Towards A Readiness Assessment Model for Value Management in Construction Industry

Abstract

Value management (VM) has over the years gained acceptance by various countries all over the world as a tool towards achieving value for money for clients. Ongoing research and development into value management adoption and implementation within the construction industries of developing countries is on the run. This has made researchers investigate on a better, more effective and more efficient implementation towards achieving the full benefits it offers. VM implementation efforts in the developed countries necessitate the assessment of the readiness of the industries prior to the introduction and adoption of VM. However, there is little effort made in developing a readiness assessment model for VM in the construction industry. Therefore, this paper aims to carry out a comparative review of the available readiness models in the construction industry and some few more from manufacturing industry in view to laying a base towards the development of a readiness assessment model for VM implementation in developing countries. This paper adopts the document analysis method for the review and comparison of the assessment models. The readiness models have been examined and assessed along with their strengths and weaknesses revealed. The paper identifies the readiness assessment criteria that could be adopted for developing a readiness model for value management in construction industry. It further identifies the requirements of value management and provides a guideline towards the development of a VM readiness assessment model.It finally concludes the necessity of a readiness assessment of the construction industry in developing countries prior to its introduction. The paper finally identifies development of a readiness assessment model as an area for further study.