Cha, H S and O'Connor, J T (2005) Optimizing implementation of value management processes for capital projects. Journal of Construction Engineering and Management, 131(2), pp. 239-251. ISSN 0733-9364
Abstract
A variety of innovative management processes are increasingly being introduced into the capital facility projects, thereby causing a great concern about which to implement on a particular project among project stakeholders. It is essential to identify the most effective process because varying circumstances on each project determine the level of suitability. This paper details a new systematic approach to determining the best process from among the 44 value management processes (VMPs) that can proactively achieve the articulated 12 project value objectives (PVOs). Throughout this paper, identifying and quantifying the selection principles (e.g., targeted PVOs, timing of initiation, project characteristics, and relative impact), the detailed research methodology and the findings from industry survey and VMP expert input are also illustrated. A computerized tool, programmed by Visual Basic Application on MS Excel, is described, and its ongoing validation process is also discussed. As a first-ever research, this paper contributes to a growing area of research, not only by providing a comprehensive and structured knowledge on the subject of VMPs, but also by developing a new method to effectively select the most beneficial VMPs. From the industry perspective, the results of this study, specifically the computerized selection tool, facilitate the implementation of the VMPs on the construction industry and maximize the potential benefits to a particular project.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | assets; facilities; project management; value engineering |
| Index terms: | project stakeholder, validation, suitability, value engineering, survey, capital project, value management, research methodology, construction industry, implementation, project management |
| Subjects: | value management, data collection methods, research design and methodology, contractual arrangements, strategic project management, professional development, project management theory and practice, management, design criteria, industry analysis, sociology |
| Topics: | Stakeholder Management, Procurement, Cost Management, Information Management, Project Management, Research Practice, Design Practice, Value Management |
| Descriptive scope: | 4 PCTE |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here