Optimizing Implementation of Value Management Processes for Capital Projects
Publication: Journal of Construction Engineering and Management
Volume 131, Issue 2
Abstract
A variety of innovative management processes are increasingly being introduced into the capital facility projects, thereby causing a great concern about which to implement on a particular project among project stakeholders. It is essential to identify the most effective process because varying circumstances on each project determine the level of suitability. This paper details a new systematic approach to determining the best process from among the 44 value management processes (VMPs) that can proactively achieve the articulated 12 project value objectives (PVOs). Throughout this paper, identifying and quantifying the selection principles (e.g., targeted PVOs, timing of initiation, project characteristics, and relative impact), the detailed research methodology and the findings from industry survey and VMP expert input are also illustrated. A computerized tool, programmed by Visual Basic Application on MS Excel, is described, and its ongoing validation process is also discussed. As a first-ever research, this paper contributes to a growing area of research, not only by providing a comprehensive and structured knowledge on the subject of VMPs, but also by developing a new method to effectively select the most beneficial VMPs. From the industry perspective, the results of this study, specifically the computerized selection tool, facilitate the implementation of the VMPs on the construction industry and maximize the potential benefits to a particular project.
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Acknowledgments
The writers would like to thank the Construction Industry Institute (CII), the Alfred P. Sloan Foundation, and the Center for Construction Industry Studies for their financial support in conducting this research. They would also like to especially thank the members of the CII Project Team 184 for their enthusiastic efforts and many individuals who have contributed to this research through reviews and surveys. Special thanks to go to Max Salas and HoJung Lee, former graduate research assistants at the University of Texas at Austin.
References
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Information & Authors
Information
Published In
Journal of Construction Engineering and Management
Volume 131 • Issue 2 • February 2005
Pages: 239 - 251
Copyright
© 2005 ASCE.
History
Received: Aug 29, 2003
Accepted: Feb 23, 2004
Published online: Feb 1, 2005
Published in print: Feb 2005
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