Benefits of Implementing Value Management Practices on The Performance of Construction Projects

Abstract

The construction sector contributes significantly to the economy, and its activities are essential to achieving a nation's societal strategic priorities of fostering housing, infrastructure, and improved livelihood. However, compared to expectations, the current construction projects are undergoing significant changes. The complexity and difficulty of completing construction projects timely continue to be a major problem and delivering construction projects is more difficult in recent times due to increased design iterations, cost, and time overrun, and enormous wastes, among others. Therefore, defining value in terms of social, economic, and environmental issues, even when the clients' criteria are met becomes a major challenge. Consequent to this, the establishment of value management (VM) practices was advocated to ensure the successful completion and delivery of construction projects. However, there is limited research on implementing value management practices for the completion of construction projects especially in developing nations and the concept of doing so isn't yet comprehended. Therefore, this study examined the benefits of applying VM techniques to the successful delivery of construction projects. Based on current research trends, a systematic literature study was done, looking at articles from the year 2010 to 2023. The insights derived from this study contributed to a comprehensive understanding of the benefits of adopting VM practices and facilitated the identification of knowledge gaps within the value management study. It also provided a roadmap for researchers, clients, project stakeholders, and policymakers to identify the benefit of this research implications as they establish and enhance value requirements on construction projects.