Identifying, measuring and monitoring value during project development

Abstract

This paper describes the findings of the research done by Loughborough University in conjunction with ten construction industry collaborators in an attempt to identify what construction professionals mean by value. The aim of the research is to establish a common approach to identify value in projects and to monitor its development throughout the project life cycle so that it becomes part of everyday thinking and communication in multidisciplinary teams. The author links some of the findings to the formal value management methodology applied in the construction industry. The research draws on interviews with different professional disciplines to show that organizational and professional values impact on project value judgements. It further establishes a framework to identify and measure value. The author analyses this framework and examines alternative approaches to monitor value development as monitoring of value contributes to project success. The paper concludes that, to achieve a high-quality product, it is important to consider all stakeholder values on projects, not just those of the project sponsor. However, to achieve this, key construction players need to develop a refreshed approach to value management. To such an extent, teaching this research on university MSc engineering programmes helps to prompt alternative thinking to established methodologies.