Value management, increasingly referred to in the uk construction industry since the 1980s, is a means of getting value for money - not simply a cost-cutting exercise but a way of adding value to a project.
The concept has its roots in the manufacturing industry of the us. Studies conducted on applying it in the construction industry indicate that value management can enable construction clients to ensure that an investment results in a valuable asset that is cost-effective to construct, use and maintain.
bre defines value management for construction as 'a structured, team- oriented approach to problem-solving that can be applied to the concept, design, construction and maintenance of buildings. It addresses the key issue of function in relation to cost to achieve maximum value for the client.' If value management is to help the uk construction industry become more cost-effective, there must, says bre, be continued methodological development and a theoretical framework that enables different methodologies to be matched to different situations. It has produced a comprehensive bibliography that it believes will provide an essential guide for the value-management facilitator and researcher. It includes an introduction to value management and its background.
Value from Construction - a Comprehensive Bibliography is available from crc, tel 0171 505 6622. It costs £15 plus £1.50 p&p.
bre has also published a guide to value management in construction, which explains how and when to go about getting maximum value for money. It presents examples of construction projects in which value management has been used successfully, and answers those questions most commonly asked about it. The guide is aimed at small and occasional construction customers, and at their consultants and contractors. It is based on bre research which has been partly funded by the detr under its Partners in Technology programme.
Value from Construction - Getting Started in Value Management costs £7 from bre's Scottish Laboratory, tel 01355 233001.