Recommendations for Target Value Design implementation for real estate development in Brazil

ABSTRACT

Target Value Design (TVD) is a management practice used in programing, design, detailing and construction to ensure that projects meet the operational needs and values of its users. A literature review revealed that TVD has been primarily studied in a narrow and specific context, and there is still a lack of TVD information as it relates to real estate development. This work aimed to evaluate the project definition and design phase of a real estate development under the framework of TVD theory, and propose guidelines for the implementation of TVD practices. This research, which was based on a case study in Brazil, involved the following stages: (a) understanding the real estate project definition process based on TVD theory, (b) evaluating the level of TVD application, and (c) analyzing the potential for implementing TVD practices. The primary findings identified the weaknesses and strengths of the project phases and processes, and then analyzed the viability of TVD implementation in real estate development. The theoretical contribution of this study is a better understanding of how TVD can be translated to and used in a new context. For practical implications, a set of guidelines is proposed for the implementation of TVD within real estate development contexts and projects with similar characteristics.

KEYWORDS:

• Target Value Design
• value
• collaboration
• project definition
• real estate development

Acknowledgments

Part of this work was made possible by a generous scholarship (first author | grant number 88888.075832/2013-00 | Stevens Institute of Technology) supported by CAPES - Brazilian Federal Agency for Support and Evaluation of Graduate Education within the Ministry of Education of Brazil. The authors are greatful for all the support provided.

Disclosure statement

No potential Conflict of interest was reported by the authors.

Additional information

Funding

Part of this work was made possible by a generous scholarship (first author | grant number 88888.075832/2013-00 | Stevens Institute of Technology) supported by CAPES - Brazilian Federal Agency for Support and Evaluation of Graduate Education within the Ministry of Education of Brazil.