Is the Hong Kong construction industry ready for value management?

2000 ◽  
Vol 18 (5) ◽  
pp. 317-326 ◽  
Author(s):  
Patrick Sik-wah Fong ◽  
Qiping Shen
Keyword(s):  
Hong Kong ◽  
Construction Industry ◽  
Value Management

Management of client requirements for design and build projects in the construction industry of Hong Kong

Facilities ◽  
2010 ◽  
Vol 28 (13/14) ◽  
pp. 657-672 ◽  
Author(s):  
Ann T.W. Yu ◽  
Edwin H.W. Chan ◽  
Daniel W.M. Chan ◽  
Patrick T.I. Lam ◽  
Peony W.L. Tang
Keyword(s):  
Hong Kong ◽  
Construction Industry

Conceptual framework of value management adoption in the Nigerian construction industry

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Lekan Damilola Ojo ◽  
Deji Rufus Ogunsemi ◽  
Olusola Ogunsina
Keyword(s):  
Conceptual Framework ◽  
Construction Industry ◽  
Construction Projects ◽  
Value Management ◽  
Chi Square ◽  
Content Type ◽  
Construction Market ◽  
Innovative Management ◽  
Coefficient Of Concordance ◽  
Global Construction

Purpose The Nigerian construction industry is bedeviled with poor project performance and outcomes which value management (VM) could address if applied. The application of VM on Nigerian construction projects is very minimal due to certain obstacles, namely, lack of VM experts, paucity of knowledge on the techniques, etc., which inhibits the adoption into the construction industry. Therefore, this study aims to develop a conceptual framework of the adoption of VM on construction projects in a typical developing economy. Design/methodology/approach This study engaged 15 selected VM experts in two rounds of Delphi survey to develop a conceptual framework of VM adoption. The method of data analysis includes mean score, standard deviation, Kendall’s coefficient of concordance, chi-square (χ2) test, interrater agreement analysis and significant level analysis. The developed conceptual framework was sent to a team of local and international VM experts for validation. Findings This study reveals that the adoption of VM requires the collective effort of relevant stakeholders in the construction industry. The framework developed presents individual and collective activities to be undertaken by the stakeholders. The activities include training, legislation, government-funded research, etc. Thus, the adoption of innovative management methodology like VM requires the collaboration of academics, construction professional bodies and government parastatals. This will assist in the judicious use of limited construction resources and boost the relevance of the Nigerian construction industry among developing nations and in the global construction market. Originality/value This study used the opinions of few construction professionals that can be regarded as VM experts in Nigeria, as against engaging a pool of construction professionals who may not be knowledgeable in VM process. Engaging the few VM experts in the Nigerian construction industry is important to have a valid basis for drawing conclusion, as large questionnaire survey could be possibly filled by inexperienced or unqualified respondents if stringent criteria are not considered at the outset of this study.

Critical drivers (CDs) of value management adoption in the Nigerian construction industry

2019 ◽  
Vol 17 (1) ◽  
pp. 250-264 ◽  
Author(s):  
Lekan Damilola Ojo ◽  
Deji Rufus Ogunsemi
Keyword(s):  
Construction Industry ◽  
Delphi Study ◽  
Survey Method ◽  
Value Management ◽  
Chi Square ◽  
Content Type ◽  
Adequate Understanding ◽  
Coefficient Of Concordance ◽  
Concordance Test ◽  
The Common

Purpose This paper aims to assess the drivers of value management (VM) in the Nigerian construction industry with a view to identify the critical ones through Delphi study. Design/methodology/approach A team of 15 carefully selected experts in VM were engaged in two rounds of Delphi survey, and the responses of the survey were analyzed with descriptive statistics (mean, standard deviation and mode). Kendall’s coefficient of concordance test and Chi-square (χ2) test were also used to test the level of consensus amongst the respondents at the two rounds of the survey to draw inference. Interrater agreement analysis and significant level analysis were further used to determine the criticality of critical drivers. Findings The critical drivers to VM adoption are adequate understanding of the benefits of VM, higher/postgraduate programme that teaches VM technique, professional’s previous experience with VM, collaboration of all construction professional bodies in Nigeria and VM training. Originality/value This paper used opinions of VM experts only to achieve the aim of this study as against the common survey method in which respondents who are not knowledgeable in the area of research might fill the questionnaire.

scholarly journals Value Management in Practice: An Interview Survey

2012 ◽  
Vol 4 (2) ◽  
pp. 11-18 ◽  
Author(s):  
Therese Daddow ◽  
Martin Skitmore
Keyword(s):  
Construction Industry ◽  
Construction Projects ◽  
Project Delivery ◽  
Value Management ◽  
Practical Implementation ◽  
Construction Work ◽  
Value For Money ◽  
Extra Time ◽  
Prescriptive Literature ◽  
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.

Establishing the synergy between the perceptions of construction professionals and the phases of value management

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mujahed Thneibat ◽  
Motasem Thneibat ◽  
Bader Al-Tamimi
Keyword(s):  
Construction Industry ◽  
Structural Equation ◽  
Success Factors ◽  
Function Analysis ◽  
Local Context ◽  
Equation Modeling ◽  
Value Management ◽  
Content Type ◽  
Implementation Phase ◽  
The Status

PurposeThis study aims to lay the groundwork for the potential application of value management (VM) in construction projects. This paper presents a critical review on the status of VM in a developing country and highlights the role of perceptions on critical success factors (CSFs) for the phases of VM studies, as the participants in a VM study should consider CSFs tailored to the local context.Design/methodology/approachA series of interviews and a questionnaire were conducted to understand the drivers, perceptions, barriers, and CSFs of VM in the Jordanian construction industry. Although descriptive statistics were used to analyze the status of VM, a structural equation modeling (SEM) approach was adopted to highlight the interrelationships between perceptions and the CSFs of the three phases of VM (i.e. pre-workshop, workshop, and implementation).FindingsThe descriptive analysis revealed conflicting viewpoints for perceptions and drivers. Most practitioners acknowledged little awareness of VM phases, and the SEM results indicated that perceptions of VM, in terms of its capacity in improving the scope and objectives of the project, and reducing overall costs, most strongly influenced the CSFs of the implementation phase in terms of support and clear plan for implementation, and had the least influence on the pre-workshop phase. Further, the perceptions had a moderate effect on the CSFs of the workshop phase and it tended to be positive, highlighting the importance of function analysis in this phase.Originality/valueThis is the first study to reveal the status of VM in Jordan in terms of adoption, drivers, perceptions, barriers and CSFs; no prior studies have investigated how perceptions can affect the CSFs of each phase of VM and the endorsement of VM by the construction industry. The contributions of this study include linking the perceptions of construction professionals with the CSFs of VM.

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