Value Management of Construction Projects, 2nd Edition

Part 4Developments in Value Thinking

The early value analysis studies undertaken by an in-house team on a manufactured product in production regarded value as being achieved when the necessary functions in the production of the product were provided at the least cost without compromising quality. This definition carried forward into the majority of value engineering and early value management texts, which regarded value as a relationship between function and cost. Later value management texts increasingly regarded value as a relationship between function, cost, time and quality where quality was as much to do with the culture and excellence of organisations as it was to do with the performance and ‘defects free’ aspects of a product. During the past decade these factors have led to research into ‘what exactly is of value?’ Additionally, influential public sector and industry reports have testified to the necessity to provide whole-life value defining the concept but not the methodology.

Chapter 11 critiques the existing representations of project value as part of the theoretical discourse on the subjects of value and quality. Chapter 11 continues the dialogue began in Chapter 9 on organisational values to explore the relationships between the value systems of the client organisation (which stems from within the Organisational Value Chain) and the value system of a construction project specified by the client organisation (which stems from within the Organisational Project Value ...