Purpose – The purpose of this paper is to report the findings of research into the principles and procedures associated with value management (VM) and assess its use and effectiveness within the construction industry in Northern Ireland. It provides a brief review of the principles, various procedures and methods associated with VM, investigates the positive and negative factors relating to its use whilst analysing the extent of its usage and determining its effectiveness. Design/methodology/approach – Using a mixed method approach, the authors present the results of a survey of construction professionals operating in Northern Ireland and provide an examination of three case studies exploring the use of VM within the Northern Ireland construction industry. Findings – In an industry where the client’s needs and demands are of paramount importance, VM has emerged as a tool which can help satisfy these needs. This study shows that VM is frequently used within the Northern Ireland construction industry and on the whole is quite effective. However, the research exposed a general consensus that the VM process is frequently not implemented at the most appropriate stage of a project, which suggests that if it was, it could perhaps be more effective than it is at present. There is an apparent lack of formal methods used to carry out the VM process. Instead, rather loose and informal methods are used. Originality/value – In the absence of a similar study that analyses the factors that influence the VM process highlighting and documenting the views and opinions expressed by the professionals within today’s industry and reviewing the effectiveness of its usage, this paper documents a snapshot of practice of VM within the Northern Ireland construction industry.
|Journal of Financial Management of Property and Construction
|Published - 2011