What are old methods of value management in construction industry?
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Old methods of value management in the construction industry traditionally involved techniques like Value Engineering (VE) and Earned Value Management (EVM). VE is a systematic approach that identifies functions, assesses their value, and aims to provide necessary functions at the lowest cost . On the other hand, EVM is a project management tool that uses data on value, schedule, and work performance to determine the project's current status and predict future outcomes . These methods have been utilized to enhance value, reduce costs, and improve project performance by analyzing functions, costs, and performance levels to achieve the best value for clients . Despite their effectiveness, challenges such as a lack of tools for assessing the effectiveness of VE studies have hindered their widespread adoption in the construction industry .
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