Construction Report: Value Management in Medium Rise Mixed Buildings

This report delves into the application of value management within the context of medium-rise, mixed commercial and residential buildings. It begins with an introduction to value management, defining its systematic approach to analyzing projects and associated parameters, emphasizing the importance of technical information and creative problem-solving. The report then explores the application of value management, providing four specific examples of its use in mixed commercial and residential building projects. These examples highlight how value management can optimize costs, manage specifications, and improve stakeholder satisfaction across the different phases of construction. The report concludes by emphasizing the key role of value management in construction teamwork and decision making, and its benefits for stakeholders, including contractors, management experts, and construction professionals. The report highlights the importance of value management in different types of buildings and its application in different construction projects.

Running head: VALUE MANAGEMENT
Value Management
Name of the Student
Name of the University
Author Note:

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Table of Contents
Introduction......................................................................................................................................3
Introduction to Value Management.................................................................................................3
Application of Value Management..................................................................................................4
Conclusion.......................................................................................................................................6
Reference.........................................................................................................................................8

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Introduction
The foremost determination of the paper is to focus on the application of value
management. The paper will be discussing the details of the value management in the
introductory unit of the assignment. The following paragraphs will be discussing the application
of value management in a medium rise, mixed commercial and residential buildings (Kelly, Male
and Graham 2014). The value added in these sectors will be discussed in details in this report.
The paper will be concluding with the effectiveness of value management in the different types
of construction projects such as commercial buildings, residential buildings and the medium rise
buildings.
Introduction to Value Management
Value management is defined as the type of management which is required for the
organized, systematic analyzation of the project and all the parameters associated with the
project. Technical information is required for the value management for any parameter for the
project (Shen and Ann 2015). The creativity required for the project and the challenges
associated with the project can be identified with the help of value management. The
reinforcements, limitations of the project can be understood in a better way with the help of
value management. This kinds of structured framework are used for making the different types
of decision making processes (Lee 2015). The value management is a very important business
perspective for different types of construction projects such as the medium rise buildings,
residential buildings and commercial buildings (Walker 2015). The functional development of
the project is considered in the value management in different projects. The most common
phrases of value management are as followings:

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o Systematic Process
o Multi-disciplinary effort
o Functions
o Value
Application of Value Management
Value chain management is a very important concept for the in the construction industry.
This unit of the paper will be focussing on the four examples of the application of value
management in the mixed commercial and residential buildings.
o The structure of commercial building is completely different from the residential
buildings, commercial buildings have lots of aspects which are needed to be considered
in the value management such as the value of the client, value of the designers,
contractors value and the regulatory authority’s values (Surlan, Cekic and Torbica 2016).
These essentials aspects of commercial buildings can be significantly managed with the
help of the value management. The overhead costs associated with commercial buildings
can be identified in the planning phase of the developmental phase of commercial
buildings. The strategies which are required during the construction phase as well as the
collection of raw materials can also be understood with the help of the value
management. The features of commercial buildings are very much dynamic in nature
hence it is important for the management team of the construction firms to have proper
value management. The value management is very much useful to understand the value
of the goods and products used in commercial buildings.

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o Medium Rise buildings have a very unique characteristic feature of having a minimum of
5 hours of sunlight this interesting aspect is effectively managed with the help of value
management technique. The environment associated with the medium rise buildings
should be professionally maintained with the help of the value management. The
specification of the medium rise buildings which is completely different from the other
two types of building can be managed with the help of value chain. Maximization of the
value of money required for the development of the medium rise buildings is very much
important for value engineering also. The costs associated with each of the different
phases and the risks associated with them are identified with the help of value
management.
o The concept of value management is very much important to manage the different phases
of the construction projects such as the analysis of the value chain network, value
engineering, cost associated with the project, efficient management of the available
resources, threats and risks associated with the project (Kim, Lee and Nguyen 2016).
The importance of the application of value management have increased significantly over
the years, customer satisfaction can be improved significantly with the application of the
value management. Alternative ideas which can help in the growth of the project can be
identified with the use of value management, this is one of the prime aspect of value
management. The different types of systemisation efforts can be understood with the help
of value management. Selection of the team members is the very important characteristic
feature of the value management (Oke, Aghimien and Olatunji 2015). The decision
making techniques can be understood in a better way with the help of value management.
The other significant application of value chain in construction industry is the systematic

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approach from the stakeholders involved in the project such as the investors, suppliers
and buyers. Along with the benefits offered by the value there are few considerable issues
with the application of value management also such as the advanced tools and techniques
used in the different types of construction projects.
o Residential buildings have a considerable low specifications compared to the above
discussed categories of buildings (Morad and El-Sayegh 2016). The different
developmental phases of the residential buildings along with the parameters associated
with them such as the distributer of the raw materials, construction labours, marketing
team of the organizations can be managed effective with value management (Haddadi,
Johansen and Andersen 2016). The design phase of the residential buildings is the most
vital phase it needs special attention as there are lots of complexities such as the
management of the building components (Langford et al. 2014). The value management
of the procurement process in the residential buildings is very important as it helps in
dealing with the detailed design and documentation.
Conclusion
From the above paper, it can be concluded that the value management plays a key role in
the building teamwork in the constructions project. The paper was helpful to understand the
definition and the importance of value management in the construction industry. The paper was
very much helpful to understand the importance of value management in residential buildings,
commercial buildings and medium rise buildings. The paper helps in understanding the
advantage of value management as it helps in understanding the value of the parameters used in
the construction projects. The different stages of the services and product can be identified with
help of value management. The costs associated with each of the phases of the construction

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projects is a serious concern for the management team of this organization, these costs can be
minimized with the help of the value management. It can be also concluded that the value
management is a very important business perspective as it helps the management team of the
construction projects to understand about the return they will be getting after the completion of
the project. The contractors, management experts and construction professional can be
significantly benefitted by the application of value management. The paper was very much
useful to understand the performance of the stakeholders associated with the construction
project, quality and reliability of the service can be improved significantly with the use of the
value management. The value of investments can be identified with the application of value
management. Thus from the above paper, the different application of value management in
different categories of buildings such as the residential buildings, mixed commercial buildings
and medium rise can be understood in a detailed way.

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Reference
Haddadi, A., Johansen, A. and Andersen, B., 2016. A Conceptual Framework to Enhance Value
Creation in Construction Projects. Procedia Computer Science, 100, pp.565-573.
Kelly, J., Male, S. and Graham, D., 2014. Value management of construction projects. John
Wiley & Sons.
Kim, S.Y., Lee, Y.S. and Nguyen, V.T., 2016. Barriers to applying value management in the
Vietnamese construction industry. Journal of Construction in Developing Countries, 21(2), p.55.
Langford, D., Fellows, R.F., Hancock, M.R. and Gale, A.W., 2014. Human resources
management in construction. Routledge.
Lee, J.S., 2015. Calculating cumulative inefficiency using earned value management in
construction projects. Canadian Journal of Civil Engineering, 42(4), pp.222-232.
Morad, M. and El-Sayegh, S.M., 2016, May. Use of Earned Value Management in the UAE
Construction Industry. In Industrial Engineering, Management Science and Application
(ICIMSA), 2016 International Conference on (pp. 1-5). IEEE.
Oke, A.E., Aghimien, D.O. and Olatunji, S.O., 2015. Implementation of value management as an
economic sustainability tool for building construction in Nigeria. International Journal of
Managing Value and Supply Chains, 6(4), pp.55-64.
Shen, G. and Ann, T.W., 2015. Value Management in Construction and Real Estate:
Methodology and Applications. Routledge.

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Surlan, N., Cekic, Z. and Torbica, Z., 2016. Use of value management workshops and critical
success factors in introducing local experience on the international construction projects. Journal
of civil engineering and management, 22(8), pp.1021-1031.
Walker, A., 2015. Project management in construction. John Wiley & Sons.