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Value Management is a philosophy, set of principles and a structured management methodology for improving organisational decision-making and value-for-money. The second edition builds on the success of the first edition by extending the integrated value philosophy, methodology and tool kit to describe the application of Value Management to the areas of service delivery, asset management, and, Programmes, in addition to Projects, products and processes. Value Management is a well-established methodology in the international construction industry, and in the UK has been endorsed as good practice in a range of government sponsored reports. In this book the authors have addressed the practical opportunities and difficulties of Value Management by synthesising the background, international developments, benchmarking and their own extensive consultancy and action research experience in Value Management to provide a comprehensive package of theory and practice. The second edition retains the structure of the first edition, covering methods and practices, frameworks of value and the future of value management. It has been thoroughly updated, and a number of new chapters added to encapsulate further extensions to current theory and practice. In particular, the new edition responds to: A range of recent UK industry and government publications; and most notably BS EN 16271:2012 - Value management: Functional expression of the need and functional performance specification; the imminent update of BS EN 12973:2000 Value Management; BS EN 1325 Value Management -- Vocabulary, Terms and definitions; the changes to "Value for Europe" governing the training and certification of Value Management in European Union countries; the UK Government’s Management of Value (MoV) initiative, together with other leading reports, international guidance and standards on Value Management. 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. Initiatives in asset management initiatives covering the management of physical infrastructure, for example the recent launch of a suite of three standards under the generic title of BS ISO 55000: 2014 Asset Management, and its predecessor BSI PAS55 2008 "Asset Management: Specification For The Optimized Management Of Physical Assets" The second edition contains a dedicated chapter of exemplar case studies drawn from the authors' experience, selected to demonstrate the new areas of theory and practice. An Appendix includes an extensive set of tools and techniques of use in Value Management practice. Construction clients, including those in both the public and private sectors, and professionals such as construction cost consultants, quantity surveyors, architects, asset managers, construction engineers, and construction managers will all find Value Management of Construction Projects to be essential reading. It will also be of interest to researchers and students on construction related courses in Higher Education -- particularly those at final year undergraduate and at Masters level.
This book provides a unique guide to value management and sustainability in construction to researchers and professional. The book provides a better understanding of the concept of value management, the basis of sustainable construction and thereafter, demonstrates how using the principles of value management can help to achieve successful construction projects that are financially viable, socially beneficial and do not damage the environment. The book serves as an introduction to value management for scholars and researchers at all levels; and also as a practical guide for construction professionals, employers and other stakeholders in the construction industry.
Both the theory of VM and detailed guidance on how to use the methodology in practice.
Added Value in Design and Construction takes a holistic, student-centred approach to offering public and private sector clients the ultimate reward; doing more for less. The Latham Report was a call to action and this book provides students of construction with the theoretical and practical knowledge to deliver the recommendations of the report. It describes the principles and techniques crucial to adding value and reducing costs in design and construction in the twenty first century. This book examines in detail a wide range of strategies that can be applied during the design and construction process to add value and bring the best interests of the client sharply into focus.
Value Management Implementation in Construction addresses various factors that can enhance the application of the discipline as well as its adoption among concerned stakeholders and discusses the practice of value management in various developed and developing countries.
*Offers a practical approach to cost-effectiveness. *Provides an introduction to a set of widely applicable decision making tools. *Discusses startegic, financial and construction management techniques.
Whether you are interested in enhancing your own applications of VE and LCC – or you need to understand the current methodology in order to hire a practitioner and oversee the process – this unique publication will provide the information you are seeking. The book shows you: How to organize and apply VE and life cycle costing for maximum benefit Real-life VE demonstration projects – professionally organized reports, with recommendations you can apply right now Project workbook with forms to conduct a complete VE study
The essential risk assessment guide for civil engineering, design, and construction Risk management allows construction professionals to identify the risks inherent in all projects, and to provide the tools for evaluating the probabilities and impacts to minimize the risk potential. This book introduces risk as a central pillar of project management and shows how a project manager can be prepared for dealing with uncertainty. Written by experts in the field, Risk Management for Design and Construction uses clear, straightforward terminology to demystify the concepts of project uncertainty and risk. Highlights include: Integrated cost and schedule risk analysis An introduction to a ready-to-use system of analyzing a project's risks and tools to proactively manage risks A methodology that was developed and used by the Washington State Department of Transportation Case studies and examples on the proper application of principles Information about combining value analysis with risk analysis "This book is a must for professionals who are seeking to move towards a proactive risk-centric management style. It is a valuable resource for students who are discovering the intricacies of uncertainties and risks within value estimation. For professionals, the book advocates for identifying and analyzing 'only' risks whose impact are of consequence to a project's performance." JOHN MILTON, PHD, PE Director of Enterprise Risk Management, Washington State Department of Transportation
One of the most important jobs of a project manager is to manage a project's budget and schedule. These tasks can easily be very difficult to accomplish on projects that are complex, especially since successful project execution relies heavily on people who are expected to perform their roles individually and as a team. One of the most difficult aspects of managing projects is estimating how fast and effectively humans will perform a task; that is, determining how productive workers collectively will be each day, each week, or within any time period during the life of a project. Because projects are unique and are typically one-off endeavors, there is usually little previous empirical data to rely upon for the project manager to forecast productivity before or during the project's execution. The crux of the problem lies with adequately identifying not only the labor work flow process, but also the influences that affect the work flow process. When scope changes are introduced into the work flow of a project, the types and number of influences and their cause and effect relationships can significantly increase in numbers. This phenomenon often turns complicated projects into extremely complex ones and the final outcome can be greater than the sum of the individual inputs. For project managers who are unable to get their arms around this very real situation, forecasting the outcome of a project often becomes out of control, especially for projects that are large and heavily labor intensive. This study takes a post-positivist approach to design and builds a system dynamic model with which construction projects that are delivered using the design-bid-build methodology can be simulated to show generically how the influences that affect construction projects can affect worker productivity. No other studies are known to exist that design or build such a model for construction projects that use the design-bid-build delivery method. The model that was designed in the study is based on the works of several academics' works as well as the input of several experts in the construction field, including this study's author. As opposed to attempting to create a simulation model based on the uniqueness of a single project, a "mosaic" approach was used in creating the model in that elements of the model were identified and taken from studies found through the literature review as well as interviews with construction industry experts. The stock and flow structure of the study's model is intended to be a composite of many construction projects and can be used for any project delivered using the design-bid-build methodology. From the research, the model was created and tested using good modeling practice in that the model testing phase followed the process created by one of the pre-eminent system dynamic modelers in the world (refer to Sterman, 2000). The result is a model that simulates the work flow of labor hours in a design-bid-build construction project which can be affected by an immeasurable number of influences that can and do occur on construction projects.