Value Management of Construction Projects, 2nd Edition

Part 2The Anatomy of a Value Study

A value study is a discrete intervention during the inception, evolution, development and delivery of a project or a Programme of projects and comprises all activities necessary to ensure that the project will use the least amount of resources in delivering the client's required benefits. In edition one of this book (Kelly et al., 2004), Chapter 5 described study styles and value processes based largely on the findings from the international benchmarking study of value management (Male et al., 1998) and the observations from over 200 studies conducted by the authors under a range of procurement systems. The fundamental principles described in the first edition have proven to be sound and are carried forward and developed in terms of theory and practice in this text.

Part 2, the anatomy of a value study, comprising Chapters 3–7 provides in-depth analysis and case study material from research projects and value studies undertaken by the authors both nationally and internationally. In Part 2, the authors have focused on value studies of projects. Significant further research and lessons learned from value studies undertaken within the remit of asset management, and value studies involving Portfolios and Programmes of projects are described in Part 3. Splitting the book in this way allows the authors to clearly describe the processes of value management and value engineering applied to projects without all the caveats necessary to incorporate changes ...