John Kelly, Steven Male, Drummond Graham
Wiley-Blackwell; 2nd edition
Value Management can be defined as both a philosophy and a collection of concepts, as well as a structured management approach, that aims to improve the decision-making processes of organizations and their overall value-for-money. The Value Management of Construction Projects, Second Edition (PDF) 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 Products, Projects, and Processes. This second edition builds on the foundation laid by the first edition. Value Management is a methodology that is well-established in the global construction business. In the United Kingdom, it has been acknowledged as a good practice in a variety of papers that were sponsored by the government.
In this book, the authors address the practical opportunities and challenges of Value Management by synthesizing the background; international developments; benchmarking; and their own extensive consultancy and action research experience in Value Management to provide a comprehensive package of practice and theory. This book addresses the practical opportunities and challenges of Value Management by synthesizing the background; international developments; benchmarking; and their own extensive experience in Value Management. The format of the first edition has been carried over into the second edition, which covers techniques and approaches, as well as value frameworks and the prospects for value management. It has been completely revised, and a number of brand new chapters have been included to include further developments to the theory and practice that are already in use. In specifically, the brand new second edition addresses the following concerns:
- alterations to the way value management is carried out, in particular within programs and projects.
- Since the release of the first edition, additional research has been carried out in the field of value management.
- The evolution of several aspects of the theory of value, most notably value-for-money metrics, whole-life value option appraisal, and the actualization of benefits.
Initiatives in asset management cover 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” Initiatives in asset management cover 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 so on.
Recent publications from the UK industry and government, including: 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,” which governs the training and certification of Value Management in European Union countries; the UK Government’s Management of Value Management.
In the second edition, there is a new chapter that is specifically devoted to illustrative case studies that are taken from the authors’ previous work and are chosen to highlight the new areas of theory and practice. An exhaustive collection of methods and instruments that can be utilized in Value Management practice is contained within an appendix.
Value Management of Construction Projects is a book that should be required reading for anyone involved in the construction industry, including clients from the public and private sectors, architects, quantity surveyors, construction engineers, asset managers, and construction managers. Construction clients will also find Value Management of Construction Projects to be an essential resource. Additionally, it will be of interest to researchers as well as students who are enrolled in higher education construction-related courses, particularly those students who are in their last year of undergraduate and master’s programs.