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MEASURING THE PROCESSES AND OUTCOMES OF VALUE MANAGEMENT STUDIES IN CHINA’S CONSTRUCTION INDUSTRY. ILLUSTRATE YOUR ESSAY WITH SPECIFIC EXAMPLES.

INTRODUCTION
The Chinese construction industry is one of the major industries in the national economy in China, and is also one of the most rapidly developed industries. With the transformation of China's economy from a central planned economy to the market economy, the Chinese construction industry has made many changes. Following the expansion of construction's scale and the elevation of the technology level, the Chinese construction industry offers a great contribution to the development and stability of the society.

Ten years ago, the application of value management in construction projects was very  limited and the industry has lagged behind others in recognizing how critical they are to building clients confidence and in meeting their requirements, (Fewings 2005). Clients over the years have become uncomfortable with time, cost and quality wastage on their projects. Fewings (2005) further explained that clients have become more sophisticated they have made more demanding targets that have left room for manoeuvre and these have led to tighter budgets, more innovative technology and less tolerance of time slippage, which is often connected to more onerous penalties for lack of performance. In response to the clients' challenges, the industry invented series of technology and management tools such as Risk Management and Value Management. OGC (2005) affirmed that Value Management is an essential tool for the success delivery of construction projects. Value Management (VM) is widely accepted as important tools in the management of projects.

EXPECTED CONTRIBUTION TO KNOWLEDGE
The study will contribute to the body of knowledge in the following ways:

  1. It will help China construction industry in assessing the effects of Value Management in their construction activities.
  2. It will be a source of reference for further studies in future relevant research work.
  3. It will be an added research work material in the library of research collection.
  4. The research will act as a catalyst for change in direction in the way projects are managed in China construction industry.

It will help the industry in re-structuring the entire industry activities and policies.

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