Value Management in Practice: An Interview Survey

Despite its obvious theoretical benefits, there has been some reservations regarding the practical implementation of Value Management (VM) for construction projects. In particular, these concerns the extra time and costs involved in conducting VM in relation to the actual benefits gained as a consequence of its use. This paper provides the result of an interview survey of the experiences and observations of 17 professionals working in the property and construction industry to establish the extent to which this is an issue. The main conclusion is that the process is working well, with VM being popular among those with experience in its use - which has been extended into the area of consultant selection. However, in contrast with the prescriptive literature, much of the participants' experiences appear to be more concerned with VM's contribution to the identification and management of the risks involved in project delivery than the straight value-for-money aspects. This may be due to the higher levels of uncertainty involved in construction work than in VM's original use in construction.