A framework for implementing value management in China's construction industry

Pao Yue-kong Library Electronic Theses Database

A framework for implementing value management in China's construction industry

 

Author: Liu, Guiwen
Title: A framework for implementing value management in China's construction industry
Degree: Ph.D.
Year: 2003
Subject: Hong Kong Polytechnic University -- Dissertations
Construction industry -- China -- Management
Value analysis (Cost control)
Department: Dept. of Building and Real Estate
Pages: iii, 368 leaves : ill. ; 30 cm
Language: English
InnoPac Record: http://library.polyu.edu.hk/record=b1719342
URI: http://theses.lib.polyu.edu.hk/handle/200/4686
Abstract: Value management (VM) is a proactive, creative, systematic and team-oriented methodology that maximises the functional value of a project by managing its development from concept to occupancy according to the value requirement of the client. The use of VM in the construction industry can lead to significant value enhancement for clients, but in Mainland China such use is still in its early stages, despite it was introduced to China in 1978. The objectives of the research project described herein are to investigate the current state of VM applications and clarify the need for and applicability of VM in China's construction industry; to benchmark the critical success factors for VM studies in China's construction industry; and to establish a framework for successfully implementing VM in China's construction industry. A questionnaire survey, structured interviews, case studies, theoretical analysis, empirical study and benchmarking are used to achieve these objectives. A comprehensive literature review is provided on the background and history of VM, key terminology and definitions of VM, approaches to VM in construction, and critiques of the use of VM in construction. The historical development of VM in China and the main reasons for its current decline in use are also examined. To identify the current state of VM applications in China's construction industry, a questionnaire survey, follow-up interviews and case studies were conducted to provide information on the awareness and perception of VM among construction professionals and clients, approaches that were adopted in VM practices, the output produced by VM and the factors that constrained its wider application. The findings indicate that the development of VM in China's construction industry is still in its early stages and a significant effort must be made to promote it. Through a theoretical analysis and an empirical study, the research project revealed that there is a need for VM in the industry, and that VM can provide significant benefits to clients if used correctly in construction project development in China. A benchmarking study was undertaken to identify the current best-in-class VM users in China's construction industry. According to the data collected from interviews with experienced VM practitioners within these organisations, sixteen critical factors for successfully carrying out VM studies were identified. The underlying structure and relationship between these factors were subsequently explored and interpreted using factor analysis. From a study of best VM cases within these best-in-class VM users, the control of these critical success factors has been summarised for synthesising a VM implementation framework that could be used in China's construction industry. The framework for implementing VM was developed based not only on the research findings, but also on overseas VM guidance notes, manuals, standards and influential books. Two seminars, which were attended by local VM practitioners and construction professionals, were organised to validate and improve the proposed framework. Finally, suggestions for further research directions concerning VM in the construction industry are provided.

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