A Case Study Analysis on the Role of Value Management in the Construction Industry and the Philippines in Managing the Design
DOI:
https://doi.org/10.47355/jaset.v6i1.94Keywords:
Value Management, Cost Overrun, Sustainability, Cost ManagementAbstract
Value management has not gained popularity among construction firms throughout the world. The study aims to evaluate the role of value management and the advantages that it gives in the construction industry, particularly the adaptation in the Philippines. A literature review was applied to the advantages and challenges of value management. Besides, a multiple case study analysis was conducted on how different countries have adapted value management. A questionnaire survey was used to, determine the challenges in the adaptation of value management, determine the measures to improve job performance obtained from applying value management and determine the benefits of value management in managing the design which was analyzed using Mean Item Score and Ranking. The results were used to compare the role of value management method practice in private company contractors and government contractors using Spearman’s Correlation Test and Hypothesis Testing. The involvement of the respondents in the use of VM was 46% and 70% of the respondents from the private and public contractors, respectively, showed that there is a healthy use of the method. Moreover, upon the utilization of Spearman’s correlation and hypothesis testing, it revealed that private and public contractors do not see these challenges in adapting value management, the measure to improve job performance in the adaptation of VM is seen effectively by both private and public contractor. The benefits of VM are significant to both of the private and public contractors.
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