A critical appraisal of recent advances and future directions in value management

Abstract

At present, value management (VM) is struggling to survive amidst other management fads. The problem is that it is still not recognized as a professional or academic discipline. There is no sound academic base and a lack of understanding by the public, owners and corporate organizations. The future survival of VM is therefore always being questioned. This study adopts a quantitative approach, trying to gaze through a ‘crystal ball’ to look at current practices and forecast the future courses and directions of VM by considering different aspects such as education, research, practice, VM societies and promotional activities. Various influences on VM development are also examined. The survey sample was taken from the membership directories of SAVE International, USA, and the Institute of Value Management, UK. Forty per cent of the members were selected for the study on a random basis, and the response rate was 23%. From the survey findings, each of the different aspects will be examined in detail. In addition, the paper introduces a building engineering and management programme on offer in Hong Kong, which integrates the VM topic into the syllabus of a course in engineering economics.