Value management evaluates alternative construction materials and systems with a view to saving money without impacting on building performance or the construction programme. It has become a well established tool in the construction industry, having been endorsed in a range of government sponsored reports. In the current economic climate, clients are increasingly looking to employ value management as a way of ensuring they generate maximum value from their investments.+
Since publication of the first edition in 2004, value management has developed significantly. The second edition retains the structure of the first edition, covering methods and practices, frameworks of value and the future of value management, but has been thoroughly updated with new material and several new chapters to ensure it reflects current theory and practice. In particular, the new edition responds to:
- Recent publications, most notably the imminent update of British Standard BS EN 12973:2000 Value Management; the change to "Value for Europe" governing training and certification in EU countries; and the recent publication of the UK government OGC, Management of Value (MoV) initiative
- Research in value management undertaken since publication of the first edition
- Changes in value management practice particularly in programmes and projects.
- Developments in the theory of value, principally value for money measures, whole life value option appraisal, and benefits realisation
- New asset management initiatives covering the management of physical infrastructure, for example BSi PAS55 2008 “Asset management: Specification for the optimized management of physical assets”
Appendices again include a tool box and additional generic case studies to illustrate value practice.
Keywords: Construction Management