Value Management

Introduction

There are various people who are affected by the construction process of any building or other structures. Such effects can be positive as well as negative. Positive impacts include good communications, good lodging facilities, and a higher expectation for everyday life. Construction projects are expected to bring changes not only at the site but within the locality as well. Such people who are affected by the projects are known as the stakeholders. A stakeholder is any gathering or person who can influence, or is influenced by, the accomplishment of an association’s intention (Freeman 2010). Stakeholders could be categorised into inner and outside ones (Gibson 2000). Outside stakeholders are those who are influenced by the undertaking in a huge way, however not specifically included in execution of the task, (for example, neighbours, the group, the overall population, and in addition the construction industry).

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There is a customary opinion that the ceremonial planning procedure, through principles and enactment concerning the configuration and area of an office, depicts the managing of outside stakeholder interests. Notwithstanding, there is a developing propensity for different stakeholder groups to attempt to manipulate the execution of a construction venture (Lienert 2010). Henecke and Olander (2003) demonstrated the customary planning procedure to be inadequate to manage cases of outer stakeholders, this ensuing in clashes and debates. The insufficiency of the included formal methodologies brings about vulnerability for builders to invest in new ventures (Olander 2005). There have been certain cases of financially and technically viable projects that were halted as a result of government decisions (influenced by the interests of outside stakeholders), as a result of which, a lot of assets that had been arranged got outdated (Goldstein 2012). Sen (2002) contended that there is a clash between the ceremonial standards and enactments pertaining to the planning and development of structures and the continuous perspective of outer stakeholders that they ought to be given a greater level of involvement in decision making.

Background

Originating about 63 years ago, the tool pertaining to the analysis of product value has been called by various names and had several concepts (Hahn 2010). Gradually, the concept was termed as value management that is now put into use in order to control the three most important aspects of a business: cost, quality and time. Value management includes aspects of design, life cycle, risks, and human resource (Daddow 2002). The main motive of value management is to attain maximum value for investment and best utilisation of the available resources and time. The clarity of the concept of value management and its application to all stages of an industry or business is considered to be of immense potential in order to advance business functions and have a positive effect on the end product (Martin 1996).

In the construction industry, value management can be applied at any stage from conception to completion (Oke & Ogunsemi 2008). Value management is used to assist project integration and procurement (Kelly, Male & Graham 2008). Nonetheless, in dearth of value management, any delayed changes in the design might result in cost escalation (Ambituuni 2011).

Value management workshops are of great help to students who are still in college or university. They can learn value management procedure, develop various skills and attain quality experience. Data obtained depict that almost half of the ideas generated by students were adopted (Thomson 2008).

Considering the benefits of value management, global construction industry has now started adopting the system in construction projects, irrespective of their size. Some companies use it as a tool for advancement and appraisal of projects. It is now to be witnessed whether value management is made compulsory for all construction projects, irrespective of their size.

Despite all the mentioned benefits of value management, there are certain risk areas that have not gone unnoticed. Projects might fail due to risk areas such as (PWGSC 2010):

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  • Improper planning
  • Wrongly defining services
  • Lack of proper communication
  • Inappropriate project briefing
  • Wrong operations that are not in line with actual requirement
  • Inappropriate stakeholder management

One such project that failed miserably is the Hallandsås project. This venture is one instance where debate and disagreements have had an effect on undertaking execution. The venture was initiated in 1991, with fundamentally all the required legal formalities that were required for sanction, and it was scheduled to be completed in 1996. In 1997, the project was stopped because it was causing the water wells in the surrounding areas to dry. The work on the project was resumed in 2005. Even after 23 years of commencement, the venture is still under progress and is now scheduled for completion in 2015 (Railway Technology 2014). Furthermore, the expenses have increased manifold. This happened due to terrible administration decisions that have influenced the encompassing environment and the individuals in it. There have been a few studies that straightforwardly or by implication utilise the Hallandsås venture as an exploration case (e.g. Boholm 2000; Danielsson & Holmberg 2002; Baier 2003). Encounters from the Hallandsås venture could be summed up as under:

  • The neighbourhood group felt dissatisfied at not having the capacity to manipulate the scheduling and execution of the venture.
  • The data given to outer stakeholders was not right, convenient and fitting.
  • The neighbourhood group was biased to influence the decision making process of the project.
  • The management did not completely attend to the needs and concerns of the outer stakeholders.

The Hallandsås venture is an exemplar of a fizzled outside stakeholder management. This happened (probably) because the management could not envisage the impact of its decisions on the outside stakeholders and how they would, thus, influence those decisions.

In the event that the potential effect of a proposed project on outer stakeholders is not properly conveyed in the early phases (as was the situation in the Hallandsås venture), this may prompt debates and disagreements concerning the venture’s locality, magnitude and plan. Group mentality has been indicated to be an important variable in the planning and placing of projects (Meyer, Loch & Pich 2001). Experience gathered from the tunnel project suggests that it is very crucial to address the outer stakeholders’ interests in a timely manner and that outside stakeholder management should be considered to be an important aspect of the cost.

The Channel Tunnel and Hallandsås are illustrations of significant ventures. The issues pertaining to outside stakeholder impact are not, nonetheless, restricted to construction ventures of such magnitude. Henecke and Olander (2003) demonstrate that the impact of outer stakeholders is a vital point to think about in various construction ventures. Construction ventures, irrespective of their magnitude, can get to be involved in a situation of contention and disagreement with outside stakeholders. Similarly, the prestige aspect is also an important consideration of numerous construction ventures. The UK’s ‘Considerate Constructors Scheme’ (Barthorpe 2002; Barthorpe 2003; Olander 2004) is one example where outer stakeholders and the impacts they endure ‘because of development’ are viewed as crucial.

The organisation-stakeholder relationship has always been of significance in the performance of projects. It is crucial for any project to keep its share value high. A project might have several stockholders (having the shares of the project) and projects tend to consider their monetary benefits in preference to the interests of the stakeholders (Alexander n.d.). There are certain interests of the stakeholders that might be compromised in order to accommodate the benefits of the project’s stockholders. In such circumstances, projects fail to understand that stakeholders are very crucial for their success. Projects also tend to give importance to the monetary benefits rather than the satisfaction of stakeholders. This attitude of managements has long-term repercussions and projects fail to meet their objectives.

Problem statement

Appropriate stakeholder management is the decisive factor for the success of any project whether small, large or complex.

Objectives

In pursuance of the research, the following objectives will be met:

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  • To understand various kinds of projects
  • To assess the effect of various projects on stakeholder management
  • To understand the ways in which value management can have an impact on stakeholder management.
  • To assess the impacts of stakeholder management on the success of a project.

Research questions

By the time the research is over, the following questions will have to be answered:

  • What is meant by stakeholder management?
  • What is meant by value and value management?
  • How is value management used in stakeholder management during a project?
  • How can value management influence the success of a project?
  • What are the processes and outcomes of value management in a project? The processes should be designed in such a manner that they align with the requirement and satisfaction of stakeholders.
  • What are the benchmarks for best practices in value management? Projects can set benchmarks that meet stakeholders’ expectations.

Importance of research

In today’s business scenario, a project’s achievement cannot be gauged merely by its time of completion, cost and eminence. Satisfaction of different set of stakeholders has become eminent and as such, it is important to understand their role in the success of any project. Meeting the stakeholders’ expectations/needs can make a project successful. Value management can be utilised during the planning phase to identify stakeholder values. During the project phase, value management can help in generating stakeholder commitment. There are certain stakeholder expectations that need to be met immediately. Stakeholder management can help in understanding such stakeholder values that need immediate attention.

Methodology

The methodology of this research will mainly rely on a literature review and a questionnaire survey. Renowned journals in the field of construction engineering and management will be referred for knowing the views of previous scholars on the topic of the research. Authentic search engines such as Google Scholar will be searched for the relevant information. Examples of keywords that are proposed to be used: value management, stakeholder management, project environment, project participants, and project success. Members of the stakeholder group (various stakeholders such as vendors, contractors, local residents, etc.) will be requested to participate in the survey.

Ethical considerations

Due credit (proper citation) will be given to the views of previous authors on the topic of the research. The participants of the questionnaire survey will be assured of complete ethical consideration while dealing with the privacy aspect of the provided information. As a standard norm of qualitative research, the study would keep its passionate attention on two ethical issues that are representation of truth as well as confidentiality of the respondent group. The truth alignment would assist the researcher to avoid any bias and the confidentiality would strengthen the freedom of expression by the respondents regarding their perceptions about importance of value management in stakeholder management.

Demarcation/scope of study (international, national, geographic area)

Dubai is an emirate of UAE that is situated near the Persian Gulf. Dubai’s area is 3885 square kilometres, with the city expanding to 35 square kilometres. The area of Dubai city is expected to increase 100% with the addition of ongoing projects (man-made islands). It is obvious that a lot of construction is being carried out in the city. Dubai’s economy is largely dependent on the construction industry. Moreover, the government is also investing millions of dollars in various construction ventures. The geographical location of the city facilitates connections to the world. As such, it is an ideal place to conduct a research on value management in construction projects. The following map depicts the geographical location of Dubai:

Dubai
Source: aber.ae.

The scope of this study will be to understand the importance of value management in construction projects within the emirate of Dubai. But since the topic is of a global nature, the views of scholars from around the globe will be considered.

Structure of the dissertation

The dissertation starts with an introduction that will include the background of the topic, problem statement, objectives, research questions, importance of the research, methodology, ethical considerations, and demarcation. Further, it intends to indulge in an extensive review of global literature on the topic of value management. The research will further describe the methodology used for the research and the results. A framework for the study on value management will also be proposed.

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Literature Review

This chapter aims at getting acquainted with the idea of value management. Besides defining value management, this section will also discuss the general misconception relating value management to cost management. Various aspects to be considered while instituting a value management study and the optimum time to employ such a study will be investigated. It is understood that there are various kinds of construction projects but value management cannot be applied to all such projects. It is imperative to understand the kinds of projects that can gain from value management. In other words, such projects those are appropriate for employing value management need to be recognised. Stakeholders are an inseparable part of any project and moreover, they have a substantial influence over the projects. As such, stakeholder management will also be considered within this chapter.

The term ‘stakeholder’ became known in the 1960s during studies being conducted at Stanford Research Institute. The studies suggested that in order to build up objectives, it is imperative for organisations and the concerned managers to understand matters related to stakeholders (Sinclair n.d.). Stakeholders may be classified into two categories: internal and external. Internal stakeholders include employees, clients, financers, architects, engineers, contractors, and vendors. External stakeholders include local residents, landlords, environmentalists, archaeologists, and the various government regulatory bodies (Takim 2009). There are several critical success factors (CSFs) to be considered during stakeholder management. In order to be successful, a broader range of stakeholders has to be considered (Polonsky, Schuppisser & Beldona 2002). The long-term performance of any project depends on the level of satisfaction of its stakeholders. The decision-makers have a great responsibility in the manner in which stakeholder communication is carried out (Yang et al. 2009). At times, it becomes difficult to anticipate the perceptions of stakeholders. However, it is imperative for projects to understand the stakeholders’ perspectives about the outcomes of the project and whether their expectations are being met or not. It is very critical to have consent of the stakeholders with regard to the requirements and objectives of a project (Constructing Excellence 2004).

It is significant to point out that there are some schools of thought who tend to distinguish value management from value engineering and value analysis. However, the leading professional organisation for value management, SAVE International, treats these three terms synonymously. To simplify matters, the term value management will be used in this treatise throughout and not value engineering or value analysis.

Definition of value management

Various scholars have defined value management in their own way; these basically convey the same description but in different words. One of the commonly used definitions to describe the term “value management” is that of Norton and McElligott (1995), who describe value management as an organised, multifaceted attempt focussed towards scrutinising the workings of projects with the intention of attaining optimum value at the minimum possible cumulative life cycle expenses.

The definition can be better understood by segmenting it as under:

  • Systematic process: It has a definite beginning and end and it differs from cost reduction exercises which are normally unstructured and conducted in an informal way. This process is referred to as the job plan which consists of a sequence of steps that guide the value management team through the problem solving process. This process is discussed in greater detail in chapter three.
  • Multi-disciplinary effort: A group of individuals are brought together to analyse all aspects of the project that are studied. They all work together as a group under the leadership and guidance of the value management facilitator. Most projects make use of various disciplines because no one individual is an expert in every area of the construction project.
  • Functions: Function analysis is at the heart of value management and this is what separates value management from other “cost cutting” programs. With normal cost cutting exercises the question of what it is and what else can be used are asked. But in value management the question of what does it do and what is the function that it seeks to achieve is asked. Value management must be undertaken without compromising the quality, reliability, safety and aesthetic features that the client requires.
  • Value: The main function of value management is not to reduce costs but to improve value. Value is made up by balancing cost, time and function/quality of the product/project. Value can also be seen as the benefit the client or the occupants of such a building or structure enjoys. According to Norton and McElligott (1995) there are three major ways to improve value by applying value management.
  1. To provide for all the required project functions but at a lower cost
  2. To provide additional functions without increasing the cost
  3. To provide additional functions and at the same time to lower the cost
Elements of Value.
Figure 1: Elements of Value. Source: (Kelly & Male 1993).
  • Life cycle costs: It is the present value of the total cost of the building/asset over its entire operating life and includes the initial capital and construction costs, operating and maintenance costs and the cost or the benefit of eventual disposal of the asset.

There are various ways in which value management can be defined but the central idea is that it enhances the functional value of a construction project by managing the various stages of the project right from the start to finish. Value management can be described as a well managed approach to spot and get rid of preventable expenses. Such unnecessary costs are considered to have no effect on the quality of the project. All decisions are examined against a value system determined by the owner or developer of the project.

Assessment for genuine and reliable value management

People are often very quick to use the term “value management”. To test for authentic value management there are four criteria which must be fulfilled:

  1. Value management must follow an approved job plan
  2. It should involve a multi-disciplinary team working together at the same place and time
  3. The value management study must be led by a skilled/qualified facilitator (the UK has a certification procedure)
  4. Value management does not pursue any design changes which are not in line with the projects required basic functions. This is where the functional analysis technique is used.

The disparity between value management and cost management

Many confuse value management with mere cost reduction on a project. There is a fundamental difference which should be noted. Keeping costs low that has been commonly applied with traditional cost management is not enough. There is an increasing need for more efficiency, especially in the current competitive market conditions. Value management can be defined as “a service which utilises structured functional analysis and other problem solving tools and techniques in order to determine explicitly a client’s needs and wants related to both cost and worth” (Kelly & Male 1993, p. 72). It is compared to cost management which he describes as “a service that synthesises traditional quantity surveying skills with structured cost reduction or substitution techniques using a multi-disciplinary team” (Kelly & Male 1993, p. 72).

Cost management does not make any major changes to the scope and concept of a project whilst value management looks holistically at the project as a whole and scope changes are often considered when conducting a value management study. The key differences are that value management is positive. It concentrates mainly on the value and considers cost as a secondary aspect. It also tries to maintain a balance between the quality, life cycle costs and duration. Value management helps the team members to get maximum output and utilise their potential to the fullest.

Both value management and cost management are important on a project and there are important links between them. When these two activities are combined the total combined effect is bigger than the sum of the individual effects. Cost management enhances value management in several ways such as for example it is the quantity surveyor who provides cost management that also produces the cost data that are necessary for value management studies. Data is required to make informed choices. If there is no ongoing cost management, then value management proposals selected may not be incorporated into the design. Value management on the other hand is beneficial to cost management because it lists ideas that could possibly save costs even if it is only at a later stage. The bottom line is that value management and cost management services should be integrated into a total project economics service to obtain optimal benefits from it.

Life cycle costing

Life cycle costing is a technique for economic evaluation which considers the costs applicable to the total life of the asset. The costs that are taken into account are the following:

  • Initial investment cost consisting of site costs, professional fees and capital cost
  • Energy costs
  • Operation and maintenance costs
  • Replacement of components costs
  • Occupancy costs
  • Alterations costs
  • Taxation costs
  • Salvage revenue and disposal costs

Life cycle costing goes hand on hand with a value management study and it is important to look at what it is and how it is incorporated into value management. “Forecasting and assessing the total cost of an asset over its whole life should be an integral part of any decision if the integrated team is to deliver the best value solution” (Thomas & Thomas 2005, p. 179). In value management the life cycle costing is used as an evaluative tool. It can assess competing design alternatives, consider costs of ownership over the economic life of each alternative etc all expressed in present value. The method to bring all the costs to a comparable value is known as “discounting”. The three most common methods are:

  1. Net present value (NPV)
  2. Internal rate of return (IRR)
  3. Annual equivalent value (AEV)

It is very important to apply LCC techniques during the design as the design has a direct influence on operation and maintenance of a building. These costs are usually incurred over a long period of time and can collectively far outweigh the initial capital costs of the facility. Therefore, during a value management study the concerned team must have detailed information about the economic life of the building/asset, operating costs, cost of the owners’ capital required, and return on investment figures etc. to make informed and clever decisions, compare different cost alternatives and thus add value to a project.

Pareto’s law of maldistribution

The Pareto principle is quite famous among managers of construction industry and as such, it is necessary to understand its basics. The Pareto principle, also known as the 80/20 principle, basically states that almost 20 percent of the causes, inputs or efforts leads to at least 80 percent of the outcomes. The internal working manual of De (1998) suggests that such imbalance may prove to be practical in various circumstances. It can be utilised to identify such functions that are small but when clubbed together, contribute to almost 80% of the project cost. The value management team can thus focus and divert more energy and give attention to the small number of causes, inputs or costs that will make up the majority of the overall project.

Factors to be considered before employing a value management study

  • The potential for a value improved outcome that is perceived
  • The stage of the project development cycle
  • The need to have involvement and broad representation
  • The benefits that will be obtained from involving the key stakeholders
  • The availability of the stakeholders
  • The costs of such a study

The major reasons behind initiating value management

The main intention behind initiating value management is of course to achieve a successful (in all respects) project. There are several other reasons (associated to success of the project) due to which value management might be initiated. Some major reasons are listed below:

  • To fulfil a request or requirement by the client
  • To achieve cost cutting
  • To develop a cost-effective design
  • To promote innovative thinking
  • To develop an efficient group of experts
  • To get rid of unwanted expenses and attain optimum returns for the investment
  • To have a better concentration on the aims and objectives of the project

Which are the stages of a project where value management can be implemented?

Value management can be done at any stage in a project lifecycle. The depth of study that is required from the value management workshop should be determined to suit the scope and size of the project. The following table identifies five project stages in which value management can be conducted. It lists the team members that should preferably be present, the tasks that should be done and the deliverables. It is safe to say that value management done in these stages identified hereunder will still benefit the client/project.

Briefing stage: People involved in this stage include the client, coordinator, design panel, cost planner, and a consultant. The tasks performed during this stage include determining the requirements, setting ratio and cost target, identifying surplus needs, scrutinising the function, creating and assessing alternatives, and value management study. The outcomes of this stage include a tested briefing, list of innovative ideas, ratio and cost target, implementation strategy, and risk management.

Concept design stage: The people involved in this stage are the same as those during the briefing stage. In addition to the tasks performed during the briefing stage, concept design stage has some additional tasks such as evaluating the efficiency ratios and target costs, and evaluating the available opportunities. The outcomes of this stage include assessed options, outline stipulation, most favourable plans/designs, estimated budget, hypothetical agenda, and strategy for execution.

Scheme design stage: Again, the people involved in this stage are the same as those during the briefing and concept design stages, with an addition of the contractor. In addition to the tasks listed under the concept design strategy, the supplementary tasks included here are reassessing the provisional works, conformity to legal requirements in the best possible manner, life cycle expenses, and procurement policy. The outcomes of this stage include approved design, implementation, and procurement strategies, cost plan, optional prospects, and method framework.

Elemental design stage: The same people are involved in this stage as those in the scheme design stage. During this stage, certain tasks are added such as furnishing information pertaining to the design for best possible performance, choosing suitable materials, and circumventing over specification. The outcomes of this stage include optional prospects, economic tender package, and method framework.

Procurement stage: The participants in this stage are also the same as those in the elemental design stage, with an addition of the programmer. The tasks of this stage are also the same as those in the previous stage, except for some tasks that are not in-line with this particular stage. The main outcome of this stage, besides others, is an efficient management and communication line up.

The optimum time to initiate value management

The optimum time to initiate value management is at the commencement of the project. This is due to the fact that once the project takes stride, expenses related to construction and other related functions become dedicated. It is advisable to raise any issues, pertaining to the design or other aspects of the project, at the time of the initial stages (briefing stage and design stage). If such a system is followed, the costs incurred on incorporating the suggested changes would be low as compared to those if such changes are to be incorporated at a later stage. Once the project is in full swing, the available alternatives become restricted and as such, the expenses involved in incorporating any changes are very high. Involving value management at a later stage is likely to generate fewer benefits, have a negative impact on the project performance, and face confrontation. Kelly and Male (1993) suggest that value management can be initiated at a point where approximately 35% of the design is done. This is suggested keeping into consideration the fact that costing statistics will be more readily accessible in the form of estimates and profits can be more clearly defined.

It is a general practice to conduct value management sessions at each stage of the construction development cycle on large projects in order to ascertain achievement of optimal cost savings and other factors such as quality, schedule, etc. The various stages of project life cycle are depicted by the below flowchart:

Project Life Cycle.
Figure 2: Project Life Cycle (Source: Self generated).

The project life cycle depicted above is a detailed version. One of the most commonly used and simplest project life cycles is that of RIBA (RICS 2013) and is depicted (in comparison to APM project life cycle) in the below table.

RIBA project plan APM project life cycle
Appraisal
Strategic brief Concept
Outline proposals
Scheme design and planning
Detail design; Final proposals Definition
Product information
Tender documents, BoQ
Tender action Implementation
Project planning, mobilisation
Operations on site
Completion Handover
Feedback Closeout”

Table 1: Comparison of RIBA and APM project life cycles. Source: Adapted from (RICS 2013).

Figure 3 depicts the various stages of a project life cycle and the prospective cost saving to be attained during the progress of various stages; the figure depicts the cost of incorporating changes. From the graph, it is apparent that the as the project progresses, the cost of incorporating changes also increase.

Different stages of project life cycle and achievable potential cost savings. 
Figure 3: Different stages of project life cycle and achievable potential cost savings. Source: Adapted from (Norton & McElligott 1995).

Types of projects

The Division of State Architect (DSA) defines the following categories of projects (DGS 2014). It is mandatory for all buildings to be described under one of these categories:

  • New construction: This category includes buildings that are constructed from scratch (from base).
  • Additions: Additions to existing building structures come under this category. Such additions increase the floor area of the existing building.
  • Alterations: Structures where certain changes are made in the layout (without increasing the floor area) are described under this category.
  • Rehabilitations: “Alterations to a non-school building or to school buildings which do not confirm to current code, to bring the building into compliance with current code requirements” (DGS 2014, p. 1) come under this segment.
  • Fire reconstruction: If any structure is damaged by fire then the new structure that is built at the same place is considered to be under this category. There are certain conditions that should exist for buildings to be described as ‘fire reconstruction’.
  • Relocation: As the name suggests, buildings that are relocated from one place to another, they come under this segment.

Global construction projects can be categorised into the following (Grace 2010):

  • Residential: As the name suggests, residential construction projects are those that are related to housing needs of people. Such projects include private houses, apartments, row houses, bungalows, etc. The general procedure for such construction projects involves house designing by an architect, structural designing by a structural engineer, and commissioning by a contractor. It is a common practice followed by contractors to delegate work pertaining to plumbing, electrical, structural, and mechanical, etc. to subcontractors. Governments of different nations have their own norms regarding such construction projects. This particular sector is considered to be very lucrative because of the increasing demand for better living space. While the risks involved are very high, the rewards are also excellent.
  • Building: This is probably one of the largely preferred construction projects. A majority of such projects are renovations and those that are new are meant for housing and warehouses. Installation of the required utilities is also included in this kind of project.
  • Institutional/Commercial: This particular kind of project includes construction of structures meant for various sectors such as schools, hospitals, offices, stadiums, shopping malls, small industrial units, etc. these kind of projects require highly qualified and experienced architects, engineers and contractors to undertake designing, construction and other related works. Due to the high costs involved in such projects, there is not much competition; such projects require sophisticated and latest technology.
  • Industrial: Even though this segment commands a small proportion of the total construction industry, it is a significant one. Such projects are meant for big industries such as pharmaceutical, oil and petroleum, power generation, automotive, aviation, etc.
  • Specialised industrial construction: As the name suggests, this kind of project invites great calibre and sophistication in the workmanship and as such, there are only a couple of companies involved in the construction of such projects.
  • Highway construction: Road network is an important part for any country as it contributes towards the economy. Considering this, construction of highways is also an important sector of the construction industry. This includes laying new roads and maintaining the old ones.
  • Heavy construction: Such projects that are not classified under other segments come under heavy construction. These are neither housing projects nor highway projects. Examples of such projects may be sanitation, water treatment, etc.

Types of projects those are appropriate for initiating value management

From the aforementioned explanation, it is evident that there are various kinds of projects but at the same time it should be understood that value management is not implemented in all of these projects. To put it in other words, value management has certain requirements to be fulfilled for projects to be considered. If projects do not fulfil such requirements, they will not have optimum benefit from value management. Norton and McElligott (1995) believe that there are some kinds of projects that can have maximum benefit from value management. Such projects are described below:

  • Expensive projects: Projects with high costs can benefit by implementing value management. It is believed that by deploying value management, such projects can save up to 15% of the total cost.
  • Composite projects: Composite or complex projects need a lot of guidance and expert opinion before commencement and during their progress. Such projects have different set of people in different segments such as designing and construction. In such circumstances, it becomes difficult to maintain an understanding between two different segments. Being complex in nature, such projects have to face several difficulties where expert opinion is required. Value management offers such a facility where intricate issues can be understood and resolved.
  • Monotonous projects: There are times when a particular kind of building has to be rebuilt at a different place. The situation may be the same for housing projects where similar towers have to be constructed over an area. In such projects, implementing value management can prove to be beneficial in terms of cost and innovative ideas. Such innovative ideas can be put into use in other similar buildings in order to minimise expenses and add value to the overall project.
  • Exclusive projects where latest technology is put into use: It is quite possible that projects where latest technology is used might have a few or no precedents. In such situations, the procedure differs from other projects and it becomes imperative to have expert opinion/advice in order to continue the progress of the project. As mentioned earlier, value management facilitates the use of expert opinion/advice.
  • Projects where the budget is limited: Since the budget in such projects is restricted, strict cost-cutting measures have to be observed. Such observance is possible only if value management is initiated; it helps in getting rid of unwanted expenses.

The above description does not mean that value management can be applied to only these projects but any project can implement value management; whether or not the benefits of value management are achieved is not sure. Value management can be used during complete project or a part of it. One thing that should be considered before going for value management is that there are certain costs associated with it and as such, it might not be feasible for small projects to adopt it. A cost sharing system is prevalent in the United States, according to which the involved parties share the cost incurred on value management studies.

Various stages of the value management process

Pre-study stage

The pre-study stage ensures that value management to be conducted is appropriately targeted. All the necessary information is gathered before proceeding with the study and an efficient communication and coordination is established among the involved people. Norton and McElligott (1995) have listed some typical attributes of this stage, as mentioned below:

  • Before the commencement of a value management study, a meeting should be organised in which the value management facilitator and representatives of the design team and client should be present. The agenda of the meeting should be to have all the necessary information about the project. The clients’ objectives should also be understood and the required logistics should be arranged accordingly.
  • Combined team effort is essential for the success of any specific job. Similarly, value management also requires a proper team that should consist of efficient members; a value management team should have six to twelve permanent members so that he required efficiency and output may be achieved. A team larger than this would be difficult to handle (coordinate) and moreover, it is easier to motivate a small group of people.
  • Team selection should be done on the basis of calibre and people from all the segments such as design, structure, construction, and utilities should be included.
  • Projects of different magnitude require different durations of value management. Depending on the requirements and the proposed outcomes, such duration should be decided prior to the implementation of the study.
  • The location of the study should be away from the regular workplace of the members; this will increase their concentration and efficiency.
  • All the required information pertaining to the project is gathered.
  • A site visit of the team members should be organised so that they have a clear picture of the site conditions and have accurate information.
  • Detailed project cost estimation is necessary for all value management studies. This helps in identifying areas of the project that contribute to low value.
  • It is advisable to make models and work out efficiency data before implementing a value management study. This will allow the concerned people (members as well as non-members) to have an idea about the costs associated with various stages of the project.

Information stage

As the name suggests, this stage is all about gathering and understanding information pertaining to the project where value management study is to be conducted. The purpose of this stage is to get answers to questions about the ability of any specific process. Such questions should have a large perspective – beyond the usual thought process (Kurita 2007).

Creative stage

This stage encourages all the team members to be creative in their thoughts. They are motivated and given an opportunity to come forward with their perceptions about any possible solutions to the identified problems. The members are encouraged not to be intimidated by mutual accusations and disapprovals.

Evaluation stage

The ideas gathered during the creative stage are analysed and prioritised at this stage. Advantages and disadvantages of all the proposed strategies are considered and the best proposal is decided to be implemented. Such a proposal is selected either by the value management facilitator or through a democratic process.

Development stage

During this stage, the selected proposal and ideas are assessed for appropriateness in regard to technical and economic features. This stage requires expertise and is a time consuming process.

Presentation stage

Once value management has been conducted, it is time to present the results before the concerned people.

Post-study stage

Even after the value management report has been presented, the process does not end. Further review is done in order to maximise the benefits and identify any lacunas so that future studies might be modified accordingly.

Costs and benefits of implementing value management

Benefits

Financial benefits
  • Value management helps in generating objectives of the project and requires the team members to focus on the same.
  • It facilitates an effective design.
  • It suggests optional construction procedures and positive changes to the timeframe.
  • It identifies issues and risks associated with the project.
  • It identifies and eliminates unwanted costs.
  • It helps is attaining optimum efficiency ratios (Burtonshaw-Gunn 2009).
Advantages of value management. 
Figure: Advantages of value management. Source: Adapted from (Ellis, Wood & Keel 2005).
Unquantifiable benefits
  • Value management promotes team work in order to attain better results.
  • It improves relationship among stakeholders so that a consensus may be reached on any issue.
  • Efficient team work helps in achieving targets (OGC 2011).
  • Clients are encouraged to have active participation during various stages of the project.

Costs and risks

Possible risks

Despite the fact that value management is an excellent way to augment performance of a project, there are certain risks and drawbacks involved. Such risks should be taken into consideration while implementing a value management study and a strategy to minimise them should be adopted. Some key risks involved in a value management study are as under:

  • There is a possibility of an inappropriate use of the suggested methodology by a person who is inexperienced.
  • Value management study requires adequate representation of stakeholders but it is possible that such representation might be poor.
  • As a result of incorrect information, various conjectures might prove to be wrong.
  • Insufficient time might have an impact on the outcomes of the study.
  • It is possible that the higher management is not taking keen interest in the study; this may be harmful.
  • If value management study is undertaken at a later stage of the project, the expected outcomes might not be achieved.
  • Being a new concept, it might become difficult to convince project personnel (those who are not familiar with the concept) about the benefits (McGeorge & Palmer 2009).
Financial and other costs

Value management is considered to be a process that involves low costs and yields profitability. Despite this belief, there are certain costs related to value management that cannot be overlooked. Such costs are low if the value management facilitator is from within the project but if an external person is hired for this purpose, the costs are high. Besides the financial cost, other costs that are associated with value management are time-related. It is quite possible that external facilitators might be working on a couple of projects simultaneously and as such, it might not be possible for them to devote the time required in one stretch. In today’s fast developing world, time is money so as the time for completion of study increases, the cost also increases. Despite all such costs, the fact remains that the cost of conducting a value management study is negligible as compared to the overall cost of the project. This fact is depicted in the figure below that also suggests a decrease of about 10 percent in the project cost when value management is implemented.

Comparison of value management and project costs. 
Figure: Comparison of value management and project costs. Source: (Norton & McElligott 1995).

Stakeholder management

Stakeholders (the essential audiences in the partnership and in the community) are people who have a stake and willingness of involvement in a project. Poor management may result in communication breakdown within the plan of an organisation; therefore, the skirmish between the stakeholders, particularly if their objectives are contending for precedence within the task (Josler & Burner 2005).

The initial step towards stakeholder management is to identify the main stakeholders. After identifying the interested parties, they should be divided into small sets; since large clusters can affect the relevance of the information acquired from the development. The second item is to comprehend the dealings that are realised upon interacting with the interested parties. Guaranteeing that transactions are fully comprehended at the onset of the operation is vital, as it will avert conflict and rigidity later in the positioned strategic plan. Having done with the process of stakeholder identification, the next phase is to map them to realise the relationship amongst the groupings of stakeholders (Chan 2005).

Effectively communicating a strategic plan is critical to building the foundations for success. If stakeholders don’t know about the plan or understand its significance, it would be difficult to achieve goals.

A partnership faces special challenges and opportunities to communicate its strategic plan, since varying aspects of the plan will resonate with different audiences. Indeed, disparate stakeholders such as older adults, caregivers, social service agencies, local funding organisations, policymakers and the media each has special needs and agendas, and thus will require different types of information.

The mediums used to communicate your message should be tailored to the partnership’s various audiences. Understanding where each group gets its information is an important consideration in planning. For instance, a city alderman may follow the community’s daily newspaper closely, while older people may be more apt to read the free weekly ‘shopper’.

Depending on what is expected from the audience to do, in response to the outreach, will also impact decisions. For example, if new members are sought for a partnership, face-to-face conversations are likely to be more effective than telephonic talks.

Two of the factors to be considered prior to implementing a value management study are related to stakeholders. Firstly, as discussed earlier in the paper, there are certain benefits that are a result of involving stakeholders in the study; such benefits cannot be overlooked. Secondly, simply by involving stakeholders in the study will not serve the purpose; they should be available for the study meaning that they have to devote time towards the study and give their valuable inputs. It should be understood that it requires a lot of understanding and expertise to control stakeholders from diverse backgrounds.

Initiating a value management study

Before one can look at when the best time is to implement value management, it is important to know who can initiate such a study. The following stakeholders will normally initiate value management:

  • Client, who would like to find the best solution, develop a clear brief of the project, reduce the risks and so forth
  • The program director, who seeks the involvement of the stakeholders in the planning process, wants time savings and is interested in a more comprehensive brief.
  • The design consultant, who wants the stakeholders to be involved with the design process to explore alternative solutions etc.
  • The development manager, who may be concerned with identifying solutions for delivery
  • The asset manager, who wants innovative strategies for managing the asset portfolio

Methodology

The research methodology adopted for this study was qualitative in nature. The researcher has aimed to conduct the research in accordance with the qualitative analysis as it will highlight the grounds that provide the researcher to adopt applicable research methodology in accordance with previous research in this area that would be chosen through critical appraisal. This segment will further enhance the researcher’s understanding on how the research on value management will be conducted. It will also guide him about data assembly & treatment and qualitative analysis, thereby explaining the process and the limitations of this study.

During the research exercise, qualitative methodology was used for this paper. This ensured that the results obtained were comparable from other methods. It was evident that a cross-sectional research was important to determine an approach from different sources or from more than one person. Reliability of the data is very important through combining different research formulae. The most effective way of data collection was through research of scholarly journals and articles.

The purpose of qualitative research methodology is to understand the underlying reasons and motives, whereas quantitative research methodology is used to collect primary data and simplify the results from a sample with regard to the population of interest. In qualitative research methodology, a small number of representative cases are considered, whereas in quantitative research methodology, the representative cases are large. In qualitative research methodology, an unstructured questionnaire is used to collect data, whereas quantitative research methodology uses a structured questionnaire. The data analysis method in qualitative research methodology is non-statistical because it helps in descriptive thesis, whereas in quantitative research methodology, it has to be statistical with an option to choose methods. Qualitative research methodology will also be able to address the specific problem in a better manner. The researcher will be able to involve the views of global scholars. Since the issue of value management is a global problem, it is imperative to know the perspectives of different scholars. Considering the aforementioned explanation about the differences in qualitative and quantitative research methodologies, the researcher felt it necessary to adopt the qualitative research methodology for this research. Measures were chosen based on their relationships and on the proposed hypotheses for this study. All measures provided reliable internal consistency and construct validity.

In order to conduct the research, a variety of sources were referred. Following is a list of various resources that were consulted:

Journals and articles

Journals contain insightful information which is approved before it is published. Therefore the information contained in a journal will mostly be responsible and factual. Only more recent journals and articles were consulted in order to get a picture of the current position of Value Management in the world and in Dubai. Much of the information in this treatise was derived from journals.

Internet sources

The internet is probably the fastest method to obtain a multitude of information. The information was filtered first to check for its accuracy and information from sites that are not secured and which generally contradicts other trustworthy sources was not used. Various search engines were used to extract current and relevant information that was required to conduct this study.

Institutional documents

Information on value management in general was obtained from the Institution of Value Management which is a UK based institution. Institutions are usually very helpful in providing interested parties with information or any other services pertaining to the subject.

Academic dissertations and theses

Academic dissertations and theses are approved writings from concerned departments. As such, the information provided therein can be relied on and referred for research purpose. For the purpose of this research, a variety of academic dissertations and theses were referred and cited appropriately.

Human information resources

Survey questionnaire

Initial discussions were held with personnel from one of the significant developers of Dubai. The researcher was in continuous touch with these personnel throughout the research, including the survey. The survey results were shared with them in order to understand their interpretation of the answers mentioned in the questionnaire. The researcher also discussed with them about various aspects of value management and the difference observed in theory and practice.

A questionnaire survey is considered to be the most cost effective method of involving a medley of people within a huge territory to attain appropriate results (Andi & Minato 2003). A questionnaire for the proposed survey was formulated that was mainly focused around a pilot study and the reviewed literature. The survey questionnaire was sent to prospective respondents holding diverse positions in the construction industry. In line with the ideas suggested by some authors, the formulated questions were classified in four categories (Smith, Love & Wyatt 2001; Palmer, Kelly & Male 1996; Fong & Shen 1999; Jergeas et al. 2000). The first questionnaire pertained to general details and the kind of stakeholder. The second one related to the effect that stakeholders could have on various aspects of project. The third category had questions pertaining to the level of exposure to value management. The last one included questions about power matrix and significant stakeholder characteristics.

The survey questionnaire was sent to construction experts in order to gather their views. Such views are the basis of this research. It took almost 35 days to complete the survey. Specialised people from the construction field in Dubai and other emirates participated in the survey questionnaire and 72 questionnaires were completed. Based on the survey completion figure, the percentage of successful survey questionnaires was 30. The response rate seems to be fair enough and this success can be attributed to the follow up that was done in reminding the respondents about the survey. The respondents were also asked whether they were facing any problem in completing the survey or if they had any problem with any particular question. The respondents were also assured of a copy of the survey results once the same were generated. A creative strategy in tending to review results is discussed in the following paragraphs.

In order to have precise idea about the construction industry’s awareness of value management and its relation to stakeholders, it was imperative to include an assortment of sample population. As such, value management and construction professionals from around the UAE were included in the questionnaire survey but due to time constraints all the professionals could not be contacted. Hence, in an attempt to include maximum possible varied sample population, some assumption and limitations had to be made:

  • A grading strategy was followed to comprise professionals from all the emirates. Nonetheless, the received responses should not be considered to be a balanced representation from each emirate. However, it was presumed that the collected responses would reflect the views of professionals throughout the UAE.
  • Since the population of value management professionals is not much, maximum possible number of such professionals was to be approached for participation in the questionnaire survey.
  • As for the builders and construction professionals, various companies from the below mentioned categories were shortlisted at random, irrespective of their size:
    • Significant builders
    • Architects
    • Engineers
    • Surveyors
    • Contractors
  • Considering the different kinds of stakeholders, it was ensured that the respondents have representation from all kinds such as client, employees, vendors, etc.

In line with pilot studies, a sample population of 240 proposed respondents from different areas was considered. Questionnaires were sent to the shortlisted companies throughout the UAE. The number of questionnaires sent depended on the size of the companies. Since the number of value management professionals was limited, it would be ensured that all of them get the questionnaire; even the official yellow pages of Etisalat do not have any listing for value management professionals. The table in chapter 4 depicts the number of questionnaires sent to different professional groups.

The researcher sent 240 questionnaires out of which 72 (30%) valid replies were received. Most of the respondents heard about value management only one year before their actual interaction with the system. The main source of learning about value management was study curriculum. Some respondents learnt about value management because it was a part of their job profile. It was observed that the customers gained knowledge of value management from their colleagues while the participants of value management sessions gain knowledge in workshops.

Most of the respondents had already participated in some or the other value management session, the average duration of which was 2 days. Almost 26% respondents informed that they had used FAST diagram at some earlier instance. The results of the survey indicated that the most preferred value management training process was in workshops, followed by in-house training schedules, private centres, and universities.

The reasons for conducting value management study that came forward from the survey results were: getting rid of unwanted expenses, getting maximum value for investment and an impressive and useful design. Further, brainstorming was considered to be the most significant elements of a value management session. FAST diagram was considered to be the least significant element of such a session.

Interviews

In addition to the survey questionnaire, the researcher also felt it imperative to conduct face-to-face or telephonic interviews with the concerned people. Considering the convenience of the interviewees, the face-to-face interviews were conducted at their offices. Another reason for conducting interviews at the interviewees’ offices was to increase the number of participants. It is quite possible that interviewees might not turn up if the interviews are held at some other place. In all, 27 professionals from the construction industry were interviewed. Such professionals included project managers, engineers, architects, value management professionals, consultants, builders, and quantity surveyors.

In spite of the fact that an outline for the interview questions was already in place, more content was added or modified as the interviews progressed. New questions also generated as a result of interview progress. This happened because:

  • After every interview, there seemed a necessity to make the questions more clearly in order to be at par with the respondents’ awareness about value management.
  • The interviewees were from varied background and discipline so the questions had to be reformulated.
  • The attained information necessitated formulation of new questions.
  • The questions had to be adapted according to the extent of interviewees’ awareness about value management.
  • Some of the interviewees were not aware of the concept of value management and as such, new questions had to be developed for them in order to make them understand value management.

The interview questions included certain commonly utilised descriptive words in value management dealings. Some of them are: worth, benefits, cost saving, objectives, value, goals, value for financial management (Barton 2002), etc.

Results and findings

Survey questionnaire

As shown in the below depicted table, 240 questionnaires were dispatched to various target professionals in the UAE’s construction industry. Out of these, 72 questionnaires were received back at a response rate of 30%. The respondents had answered all the questions in an appropriate manner. Most of the respondents had vast experience in the construction industry and were holding important and senior portfolios. The next table depicts the portfolios held by these respondents. It is evident from the table that 16 (22.22 percent) respondents were from the government sector and 10 (13.89 percent) from the private sector.

These were followed by 8 (11.11 percent) architects, 7 (9.72 percent) C & S Engineers, 4 (5.55 percent) M & E Engineers, 9 (12.50 percent) Value management professionals, and 18 (25.00 percent) Contractors. The overall response rate of 30% is acceptable in survey questionnaires like this (Akintoye 2000; Dulami, Ling & Bajracharya 2003). According to them, the usual reply rate for surveys (by mail) in the construction industry is between 20 and 30. Some other examples of response rates received by renowned scholars are: 26% (Ofori & Gu 2001) and 27% (Vidogah & Ndekugri 1998). The commendable response rate for this survey was mainly due to personal follow up and offer of making available the survey results to all the respondents.

Type of company Number of survey questionnaires sent Number of survey questionnaires returned Rate of response
Government 36 14 38.9
Builders 40 8 20.2
Consultants 86 27 31.4
Contractors 78 23 29.5
Total 240 72 30.0

Table: Response data.

Sample Portfolio Experience
Kind of company Owner, Gm, Senior manager Architect, Engineer, Project Manager, Technical Manager Maximum Average minimum
Government 6 10 25 12.62 2
Builders 7 3 32 15.23 5
Architect 6 2 26 16.95 2
C & S Engineer 4 3 25 21.20 12
M & E Engineer 4 0 21 18.20 14
Value Management Professional 5 4 27 17.10 4
Contractor 12 6 23 13.30 5
Total 44 28

Table: Respondent profiles.

The respondents needed to submit their answers on a ‘five-point Likert scale’, thus answering on a scale of 1 to 5; 1 denoted ‘strongly disagree’ and 5 denoted ‘strongly agree’. The respondents were selected randomly from the lists provided by various companies. As far as the contractors are concerned, they had to have UAE government’s certification. UAE was chosen as the target area to conduct the survey due to the ongoing mega projects and other construction works.

There were some open ended questions also in the questionnaire. These questions were included in order to give liberty to the correspondents to express their independent views. Close ended questions give

Interview

The interviewees demonstrated a normal 35 percent acknowledgement of the value management workshop and its rationale and effect on construction projects. This apparently low average is an after effect of the cognitive factors and trades that the interviewees carried with them (i.e., the most minimal acknowledgement was 2% while the most elevated was 100%). One respondent expressed that UAE value management professionals were universally competent in the utilisation of value management. The reason given for this supposition of theirs was that UAE value management professionals are comparatively more focused on value management due to their work requirements. Yet another respondent said that, so as to better oversee stakeholders, his association thinks that it wise to recognise internal and external stakeholders – these being the association’s staff and clients and the overall population respectively.

A couple of respondents remarked that besides attaining better esteem for the same investment, value management decisions now and again brought about extra starting expenses so as to attain long-term benefits. One of the respondents revealed that his organisation used value management to appoint design consultants. While finalising any consultancy company, the lowest cost was not the main criteria. On the contrary, a scoring system was used in which aspects such as the accounting system, cost, technical competency, expertise, and the team members were taken into consideration.

Meetings and overviews with outline and construction experts were likewise conveyed out so as to distinguish the most widely recognised issues influencing the value management interface. Every meeting was part into four parts so as to acquire qualified information for distinctive purposes:

  1. To figure out the conceivable explanations for outline abandons;
  2. To know the effect of design deserts on construction meets expectations;
  3. To figure out the qualified data abandons in the plans; and
  4. To recognise routes of forestalling or taking care of these issues.

As an after effect of the meetings and reviews, it was noticed that the most vital issues put forth in the outlines were: abandons of distinctive masters and the absence of coordination around fortes, updates presented by the possessor and the architects, inconsistencies around drawings and details, creators with small amount of construction improving the Design-Construction Interface learning and non specialised particulars.. These issues, produce an arrangement of effects in the construction works, for example: misfortune of work, sit still times, revamp, aberrant utilisation of hardware and gear, delays, and so on.

The most imperative design imperfections distinguished were: absence of qualified information and not right qualified data. The most incessant issue was the consistent change and adjustments of the outline. The dissection of the informative content gathered demonstrated that the present outline procedure is deficient and disorderly and it doesn’t permit the construction experts a finish presentation to the finished design and it avoids the cooperation around the diverse distinguishing offerings that mediate simultaneously.

No. Design defects Weight percentage Gathered weight %
1 Structure Elements Details 13.97 13.97
2 Lack of Architecture Detail Plans 12.78 26.75
3 Incorrect Cross References Between Different Specifications 11.59 38.34
4 Incorrect Structures Cross References 8.17 46.51
5 Lack of Definition of Architecture Elements 6.54 53.05
6 Structure-Bid-Plans Modifications 6.39 59.44
7 Lack of Architecture Dimensions 6.24 65.68
8 Lack of Identification and Location of Architecture Elements 5.68 71.32
9 Finishing Materials that Require Samples 4.75 76.08
10 Shaft Problems 4.46 80.53
11 Design Defects in Sewerage and A.P. 4.16 84.70
12 Architecture’s Incorrect Cross Reference 3.12 87.82
13 Design Changes by the Owner 3.12 90.94
14 Electricity Design Defects 2.97 93.91
15 Structure Plans Late Delivery 1.93 95.84
16 Defects in A. C. Outlines 1.49 97.33
17 Problems with Electrical Equipments 0.89 98.22
18 Equipments Structure 0.59 98.81
19 Problems with the Materials in the Market 0.45 99.26
20 Symbology Conventions 0.45 99.70
21 Gas Design Defects 0.30 100.00

Table: Pareto’s bifurcation of design defects.

The under mentioned are few of the suggestions recommended by the interviewees to evade these inadequacies:

  • To join construction work force in the design stage; this might serve to avert issues before they touch base to the site.
  • To receive models for outline qualified data; this might dodge misinterpretations what’s more misfortune of time in comprehension outline qualified data.
  • To present nonstop change in the outline process with a specific end goal to dodge redundancy of outline deserts.

An additional fascinating outcome acquired was the reaction time to builder asks because of the deserts in the outlines. This was characterised as the distinction between reaction dates and discovery date of the issues, and then these distinctions were aggregated by extents (weeks). The ventures that had formal frameworks to understand the outline problems for example “outline analyses logs” or “outline facilitators” indicated decreased reaction time to tackle these issues and lessened relative effect on the task.

A procedure to present persistent change of the outline methodology was composed to give reaction to the issues distinguished. This technique joins the components inferred by the interviewees and a portion of the proposals given, which were talked over in the recent past. This approach is quickly depicted in the emulating segment.

Procedure to improve design quality

The proposed procedure was intended to wipe out the explanations for the deformities distinguished in the recognisable proof stage of the exploration. These issues could be tackled acting through four diverse activities:

  • Supervision: of the outline methodology. A construction association must take an interest in the outline process, to stay away from the issues identified with absence of construction learning of the originators, furnishing its experience in design results.
  • Coordination: of the diverse distinguishing offerings through a legitimacy grouping of qualified information exchange, evading erroneous suppositions, and giving a necessity level for updates keeping in mind the end goal to evade absence of coordination and to enhance the outline similarity.
  • Institutionalisation: of outline informative data, to stay away from the exclusions, slips and enduring progressions, that influences the ordinary improvement of the activities.
  • Control: of the stream of informative data, verifying that the necessities of past methodologies are satisfied, so as to maintain a strategic distance from that plan abandons land to the construction site.

Four types of activities are proposed to present enduring change dependent upon the above elements:

Improve Coordination through

  1. An arranging plan of the design grouping for assembling undertakings, keeping in mind the end goal to stabilise and control the informative data stream, to make necessities around the distinguishing offerings to keep away from the absence of qualified information or the utilisation of presumptions when informative data is not accessible. This plan additionally serves to facilitate the introduction, area and lay out of distinctive frameworks, supplies, and other things. The foundation of this arrangement for the informative content exchange through all the design methodology permits the clients to arrange the necessities of info information for every one of the distinguishing offerings and the priority request of these necessities.
  2. An arrangement to control and assess updates presented throughout the execution stage, figuring out their effects on the activity.

Introduce Standardisation through

  1. The advancement of “assignment records”, keeping in mind the end goal to create for every one of the architects, the information for his own particular design process.
  2. The advancement of “work details”, to institutionalise the presentation of the informative content and to create necessities for the diverse architects.

Reduce the effect of the absence of construction information of the originators by presenting construction criteria, in the” assignment record” and “work details “.

Improve Control by advancing “check records” to control the parameters created in the “assignment record” and the prerequisites encroached in the “work details”.

This strategy is connected to every task and permits the aggregation of information to furnish an adequate reaction for persistent change of the philosophy. These records, arrangements also details we will be called “Design Control Documents”.

Qualities of the Design Control Documents

Errand Lists: The originator utilisation this record to detail all qualified information identified with his distinguishing offering that originates from outside operators and different creators, before starting his function. This archive tries to evade unnecessary suppositions and absence of beginning qualified information about the task. The errand record permits (in advance) the accessibility of all the data information in order to perform the design process.

Work Specifications: They try to institutionalise informative data presenting presentation forms and assemblies for Id of components and archives, in request to dodge exclusions and misinterpretations of informative content. The work details create insignificant informative content necessities for drawings and determinations, specialised qualities of materials and helpful angles.

Outline Planning Scheme: It builds a consistent arrangement for qualified information exchange around the diverse distinguishing offerings and necessities for design updates. This outline planning scheme is the system to advance the “assignment records” to cause every pro to acquire all the fundamental informative data to begin his/her own particular outline process.

Check Lists: The checklists are utilised to guarantee that the planners fulfil the “function determinations” and to control the parameters outlined for this reason.

Change Control Procedures. These methodology are intended to assess in propel the effects of progressions on the activity. They incorporate examination of these effects from diverse points of view inside an undertaking.

Selecting technical responses using the “House of Quality”

The procedure of the “House of Quality” was connected to select the specialised reactions that might be the best to escape the imperfections in the outlines distinguished in the exploratory study. The “House of Quality” is the first lattice utilised by the Quality Function Organisation (Q.F.O.) system. This network showcases the necessities and needs of the customers and the specialised answers that fulfil these prerequisites and needs are placed in the upper part of the grid. The specialised answers that fulfil these prerequisites are formed by the “design control reports”, that is: “assignments records”, “work determinations”, ” Change Control Procedures “and” Design Planning Scheme “.

Thus, the inner customer of the originator is the Construction Company and its needs then again prerequisites are acted for by the lessening of outline issues. As a result of this, the enrolled deformities were characterised consistent with the strength and the issue sort.

The relationship between the necessities of the customer and the specialised responses was caught in the framework. Thus, the relationship between an outline deformity and an “outline control report” was specified utilising a relationship scale. When the relationships were created, the weight of every response was computed. This count was an interrelationship between the discovery recurrence of the issue and the level of association with the specialised reaction. When the qualities for every specialised reaction were known, segments were included, and thereafter the qualified data was standardised. The consequence of this estimation is exhibited in Appendix 8.

Consistent with the effects acquired from the “House of Quality”, the specialised reaction that conceivably would avert more outline deformities is the “work determination” identified with the components recognisable proof (18.27%) and the drawing distinguishing proof (17.25%), emulated by a project of archives conveyance (11.75%).

The “design cycle” is likewise imperative (8.1%), this reaction tries to avert the absence of coordination of the plans after the execution starts. Then again, the “Change Control Procedures” (7.44%) are intended to diminish the effects identified with outlines abandons discovered on location, allocating a necessity and a grouping, to confirm how the change will influence different creators and the venture itself.

Suggestions for Design Quality Assurance

The proposed technique to enhance the outline for construction ventures incorporates the advancement of arrangements and reports to guarantee that an arrangement of prerequisites are met, in request to evade outline deformities. The central attributes are displayed beneath; they were demarcated from the investigation of the qualified data acquired throughout the demonstrative stage of the research and the suggestions made by experts and additionally by the creators.

Outline Planning Scheme. This arrangement requires two distinctive cycles.

Qualified data Cycle: Soon after the starting the first phase of the “Design Planning Plan”, it is essential to achieve a standout amongst the most critical and basic regions that a task requires: to recognise the prerequisites of the customer. The change approach accepts that the prerequisites of the manager are conveyed to the draftsman in a compressed structure through the “assignment records” and the builder’s prerequisites are built in the “work determinations”. An Engineer throughout the improvement of the outline exhorts the engineer with a nearby coordinated effort between them. When the design is expert satisfying the “work determinations”, it is conveyed to the next fortes, which get the “undertaking records” that hold the vital informative data to improve their outlines.

When finished, a forte design is subjected to a “similitude control” with the higher necessity fortes, to catch potential inconsistencies around the drawings. This procedure is as of now called “venture coordination”, however the proposed plan is distinctive in light of the fact that it secures a grouping that must be achieved after the execution of the venture. The issues recognised throughout the “comparability control” are imparted to all the executors to create the fundamental updates to complete the outline. These progressions are produced throughout the “second cycle” of the “Outline Planning Scheme” that is depicted in the accompanying section.

Updates Cycle: When the “closeness control” is finished it is indispensible to achieve the essential updates in all the claims to fame. As the alterations that are achieved in one distinguishing offering can influence different claims to fame, the grouping of progressions is chose recognising the simplicity to fulfil the progressions. Every time a claim to fame produces a change, this is imparted to the next creators. At last, the progressions ought to be conveyed to structural planning to verify the satisfaction of the progressions and the coordination of all the outline reports.

Having as a main priority these plans for the stream of qualified information and a necessity request for the updates, it is vital to know the aspects of the Design Control Documents.

B. Work Specifications. These are specialised archives where prerequisites for outline reports are built (arrangements, components Id, informative content, drawings aspects, and so on.).

Undertaking Lists. These records may as well hold the qualified data that the creator necessities from the past sub process (other fashioner or possessor). They might as well make references to certain criteria for strength plans, for example: area of the pipelines, sort of materials, area and amount of components and prerequisites of different claims to fame, etc.

Checklists. These records must be utilised to verify that the “work determinations” are satisfied and that the parameters described in the design are in concurrence with their aspects. The structure of the checklists is a record of inquiries that are replied absolutely or adversely.

Change Control Procedures. The target of these methods is to control any change that is presented in the outline throughout the execution phase of the venture. To keep away from the absence of control it is vital to describe the obligations of the architect, builder and manager. The Designers are answerable for conveying and recognising the adjustments acquainted with the outlines. The builder is answerable for distinguishing and imparting all the outline issues that influence the constructability, operation and upkeep of the tasks. He might as well likewise manage the constructability of the progressions, assess the immediate and roundabout investment effect on the venture and figure out the varieties in the task calendar. The manager is answerable for knowing furthermore comprehension the effects of the progressions and he is the special case who can sanction the updates.

Organisational Structure. To present nonstop change in the outline prepare, considering the makeshift character of the activity conglomerations, it is vital to have an organisational structure that oversees and controls the improvement of the design methodology. This is a Design Control Unit that hinges on upon association administration and that takes an interest in the advancement of every last one of activities, gets informative content and manages updates made in every one of the undertakings in execution. The Design Control Unit (DCU) has a goal to anticipate that outline slip-ups land to the field, to do this it may as well have some control of the design methodology to have the capacity to gather enough informative content so as to enhance work details. In the meantime, the assessment of the architects through the checklists permits the era quality records for every design office to assess their exhibition for future ventures.

For some field experts one of the primary issues put forth in the plans are the blunders of the architects themselves and the absence of coordination around distinguishing offerings. Other issues are brought about by late updates presented by the possessor and the creators, the conflict between drawings and particulars, the absence of construction information of the architects and particulars with small specialised substance. These imperfections produce an arrangement of effects in construction activities, for example: postpones, labour misfortunes and wrong utilisation of supplies.

The vital issue discovered in the outlines was the absence of qualified information. The planners did not convey enough qualified information on time to the construction field and to other members in the outline procedure. This scenario demonstrated that the planners didn’t anticipate the prerequisites of qualified data of their inward customers when arranging their own particular function.

These discoveries exhibit that the present outline procedure is inadequate and disordered, since it doesn’t permit the persons accountable for the venture execution the satisfactory learning of the outline and it forestalls the face to face time around the distinctive distinguishing offerings included in the venture.

The qualified information gathered from the site demonstrated that each time there was a change of organise in the task there was a respectable build of design absconds, subsequent lapses and oversights. This scenario shows that there is no reckoning of outline issues when starting execution. Then again, the vast majority of the issues discovered were because of a wrong interpretation of the necessities of the possessor by the architects or because of a late comprehension of these necessities, generating numerous updates throughout construction. The ventures that had formal frameworks to take care of design issues, for example “plan analyses logs” alternately “plan organisers” indicated diminished reaction time to take care of these issues and decreased relative effect on the activity.

The requisition of the “House of Quality” to assess specialised reactions indicated that the requisition of two specialised reactions: “work particulars” and “Drawing Delivery Line-up” might be adequate to keep away from very nearly 50% of the deformities discovered. The normal variable of these specialised reactions was the determination of the informative content that must be conveyed by the creators, recognising the records included, and when this informative content ought to be conveyed to the activity.

The execution of the proposed results has profits for creators and construction associations giving to escape revise and various sorts of waste in both the creator office and the construction site. One construction association included in this research has brought about these ideas to formalise its plan construction collaboration with huge effect on the viability and effectiveness of the procedures. They have fundamentally lessened design deformities and updates, these changes have additionally had huge effects on venture benefit.

Proposed framework

There are several methods in which value management study is conducted and each way has its own stages. Whatever is the method, the main concept remains the same and it can be described to be in seven stages that will be discussed later on in this chapter. These stages are considered to be a ‘job plan’ that underlines a systematic approach to be followed during value management study in order to face various challenges and get solutions to problems (Mat 2007). The following framework depicts the different phases in a value management study (Rains 2008).

Proposed framework for value management study. 
Proposed framework for value management study. Source: Adapted from Rains (2008).

Project selection

After strategic thinking, a suitable project is selected for conducting value management workshop.

Selection of team members

Experienced and well qualified team members are crucial for a successful value management workshop. As such, team members should be selected with great care. Generally, the team members include a design engineer, architect, project planner, people from engineering disciples, finance and cost accountants, quality managers, manufacturing personnel, and finally the customer.

Gathering information

It is important to have accurate information about the project on which value management study is to be conducted. Information pertaining to the objectives of the project, its scope, costs, and facts need to be known prior to initiating the study.

Analysis stage

Functions of the project should be determined and the project and its scope should be redefined. The determined functions have to be analysed and the cost-function relationship should be determined.

Creative stage

Creativity and innovation are a must for any project. As such, the team members should be encouraged to be creative and innovative. They should be allowed to apply imagination and incubation in their thought process. Various alternative methods for performing any particular task should be considered.

Evaluation stage

Ideas gathered from the team members should be gathered and evaluated. Ideas that cannot work are to be eliminated. The remaining ideas should be combined and ideas that are expected to work should be determined. Finally, the best idea should be selected to be implemented.

Development stage

An action plan for completion of the given task should be determined. The selected ideas should be refined for better results. The expected benefits should be determined and the obstacles and objections should be overcome. An implementation plan should be determined.

Presentation stage

The final implementation plan should be conveyed to the stakeholders.

Implementation stage

Team members should be allotted responsibilities who in turn should excel in their respective jobs. Various road blocks need to be overcome and specific action should be recommended. Specific and precise project action plan needs to be implemented.

Reporting and follow up

The creativity team should be in continuous touch with the team members. Any changes should be monitored and should be reconvened as per requirement. The results need to be documented properly and the progress should be reported accordingly.

Search new opportunities

Once the project nears completion, new opportunities should be searched for.

Value management in Europe

As mentioned earlier in this paper, there are two questions that should be considered by value management team members; ‘What can it accomplish?’ and ‘What more can it accomplish?’. These two questions changed the outlook of managers in the United States in 1950s; the concept of value management emerged and was adopted. The European companies took almost three decades to accept the value management system. The delay was mainly due to requirement of a separate team to handle it. Value management has been practiced in Europe since then. The author proposes the following seven phases for an appropriate value management study (framework) in Europe.

Pre-study phase

Orientation meeting

It is better to conduct such meetings a couple of weeks before initiating a value management study. The value management organiser, client or his representative and representatives of the design team should be present in these meetings. The main intention of such meetings is to have a clear idea and knowledge about the client’s requirements. This exercise is eminent because once the client’s requirements are known the necessary logistics can be arranged on time. During such meetings, the value management organiser gets to appraise the restraints for the study’s scope. Other important aspects such as the team structure, members and the time frame can also be known.

Deciding the team structure

The right group structure assumes a crucial part in value management and it may be considered as the discriminating component which decides the achievement or the disappointment of a value management study. Ideally, a group ought to comprise of somewhere around six to twelve permanent members so that the expected outcome can be achieved. It may not be easy to handle a group bigger than that. Moreover, in a few cases vast groups have a tendency to restrain a few members of the group and impede their participation. There is a propensity that self-assured members control the talks while the diffident ones in the group shy away. The apprehension of talking before public, which is natural in most individuals, may be a purpose behind absence of interest in a huge meeting. For value management, it is of most extreme criticalness to acquire multi-disciplinary viewpoints and because of this, support by all is vital. An alternate reason behind the aptness of a smaller group is that it is convenient to motivate because it is less demanding to propel a more diminutive group and a decent team is one of the key constituents of keeping up excitement and hence productivity.

Determination of the colleagues

The team members ought to be painstakingly chosen and the individual in charge ought to consider people past the design and construction fields. Examples of such non-construction can design people can be the maintenance people and representatives of user and client. Support work force can give data from their useful encounter that is not noticed by designers, while client delegates may support the group to comprehend the functions that are to be directed by the task and the agents of the customer regularly have crucial background information not accessible to others.

Settling on the time frame of the value management session

The decision of time frame depends on the magnitude, nature and intricacy of the project. It is understandable that vast projects that are more perplexing will need an extended value management session time frame. An alternate variable that ought to be thought seriously about is the phase of the project in which the study is to be carried out. Value management is not generally done at the initial stage of a project. The customary standard time frame for value management studies is five days (Norton & McElligott 1995). This is sufficient for most projects in spite of the fact that the term must even now be customised as indicated by the situations. Most value management sessions are led in a ceaseless session however there are instances where such sessions are spread over certain duration of time. It might be more favourable to enjoy a reprieve after the data stage in which extra data may be looked for and the functional examination which is examined later is calculated for expenses. The time frame to carry out a value management session ought not to be lessened below the standard time required on the grounds that it would most likely pose certain limitations and reduce the outcomes of value management session.

Deciding study area and conditions

Despite the fact that this may, at the outset, appear immaterial, it really has a generally huge effect on the accomplishment of value management. It is essential to get the value management team members far from their typical work environments for two principle reasons, to be specific:

  • In the event that the study is directed at their ordinary work environments it is likely that the session will be hindered as individuals go to regular errands and responsibilities
  • Dividing individuals from the work environment permits individuals to push aside their usual preoccupations and permits them to concentrate totally on the job.

It has become a general tradition to utilise conference rooms that are away from the ongoing site. Such rooms are generally situated in hotels that have large rooms, enough for displaying charts and other information.

Data gathering

The quality of information/data gathered on which value management study framed is very important because the features of the ensuing proposals depend largely on it. Data such as project details, designs, features, and various calculations ought to be supported by appropriate data or information. It should be beneficial to have a data checklist. Most of the data is obtained from the design team and the customer, which depends on the construction project’s phase.

Site visit

Theory is a bit different from practice. As such, simply by understanding the theory of value management would not serve the purpose of conducting a fruitful value management study. It is important for the team members to visit the site so that they are aware of the site conditions. In case any member is not able to visit the site, it is advisable to show him site pictures.

Verification of cost estimate

The preparation of estimates should be as detailed and accurate as possible. This is important because most of the decisions taken during a value management session are based on these estimates. Such estimates are initially used to identify the poor segments of the project so that remedial actions might be initiated. It is suggestive to prepare more than one cost estimates so that a comparison and reconciliation is possible. Generally, two cost estimates are prepared: one by the value management professional and the other by the design team.

Model preparation

It is always beneficial for a value management study to prepare study models and cost estimates before initiating the study. Such models depict the role to be played by each team member.

Information phase

The purpose of this particular phase is to acquaint the team members with various aspects of the project. Their conception about the project is widened beyond their regular profile. There are a couple of ways to teach the team members during this phase. One of them is to ask questions such as ‘What can it accomplish?’ and ‘What more can it accomplish?’; answers to such questions should be sought from the members. Such an exercise involves the team members in brain storming and innovative ideas are generated. Such questions are based on five segments (Kelly & Male 1993):

  • Customer requirements
  • Customer expectations
  • Project limitations
  • Budgetary perimeters
  • Time frame

The information phase can be further divided into two functions as mentioned below:

Presentations

In this starting period of the value management session the first functions are generally elementary. An individual senior portfolio (from the customer’s side) will typically give a concise portrayal of their objectives for the study and repose their faith in the value management process, thereby giving the value management group a quick idea of reason. The value management facilitator will then instantly give the plan for the entire value management process.

Once the customer’s objectives are clear, the design team presents details of the design. After this, the mechanical, structural and electrical teams present their respective designs. In case other fields have a considerable role in the project, their representation is also given. Such presentations by various teams should be able to present the design with explanation and background. Such explanation should also describe the main hindrances and options that were considered and discarded during the design process. Such explanation also removes any misconceptions among the members of the value management team who have not had enough exposure to the design process.

Function analysis

Functional analysis is an important aspect of value management. It offers a better understanding of the project by promoting extensive discussion and also induces members to consider new aspects. Project functions have different levels as mentioned below:

  • The first level depicts the stage where the customer identifies a problem.
  • The second level is the one where the design team is busy in preparing the required documents.
  • The third level depicts the stage where the structure takes a form.
  • The fourth and final level is the one where various elements of the structure can be identified as constructed forms.

The functions are further segmented into basic and secondary; this might be an uphill task. Once all the functions have been classified, estimation is done for them and a cost-to-worth ratio is arrived at in order to identify poor areas.

FAST diagram is quite helpful in creative thinking and helps in breaking a problem into small segments that can be managed easily. It helps recognising problems instead of the symptoms. FAST diagram has a drawback that it is too much time consuming; value management sessions have time constraints. The following diagram depicts a typical FAST diagram:

FAST diagram.
Figure: FAST diagram.

Creative phase

This stage offers all the team members a chance to be innovative and submit their ideas and suggestions towards a better system. This can prove to be a pleasant experience for the team members as well as the value management study because innovative ideas are received in abundance. The value management facilitator plays a pivotal part in motivating the team members to contribute actively with a positive attitude. Following are the basic principles of this phase:

  • Innovative thinking methods
  • Postponement of decisions
  • Positive attitude
  • Variety of ideas
  • Mindset blocks
  • Habitual blocks
  • Emotional blocks
  • Cultural blocks
  • Professional blocks

A major benefit of this kind of discussion is that the productivity is much better. The success or failure of this session depends largely on the competence of the leader in developing an environment that is conducive to healthy discussion.

Evaluation phase

During this stage, the team members evaluate the generated ideas and make a preference list. Ideas that are considered not to be useful are discarded. The decisions that were postponed during the creativity phase are now taken. The main aim of this phase is to shortlist such proposals that can be executed. The shortlisted ideas are handed over to the team members to be developed further.

Development phase

The shortlisted ideas are examined and discussed for their practicability, both technical and financial. The ideas are supported by designs, calculations and other aspects. This phase requires the participation of experts of respective fields.

Presentation phase

As the name suggests, during this phase, the finalised ideas of value management are put before the deciding authority and the design team.

Post-study phase

Once the value management session has been completed, it does not mean that the process has been completed. There are certain post-study functions that have to be performed so as to get benefits of value management.

Conclusion

Prominently, the restricted research on stakeholder management and value management in Dubai necessitated the research. To put the accessible stakeholder management learning in perspective, the researcher introduced his meaning of a stakeholder focused around various definitions given by renowned scholars that accentuates the prioritisation of stakeholder’s interest(s). The corresponding co-operations between the project and its stakeholders must be profoundly considered by Project Managers. The meaning of stakeholder was focused around the impact that a choice making procedure reasons to a stakeholder. In any case, the arrangement is naming every stakeholder.

Not at all like optional stakeholders, have the essential ones specifically influenced the undertaking. Striking stakeholder is most presumably to be an essential one. The force, authenticity, and criticalness traits that a stakeholder holds are its remarkable quality deciding variables. A survey questionnaire gathered the members’ perspectives on the impact of value management on stakeholders. The venture’s reliance on inside or outside stakeholder require not be disregarded. Value management professionals, customers and experts were found to have greatest impact on project circles. In this way, they might be assembled amid vital arranging at an opportune time project life cycle. The force/interest grid demonstrated that customers should dependably be satisfied, which might be attained by the acknowledgment of their investment.

This study inspects the current perspectives on recognising project stakeholders and dealing with their needs and desires in development project improvement in Dubai. The concept of value management has also been discussed at length and its impact on stakeholder relations has been understood. In view of the observational examination, a couple of facts came through that are described as follows:

  • Factors to be considered before employing a value management study
  • The reasons for initiating value management
  • Stages of a project where value management study can be implemented
  • The optimum time to conduct a value management study
  • Project life cycle
  • Types of projects
  • Stages of a value management study
  • Costs and benefits of a value management study
  • Stakeholder management

Also, the discoveries demonstrated that necessity criteria used to deal with the stakeholders’ necessities and desires vary between general society and private areas in Dubai, contingent upon their investment. The Government and the specialists put more stress on keeping their stakeholders’ fulfilled, generally educated, and teaching them by method for giving discussions, open correspondences interfaces and visual procedures. This fortifies the conviction that any criteria conceivably influencing an undertaking as far as social commitments and political obstruction are well on the way to be of extraordinary essentialness to the Government and their advisors. The political choices and top administration’s backing of the task by giving the essential cash, labour and other sufficient assets are required for the fruitful execution of the undertaking.

Interestingly, private customers positioned the variable ‘framing an undertaking coalition’ as profoundly vital, emulated by ‘focussing on the meaning of task mission’. Foreman notwithstanding, picked ‘entryway strategies’, emulated by keeping stakeholders generally educated and focussing on the meaning of task mission to be exceedingly fundamental in dealing with their venture stakeholders. The study led by Newcombe (2003) uncovers that customers’ mentality towards the improvement of a venture are unusual and may change as it advances. In this way, by framing a task coalition with them it will support and urge those to keep up their level of consistency, investment and force to guarantee the fruitful execution of task methods. Further, disappointment to concentrate on the meaning of undertaking mission may wind up with the task meeting objectives that were never proposed by the potential stakeholders (Karlsen 2002).

Additionally, in dealing with the stakeholders’ necessities and desires, the results uncover that a measurably huge contrast in notion between the gatherings at a criticalness level. The Government and foremen are seen to be the outstanding groups that demonstrated the most conflict and instability amongst the groups. The research has additionally tended to a few outcomes that could be utilised to enhance the impacts of botching the stakeholders’ requirements and desires. It is proposed that the inclusion of project stakeholders is needed all through the project life cycle, especially in the front-end venture scheduling. General interchanges with different stakeholders are to be underlined by the project customer with a specific end goal to accomplish arrangement and input between them. This is essential since the venture customer and end-clients are altogether more imperative than different stakeholders and have the sole power in bringing any shrouded motivation and project necessities to the front line (Jergeas et al. 2000; Karlsen 2002).

The criticalness of communication with the venture’s customer and end-clients all through the length of time of the project is foremost, since it is the venture customer who characterises and funds the venture, while it is the end-clients who choose about the convenience of the venture results. The after effects of this study offer an understanding into stakeholder administration in the advancement of Dubai’s construction ventures and will assuredly give profitable rules, particularly to customer associations (open or private), for dealing with their construction venture stakeholders.

It is quite evident that value management is used in many significant procedures in order to guarantee the success of a project. It is imperative for value management professionals to gain expertise in this field so that they can achieve optimum performance.

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