VALUE MANAGEMENT OF CONSTRUCTION PROJECTS KELLY J. MALE ST.P. GRAHAM D. Bankowa.pl

Value Management of Construction Projects

Value Management is a philosophy, set of principles and a structured management methodology for improving organisational decision-making and value-for-money. The second edition builds on the success of the first edition by extending the integrated value philosophy, methodology and tool kit to describe the application of Value Management to the areas of service delivery, asset management, and, Programmes, in addition to Projects, products and processes. Value Management is a well-established methodology in the international construction industry, and in the UK has been endorsed as good practice in a range of government sponsored reports. In this book the authors have addressed the practical opportunities and difficulties of Value Management by synthesising the background, international developments, benchmarking and their own extensive consultancy and action research experience in Value Management to provide a comprehensive package of theory and practice. The second edition retains the structure of the first edition, covering methods and practices, frameworks of value and the future of value management. It has been thoroughly updated, and a number of new chapters added to encapsulate further extensions to current theory and practice.

Part 1 Introduction and Evolution of Value Management 1 1 Introduction 3 1.1 The aims and objectives of the book 3 1.2 Developments in UK construction 6 1.3 Developments in value management 9 1.4 The structure of the second edition 12 References 13 2 Evolution of Value Engineering and Value Management 15 2.1 Introduction 15 2.2 Historical background 16 2.3 Definitions, terminology and practice -- Phase 1: 1947 to 1963 17 2.4 Definitions, terminology and practice -- Phase 2: 1963 to 1989 19 2.5 Definitions, terminology and practice -- Phase 3: 1989 to 2014 20 2.6 The Project, Portfolio or Programme of projects 23 2.7 The 1998 international benchmarking study of VM and VE 24 2.8 Standards and procurement guidance 32 2.9 International research into value management 40 2.10 Implications for value management and value studies 42 2.11 Conclusions 46 References 47

Part 2 The Anatomy of a Value Study 51 3 Value Study Styles 55 3.1 Introduction 55 3.2 The inception of a project 56 3.3 The specification and procurement of a value study 57 3.4 Value studies within the project management process 59 3.5 The three generic phases of a value study 59 3.6 Study styles, processes and deliverables 61 3.7 Project development tracks 61 3.8 Value study type 1: Strategic briefing (project planning and business definition) 63 3.9 Value study type 2: Project briefing (the technical specification) 66 3.10 Value study type 3: Concept design (the technical solution) 70 3.11 Value study: Charette 73 3.12 Value studies 4 and 5: value engineering 75 3.13 Other study styles 79 3.14 Case study 84 3.15 Conclusion 95 References 96 4 Function Analysis 97 4.1 Introduction 97 4.2 Discussion of function as a concept 98 4.3 Strategic function analysis -- Information discovery and synthesis 102 4.4 Strategies, programmes and projects 109 4.5 Strategic function analysis -- Function diagramming 110 4.6 Project function analysis -- Function diagramming 114 4.7 Function space diagramming 124 4.8 Elemental cost planning and elemental cost control 128 4.9 Element function analysis 130 4.10 Managing element clusters 133 4.11 Evaluating function 133 4.12 Conclusion 138 References 138 5 Managing Value Study Teams 139 5.1 Introduction 139 5.2 The Value Study Leader 140 5.3 Groups, teams and team dynamics 148 5.4 Implications for team management in value studies 154 5.5 Value workshop management skills 166 5.6 Conclusions and lessons from practice 169 References 171 6 Innovation, Implementation and Benefits Realisation 173 6.1 Introduction 173 6.2 Innovation 174 6.3 Evaluation and development 186 6.4 Implementation 187 6.5 Benefits realisation 188 6.6 Conclusion 189 References 189 7 Case Studies 191 7.1 Case studies 191 7.2 Case study 1 -- Headquarters for a financial institution 193 7.3 Case study 2 -- Replacement of silo storage and process plant in food manufacturing facility 197 7.4 Case study 3 -- Rail infrastructure programme 200 7.5 Case study 4 -- Magistrates Court project 205 7.6 Case study 5 -- College campus library project 209 7.7 Case study 6 -- Material production facility expansion project 215 7.8 Case study 7 -- Social housing project 219 7.9 Case study 8 - Crown Court project 223 7.10 Project level: An overview of case studies 1 to 8 226 7.11 Case study 9 -- Organisational change 226 7.12 The lessons learnt from the studies 236 References 237

Part 3 Whole-Life Business Value 239 8 Value Management and Asset Management 241 8.1 Introduction 241 8.2 The importance of asset management as a discipline 243 8.3 Defining and positioning asset management 244 8.4 The characteristics of asset management 251 8.5 Physical assets and value for money 256 8.6 Value management and asset management case studies 257 8.7 Conclusions 273 References 274 9 Managing Value in Portfolios, Programmes and Projects 277 9.1 introduction 277 9.2 Strategic management 278 9.3 Portfolios, programmes and projects 284 9.4 Value-based methodologies in the P3 environment 313 9.5 A value case study: Prioritising a capital investment programme for an asset owner-user 318 9.6 Conclusions 322 References 327 10 Option Appraisal, Risk Management and Whole Life Costing 333 10.1 Introduction 333 10.2 Objectives of TGB and option appraisal 334 10.3 Risk management 346 10.4 Whole life cost 355 10.5 Case study: Forming a new academic department from the amalgamation of identical departments of two academic institutions 364 10.6 Conclusion 370 References 371

Part 4 Developments in Value Thinking 373 11 Discerning Value 375 11.1 Introduction 375 11.2 Part 1 -- Background to the value debate 376 11.3 Part 2 -- Social and psychological dimensions of value 384 11.4 Part 3 -- Quality debated 387 11.5 Part 4 -- Principles for eliciting a value system 391 11.6 Part 5 -- Value systems in a construction environment 400 11.7 Part 6 -- Practical considerations and ethical issues in the use of a value system in a construction value study 415 11.8 Conclusion 421 References 423 12 Whole Life Value 427 12.1 Introduction 427 12.2 A discussion of the methodological approaches to WLV 429 12.3 Case study -- illustration of a method for developing and using the whole life value conceptual model 444 12.4 Conclusion 465 References 465 13 The Theory, Practice and Future of VM: A Revisionist Interpretation 467 13.1 Introduction 467 13.2 Demand and supply: the practice of VM 467 13.3 Theoretical underpinnings 475 13.4 Future directions: Theoretical and practice developments 481 13.5 VM practice and professional territoriality 494 13.6 The future of VM: Summary and conclusions 500 References 503 Appendix: Toolbox 507 A.1 Introduction 507 A.2 ACID test -- Selecting the team 507 A.3 Action plan 507 A.4 Adjacency matrix 508 A.5 Audit -- See also benefits realisation 508 A.6 Benchmarking 509 A.7 Benefits realisation 509 A.8 Brainstorming -- Creativity 509 A.9 Briefing (by investigation or by facilitation) 509 A.10 Checklist 510 A.11 Client's Value System and Client's Project Value System matrix 512 A.12 Delphi 512 A.13 Design to Cost -- BS EN 12973:2000 value management 514 A.14 Document analysis 514 A.15 Driver analysis 515 A.16 Element function analysis 515 A.17 Evaluation and development 518 A.18 Facilities walkthrough 518 A.19 Failure mode and effects analysis -- BS EN 12973:2000 value management 519 A.20 FAST (Function Analysis System Technique) diagramming/ function logic diagram 519 A.21 Functional performance specification -- BS EN 12973:2000 value management 519 A.22 Function space analysis 519 A.23 Gap analysis 520 A.24 Goal and systems modelling 520 A.25 Idea reduction -- Judgement (see also weighting and scoring) 520 A.26 Impact mapping 522 A.27 Interviews 522 A.28 Issues analysis 523 A.29 Kano 524 A.30 Lever of value 525 A.31 Life-cycle costing 525 A.32 Likert 525 A.33 Presentation 526 A.34 Project Value System 526 A.35 Post-occupancy evaluation 526 A.36 Process flowcharting 527 A.37 Project execution plan (PEP) 527 A.38 Quality function deployment 528 A.39 Questionnaire 530 A.40 REDReSS 531 A.41 Risk analysis and management 531 A.42 SMART methodology 532 A.43 Space adjacency 532 A.44 Space diagramming -- User pathways 532 A.45 Space requirement user function 532 A.46 Stakeholder analysis/management/mapping 533 A.47 Strengths, opportunities, weaknesses and threats (SWOT) 533 A.48 Site tour 533 A.49 Timeline 534 A.50 Time, cost and quality 534 A.51 User flow diagramming 535 A.52 Weighting and scoring -- (see also idea reduction) 535 A.53 Whole-life costing 536 References 539 Index 541

568 pages, Paperback

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