Abstract
The concept of value management (VM) is becoming more relevant to Sri Lankan construction industry. Value Management provides structured, documentable consideration of project stakeholders to ensure that projects are required, framed to satisfy values and sufficiently supported by all stakeholders to ensure successful completion (Austin and Thomson 2001). This is supported by the definition of Albert and Betty (1996) that VM is a structured, systematic, flexible, team oriented approach for assessing the relationship between function, cost and worth. The aim of this paper is to illustrate the development and increasing relevance of VM in the Sri Lankan construction industry in the last decade and to describe the VM systems which have developed within the industry. An outline also is given of the objectives of VM and the methods developed for the application of VM. The paper concludes with the identification of benefits of the process and justifying its relevance with brief case studies which had been carried out to demonstrate the success of the process.
Highlights
1.1 BackgroundConstruction industry is important to the Sri Lankan It encompasses a set of systematic and logical economy
It is seen that construction generates evidence of value management (VM) techniques that have been other benefits including income, employment, tax successfully applied to all types of construction from revenue etc
Construction provides employment to about 4-5% average of those employed in the national ecoonomy (Sri Lanka labour Force survey, 2002). it is evident that construction industry buildings to offshore oil and gas platforms, and for all types of clients from private industry to governmental organizations worldwide
Summary
Construction industry is important to the Sri Lankan It encompasses a set of systematic and logical economy. It has contributed 6-7 % of the GOP It is estimated that construction industry general engineering, aerospace, automotive, is responsible for about 50% of the total GDFCF (Gross construction and many other industries, and Domestic Fixed Capital Formation) (National Account increasingly by service sectors (Winch 2000). Construction provides employment to about 4-5% average of those employed in the national ecoonomy (Sri Lanka labour Force survey, 2002). it is evident that construction industry buildings to offshore oil and gas platforms, and for all types of clients from private industry to governmental organizations worldwide
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