Value Management of Construction Projects, 2nd Edition

Preface

The decade since the first edition of this book has seen significant changes within the construction industry in general and value management in particular. The first quarter of 2004 saw the highest construction output during the previous decade; although construction in the United Kingdom was consistently running at a high level until the first quarter of 2008 when another peak occurred from which construction did not recover as the United Kingdom entered recession in the second quarter of 2008.

Value management, following a period of rapid development during the late 1990s and early 2000s and coinciding with the period covered by the first edition of this book, began a period of twin track development in construction. This comprised a period of consolidation for the value management of construction projects and an exciting period of new development in the strategic value management of assets, Portfolios and Programmes of projects.

On the first track, the value management of construction projects entered a period of stabilisation. It was increasingly commissioned by the new and developing Integrated Service Provider companies offering a cradle to grave integrated supply chain configuration primarily within Private Finance Initiative, Prime Contracting and other Design, Build Finance and Operate procurement systems. The definition of value management provided in the first edition is

Value management is the name given to a process in which the functional benefits of ...