Value management in practice

Overview

This presentation will give an overview of value management (VM) in practice and provide the findings from the author’s Master of Science in Project and Programme Management research paper, which was contributed to by Institution of Chartered Engineers’ members and others in January 2021.

There is a growing call from researchers, industry leaders and society at large for engineering and construction projects to co-create value with a wide range of stakeholders in the front-end of projects in order to secure financial, non-financial, tangible and intangible benefits. Structured, systematic, formal front-end VM processes are indicated to play a critical role in negotiating and securing this ‘value’ for construction projects worldwide.

This study was conducted through an in-depth survey amongst engineering sector professionals to explore issues and behaviours that may explain a perceived low take-up of front-end VM processes by the sector and further our understanding for this phenomenon. The study was conducted from a project management perspective to gain useful insights from a critical project stakeholder that may improve and enhance project leadership and outcomes in the future.