Value Management in Construction Projects
Value Management in Construction Projects
Value Management in Construction Projects
net/publication/352735775
CITATIONS READS
0 6,872
2 authors:
All content following this page was uploaded by Muthuckannal Annamalai on 25 June 2021.
ABSTRACT
Value management in construction project VALUE PLANNING
plays an effective role in reducing cost and Value planning is to describe more strategic-
improving the functionality or quality of the type study undertaken at the early conceptual
project. The finding of key factors for value design stage. It refers to the activities in the
management success allows appropriate early phases of a project to define, clarify, and
allocation of the limited time and resources agree a clear understanding of Client objectives.
in order to attain better output. This paper Value planning extends from Inception
examines to distinguish these factors to scheme design completion.
according to their degrees of importance in
relation to success using correlation matrix. VALUE ENGINEERING
A questionnaire survey was conducted to The term ‘value engineering’ is a systematic
gather views from professionals working in and organized method to provide and enhance
the construction industry about value the value of goods or products by using an
management. The result of the analysis was evaluation of function. The Value Engineering
by applying value management in methodology can be concisely stated as a tool
construction project will improve the that helps construction industry improve cost
performance, design, constructability, effectiveness.
functionality, quality with reduction in cost. Value engineering extends from detailed
Keywords:-Value management, key factors, design to construction completion.
correlation matrix
Value = Function
INTRODUCTION ------------
VALUE MANGEMENT Cost
Value management is a team-based activity.
The bundle of wholelife benefits, a customer is VALUE ANALYSIS
looking for from an undertaking at the suitable Value Analysis is one of the major techniques
expense. It is the important characteristics that and a creative approach to eliminate the
must be achieved at all levels, thus resolving unnecessary costs. It guarantees the
planning and design issues to achieve best value fundamental capacities for the base expense
for money. It can be applied during the planning without reducing quality, dependability,
and design stage to achieve the best value for execution and appearance.
money. Value analysis is about the process of
Value management has three subsets:- post-occupancy evaluation.
Value planning, Value engineering, Value
analysis. AIM OF THE WORK
The aim of the research is to assess whether the
process of the Value management being applied
in construction projects in the construction
qualitative analysis
DATA ANALYSIS
III. KMO AND BARLETT TEST OF matrix or not. The significance level value less
SPHERICITY than 0.05 means the factors analysis may be
Kaiser-Meyer-Olkin (KMO) is a statistic that useful for the analysis and the correlation matrix
indicates the percentage of variance in the is not an identity matrix.
variables. The KMO value greater than 0.5
means the factor analysis may be useful for The significance level value greater than 0.05
analysis. The KMO value less than 0.5 means the means the factors analysis won’t be useful for
factor analysis won’t be useful. The summary of the analysis and the correlation matrix is an
the KMO test is the identified factors may be identity matrix.
useful for further analysis.
KMO=0.696>0.5 The summary of the Barlett test of sphericity is
the identified factors may be useful for further
Barlett test of sphericity is to test the hypothesis analysis and the correlation matrix is not an
that the resulted correlation matrix is an identity identity matrix.
FACTORS COEFFICIENT
Objective- 0.068
Effectiveness
VE workshop- 0.141
Methods Fig 3:-Coefficient of correlation-graph
Cost-Quality 0.240
Implementation- 0.327 From the graph, figure 3 if both variables tend
Benefits to increase or decrease together, then the line
Quality-Time 0.384 that represents the slope upward. The graph
Applying- 0.458 value increase together, hence it defines the
Implementation positive correlation which means the factors
Time-Cost 0.532 have a strong relationship with each other in the
Reduction of cost- 0.636 VM study.
Cost CONCLUSION
Methods-Reduction 0.685 This study identifies and ranks the success
of cost factors according to the importance in the view
of expert and to the mean value the analysis of
collected response from the questionnaire
A graph was plotted by using the value of
survey was carried out using the two statistical
coefficient of correlation. The factors are
analysis method. The two tests were performed