Characteristics for Leveraging Value Management Processes on Capital Facility Projects

Abstract

A more competitive business environment requires that a variety of value management process (VMP) options be continuously introduced into the construction industry. Project stakeholders and managers are highly concerned about value maximization through implementation of one or more beneficial VMP options. The objective of this study is to identify the most leveraging project characteristic factors (PCFs) in need of VMP implementation. Furthermore, the levels of importance of each PCF in association with the optional VMPs are quantified to effectively assess the applicability of VMP implementation using the fuzzy-based analytic hierarchy process method. Four real-case validation tests provide robust research findings. The proposed project assessment tool is useful in evaluating individual projects in terms of whether the subject project is leveraged or has much to be improved by implementing the optional VMPs. The results of this study can facilitate a rigorous evaluation of a project and eventually help the decision-making process in selecting the most beneficial VMP options to maximize the optimum project value.