Ellis, R C T; Wood, G D and Keel, D A (2005) Value management practices of leading UK cost consultants. Construction Management and Economics, 23(5), pp. 483-493. ISSN 01446193
Abstract
Value management (VM) is widely accepted as an important tool in the management of projects. Through a series of semi-structured interviews, this paper attempts to add to the qualitative exploration of VM, by investigating the attitudes and experiences of VM facilitators within major UK cost consultancies. Clients cut across all sectors, but relatively few subscribe to a formal VM process. Despite the acknowledged importance of early interventions, the focus for many VM studies tends to be at spaces and element levels, rather than at the earlier concept level. VM continues to be used as a cost-cutting exercise, particularly so on projects which are experiencing problems. Formal VM rarely extends beyond tender stage. Workshops remain the common format, but these are often compressed, due to commercial pressures, into a half-day. Techniques are adapted to suit the needs of the project, team and client rather than being rigidly applied according to the theoretical approaches outlined in the literature. The potential to integrate VM and risk management (RM) services is recognized by all, although such integration is yet to be fully developed and implemented.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | quantity surveying practice; risk management; value management |
| Index terms: | facilitator, quantity surveying practice, workshop, exercise, risk management, integration, exploration, cost consultant, value management, interview, cost consultancy, tender stage |
| Subjects: | data collection methods, management, profession, organizational analysis, accounting and finance, health behaviours and lifestyles, risk assessment, environmental resource management, tendering, practitioner, construction type |
| Topics: | Cost Management, Value Management, Sustainability, Health and Safety, Research Practice, Roles and Professions, Risk Management, Procurement, Construction Technology, Organizational Design |
| Descriptive scope: | 3 PCE |
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