Value Management is a philosophy, set of principles and a structured management methodology for improving organizational decision-making and value-for-money. The Value Management of Construction Projects 2nd edition, (PDF) builds on the success of the 1st edition by extending the integrated value philosophy, methodology and tool kit to describe the application of Value Management to the areas of service delivery, asset management, and, Programmes, in addition to products, projects, and processes. Value Management is a well-established methodology in the international construction industry, and in the UK has been endorsed as good practice in a range of government-sponsored reports.
In this book the authors have addressed the practical opportunities and difficulties of Value Management by synthesizing the background, international developments, benchmarking and their own extensive consultancy and action research experience in Value Management to provide a comprehensive package of practice and theory. The 2nd edition retains the structure of the first edition, covering practices and methods, frameworks of value and the future of value management. It has been thoroughly updated, and a number of new chapters added to encapsulate further extensions to current practice and theory. In particular, the new second edition responds to:
- Changes in Value Management practice particularly in Programmes and Projects.
- Research in Value Management undertaken since the publication of the 1st edition.
- Developments in the theory of value, principally value for money measures, whole life value option appraisal, and benefits realization.
- Initiatives in asset management initiatives covering the management of physical infrastructure, for example, the recent launch of a suite of 3 standards under the generic title of BS ISO 55000: 2014 Asset Management, and its predecessor BSI PAS55 2008 “Asset Management: Specification For The Optimized Management Of Physical Assets”
- A range of recent UK industry and government publications; and most notably BS EN 16271:2012 – Value management: Functional expression of the need and functional performance specification; the imminent update of BS EN 12973:2000 Value Management; BS EN 1325 Value Management – Vocabulary, Terms and definitions; the changes to “Value for Europe” governing the training and certification of Value Management in European Union countries; the UK Government’s Management of Value (MoV) initiative, together with other leading reports, international guidance and standards on Value Management.
The 2nd edition contains a dedicated chapter of exemplary case studies drawn from the authors’ experience, selected to demonstrate the new areas of theory and practice. An Appendix includes an extensive set of techniques and tools of use in Value Management practice.
Construction clients, including those in both the private and public sectors, and professionals such as construction cost consultants, architects, quantity surveyors, construction engineers, asset managers, and construction managers will all find Value Management of Construction Projects to be essential reading. It will also be of interest to researchers and students on construction-related courses in Higher Education – particularly those at Masters level and final year undergraduate.