Value management (VM) is an organized function-oriented team approach directed at analyzing the functions of a product, system or supply, to enhance its value by identifying and eliminating unnecessary costs and achieving the required performance at the lowest life cycle project cost. The current development of VM among various construction disciplines in Hong Kong is slow and many construction professionals have not even heard of the term. Its development is further hindered by the fact that construction costs only constitute a minor portion of the total development costs in Hong Kong building projects. There is a need to change the attitude of clients and construction professionals to be able to offer improvement on the future of VM in Hong Kong.
|AACE International. Transactions of the Annual Meeting
|Published - 1 Jan 1998
|Proceedings of the 1998 42nd Annual Meeting of AACE International - Cincinnati, OH, United States
Duration: 28 Jun 1998 → 1 Jul 1998
ASJC Scopus subject areas
- Industrial and Manufacturing Engineering