|Author:||Wan, Shui-cheong Dickens|
|Title:||Use of value management in design-build contracts|
Value analysis (Cost control)
Hong Kong Polytechnic University -- Dissertations
Department of Building and Real Estate
|Pages:||v, 94,  leaves ; 31 cm|
|Abstract:||Value Management is defined as a systematic application of recognized techniques which identify the function of a product or service, establish a monetary value for that function, and provide the necessary function reliably at the lowest overall cost (Mudge, 1989). In the construction industry, Value Management is a strategy for identifying the project that gives the best value for money and which makes full use of these scarce resources, including the evaluation of alternative materials, construction methods and life cycle costing. It has the capabilities to enhance the quality and work of a construction project if properly addressed in the pre-design phase of a project (Macedo et al., 1978). The Value Management technique has been widely adopted throughout North America, Europe and Japan but the development of Value Management in particular to the Design-Build procurement system is still questionable. The objectives of this study are to investigate the awareness of Value Management among the Design-Build contractors and the need and result of using it from their experience and feedback from clients. This study further investigates the current status and trend of the development of Value Management in Design-Build contracts in the regional context. The methodology of this research study is divided into two main portions. The quantitative portion of the study is to unveil the current status of Value Management in Design-Build contracts worldwide by means of a questionnaire survey. The qualitative portion is an analysis and recommendation to explore the development, potentials and hindrances of implementing Value Management in Design and Build contracts. As revealed by the questionnaire survey, the development of Value Management in Design-Build contracts varies in different countries. Misunderstandings and misconceptions regarding Value Management persist in the minds of some Design-Build contractors who have not even heard of the term and have no experience of participation in a Value Management study. The merits of applying Value Management in Design and Build Contracts are saving in construction cost, achieving optimum project value and benefits of a properly administrated Value Management are significant when compared with the cost implementation, time implication to the advantage of adopting Design and Build delivery system. Based on the findings of this study, Value Management is still a relatively new concept, especially in Design-Build contracts and whether Value Management is able to evolve to the full development stage will depend on many factors including as promotion of government or client's preference on the Design and Build delivery system.|
|Rights:||All rights reserved|
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