Save any article or search result from DeepDyve, PubMed, and Google Scholar... all in one place.

Access

Get unlimited, online access to over 18 million full-text articles from more than 15,000 scientific journals.

Your journals are on DeepDyve

Read from thousands of the leading scholarly journals from SpringerNature, Wiley-Blackwell, Oxford University Press and more.

All the latest content is available, no embargo periods.

See the journals in your area

DeepDyve

Freelancer

DeepDyve

Pro

Price

FREE

$49/month
$360/year

Save searches from
Google Scholar,
PubMed

Create folders to
organize your research

Export folders, citations

Read DeepDyve articles

Abstract access only

Unlimited access to over
18 million full-text articles

Print

20 pages / month

PDF Discount

20% off