- MEASURING THE PROCESSES AND OUTCOMES OF VALUE MANAGEMENT S...
MEASURING THE PROCESSES AND OUTCOMES OF VALUE MANAGEMENT STUDIES IN CHINA’S CONSTRUCTION INDUSTRY. ILLUSTRATE YOUR ESSAY WITH SPECIFIC EXAMPLES.
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
- It will help China construction industry in assessing the
effects of Value Management in their construction activities.
- It will be a source of reference for further studies in future
relevant research work.
- It will be an added research work material in the library of
- 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.