VALUE MANAGEMENT STUDY TO THE MALAYSIANCONSTRUCTION INDUSTRY
Faculty of Architecture, Planning & Surveying, Universiti Teknologi MARA Malaysia, Shah Alam,40450 Selangor, Malaysia
The significant contributions of this research are the discovery of current VM practices inMalaysia and the proposed practical VM Guidelines for the Malaysian construction industry.These are as a result of the mixed methodological approach of triangulated data collectionand concatenated exploratory research employed. The development process of the proposedVM Guidelines included results from the data which emerged as a result of the mixedmethodology design method of the quantitative results and the qualitative findings.Documents, literature reviews, surveys, interviews and observations were uniquely juxtaposed in a holistic blend to obtain the data desired in order to map out the landscape of VM field in the Malaysian construction industry.Keywords: concatenated exploratory research, Malaysian construction industry, mixedmethodology design, value management.
VM in the Malaysian construction industry is the main thrust and focus of this study.VM, is defined by this study as ‘a multi-disciplinary, team orientated, structured,analytical process and systematic analysis of function which seeks best value via thedesign and construction process to meet the client’s perceived needs’.This article fundamentally signpost the component parts of the research on VMapplication in the Malaysian construction industry by using concatenated exploratoryresearch using mixed methodology design. The significant contributions of thisresearch were the discovery of current VM practices in Malaysia and the proposed practical VM Guidelines for the Malaysian construction industry. This is as a resultof the mixed methodological approach of triangulated data collection andconcatenated exploratory research employed.Internationally, VM has been recognised as an emerging paradigm that focuses oncontinuously increasing the value provided to the client and is widely accepted as animportant tool in recent management of construction projects (Ellis, Wood et al.2005). The construction industry is an important field for VM at the internationallevel (Kelly, Male et al. 2004). VM is also critical to the success of projects as it provides a basis for improving value for money in construction (Ashworth & Hogg2000). It also focuses on value rather than cost and seeks to achieve an optimal balance between time, cost and quality (Kelly, Male et al. 2004) as it provides amethod of integration in the building process that no other management structure inconstruction can provide (Kelly & Male 1991). Hence, the functional requirementsand seeks overall optimisation were explored accordingly (Shen 1995). This was