Critical Success Factors for Value Management Studies in Construction

Abstract

Value management (VM) studies often face pressure caused by limited time and resources. The identification of key factors for value management success enables appropriate allocation of the limited time and resources in order to achieve better output. Most of the related past work only identified critical success factors for value management studies in general. This paper seeks to distinguish these factors according to their degrees of importance in relation to success. A questionnaire survey was conducted to gather views from experts with experience in value management practice. The findings of the survey reveal the relative importance of the nominated success factors. Two factors that had not been highlighted by previous research are identified as having a significant influence on the success of VM studies. In order to explore the underlying construction among the identified critical success factors (CSFs), factor analysis was adopted to investigate the cluster of the relationship. The results indicate that the success of VM studies requires a combined effort from all parties involved.