The concept of value management (VM) is becoming more relevant to Sri Lankan construction industry. Value Management provides structured, documentable consideration of project stakeholders to ensure that projects are required, framed to satisfy values and sufficiently supported by all stakeholders to ensure successful completion (Austin and Thomson 2001). This is supported by the definition of Albert and Betty (1996) that VM is a structured, systematic, flexible, team oriented approach for assessing the relationship between function, cost and worth. The aim of this paper is to illustrate the development and increasing relevance of VM in the Sri Lankan construction industry in the last decade and to describe the VM systems which have developed within the industry. An outline also is given of the objectives of VM and the methods developed for the application of VM. The paper concludes with the identification of benefits of the process and justifying its relevance with brief case studies which had been carried out to demonstrate the success of the process.
How to Cite:
Perera, S., Karunasena, G. & Selvadurai, K., (2006). Application of value management in construction. Built-Environment Sri Lanka. 4(1), pp.3–12. DOI: http://doi.org/10.4038/besl.v4i1.7647