Value management practices of leading UK cost consultants

Abstract

Value management (VM) is widely accepted as an important tool in the management of projects. Through a series of semi‐structured interviews, this paper attempts to add to the qualitative exploration of VM, by investigating the attitudes and experiences of VM facilitators within major UK cost consultancies. Clients cut across all sectors, but relatively few subscribe to a formal VM process. Despite the acknowledged importance of early interventions, the focus for many VM studies tends to be at spaces and element levels, rather than at the earlier concept level. VM continues to be used as a cost‐cutting exercise, particularly so on projects which are experiencing problems. Formal VM rarely extends beyond tender stage. Workshops remain the common format, but these are often compressed, due to commercial pressures, into a half‐day. Techniques are adapted to suit the needs of the project, team and client rather than being rigidly applied according to the theoretical approaches outlined in the literature. The potential to integrate VM and risk management (RM) services is recognized by all, although such integration is yet to be fully developed and implemented.

Keywords:

• Quantity surveying practice
• risk management
• value management

Acknowledgements

The authors gratefully acknowledge the co‐operation of Professor John Kelly and the cost consultancies who contributed to the study.