John Kelly, Steven Male, Drummond Graham
Wiley-Blackwell; 2nd edition
Value Management is a philosophy; set of principles and a structured management methodology for improving organizational decision-making and value-for-money. The Value Management of Construction Projects 2nd edition; (PDF) builds on the success of the 1st 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. 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 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. The 2nd edition retains the structure of the first edition; covering practices and methods; 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 practice and theory. In particular; the new second edition responds to:
- Changes in Value Management practice particularly in Programmes and Projects.
- Research in Value Management undertaken since the publication of the 1st edition.
- Developments in the theory of value; principally value for money measures; whole life value option appraisal; and benefits realization.
- Initiatives in asset management initiatives covering the management of physical infrastructure; for example; the recent launch of a suite of 3 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”
- 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.
The 2nd edition contains a dedicated chapter of exemplary case studies drawn from the authors’ experience; selected to demonstrate the new areas of theory and practice. An Appendix includes an extensive set of techniques and tools of use in Value Management practice.
Construction clients; including those in both the private and public sectors; and professionals such as construction cost consultants; architects; quantity surveyors; construction engineers; asset managers; 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 Masters level and final year undergraduate.