Book•
Value engineering in the construction industry
01 Jan 1973-
About: The article was published on 1973-01-01 and is currently open access. It has received 174 citations till now. The article focuses on the topics: Value engineering & Methods engineering.
Citations
More filters
TL;DR: In this paper, a questionnaire survey was conducted to gather views from experts with experience in value management practice, revealing the relative importance of the nominated success factors and two factors that had not been highlighted by previous research.
Abstract: Value management (VM) studies often face pressure caused by limited time and resources. The identification of key factors for value management success enables appropriate allocation of the limited time and resources in order to achieve better output. Most of the related past work only identified critical success factors for value management studies in general. This paper seeks to distinguish these factors according to their degrees of importance in relation to success. A questionnaire survey was conducted to gather views from experts with experience in value management practice. The findings of the survey reveal the relative importance of the nominated success factors. Two factors that had not been highlighted by previous research are identified as having a significant influence on the success of VM studies. In order to explore the underlying construction among the identified critical success factors (CSFs), factor analysis was adopted to investigate the cluster of the relationship. The results indicate that the success of VM studies requires a combined effort from all parties involved.
177 citations
TL;DR: In this article, the authors distinguish between value management and value engineering on the basis of their underlying assumptions, and introduce smart value management as the means by which these ends can be achieved.
136 citations
TL;DR: Value management (VM) is presented as a methodological management style for enhancing value in projects as discussed by the authors, which draws together conceptual thinking on the project as a value chain with historical and international developments in value management and value engineering.
107 citations
01 Jan 2004
TL;DR: In this article, the authors present a study of the Fieldhouse project intended to reveal the potential for positive impact on project performance of designing to target cost, and to support the need for further research into target costing.
Abstract: Consumer product development uses a technique called 'designing to target cost' to systematically improve product profitability. In brief, a manufacturer sets a cost for a product to be developed that will allow an acceptable profit given the price that product is expected to fetch in the market. That target cost for the product is then split into target costs for each functional system within the product. In effect, the 'buyer' is setting the price he is willing to pay for each system. This can be extended to subsystems and components, and even to parts of components where the relevant buyer is able to impose on or negotiate prices with their suppliers. Target costing is used in the initial development of a product, in subsequent product modifications, and in the manufacturing of the product throughout its life, where the focus shifts to the production processes themselves. Designing to target cost is very likely done in some form in construction, but is not well documented and could potentially benefit from a more systematic approach. The Boldt Company very successfully introduced a form of target costing at the facility system level on a design-build project, the St. Olaf Fieldhouse project. This paper presents a study of the Fieldhouse project intended to reveal the potential for positive impact on project performance of designing to target cost, and to support the need for further research into target costing. It concludes with recommendations for next steps in developing a methodology for designing to target cost in the construction industry.
97 citations
TL;DR: The concept of value engineering has existed for more than half a century and its application in construction is credited with some success notably in public contracts in the United States as discussed by the authors. Nevertheless, value engineering is rarely applied in the Southeast Asian construction industry.
91 citations