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Value Management is a philosophy, set of principles and a structured management methodology for improving organisational decision-making and value-for-money. The second edition builds on the success of the first edition by extending the integrated value philosophy, methodology and tool kit to describe the application of Value Management to the areas of service delivery, asset management, and, Programmes, in addition to Projects, products and processes. Value Management is a well-established methodology in the international construction industry, and in the UK has been endorsed as good practice in a range of government sponsored reports.In this book the authors have addressed the practical opportunities and difficulties of Value Management by synthesising the background, international developments, benchmarking and their own extensive consultancy and action research experience in Value Management to provide a comprehensive package of theory and practice. The second edition retains the structure of the first edition, covering methods and practices, frameworks of value and the future of value management. It has been thoroughly updated, and a number of new chapters added to encapsulate further extensions to current theory and practice. In particular, the new edition responds to:A range of recent UK industry and government publications; and most notably BS EN 16271:2012 - Value management: Functional expression of the need and functional performance specification; the imminent update of BS EN 12973:2000 Value Management; BS EN 1325 Value Management - Vocabulary, Terms and definitions; the changes to \"Value for Europe\" governing the training and certification of Value Management in European Union countries; the UK Government's Management of Value (MoV) initiative, together with other leading reports, international guidance and standards on Value Management.Research in Value Management undertaken since publication of the first edition.Changes in Value Management practice particularly in Programmes and Projects.Developments in the theory of value, principally value for money measures, whole life value option appraisal, and benefits realisation.Initiatives in asset management initiatives covering the management of physical infrastructure, for example the recent launch of a suite of three standards under the generic title of BS ISO 55000: 2014 Asset Management, and its predecessor BSI PAS55 2008 \"Asset Management: Specification For The Optimized Management Of Physical Assets\"The second edition contains a dedicated chapter of exemplar case studies drawn from the authors' experience, selected to demonstrate the new areas of theory and practice. An Appendix includes an extensive set of tools and techniques of use in Value Management practice.Construction clients, including those in both the public and private sectors, and professionals such as construction cost consultants, quantity surveyors, architects, asset managers, construction engineers, and construction managers will all find Value Management of Construction Projects to be essential reading. It will also be of interest to researchers and students on construction related courses in Higher Education - particularly those at final year undergraduate and at Masters level.

Value Management is a philosophy, set of principles and a structured management methodology for improving organisational decision-making and value- for-money. The second edition builds on the success of the first edition by extending the integrated value philosophy, methodology and tool kit to describe the application of Value Management to the areas of service delivery, asset management, and, Programmes, in addition to Projects, products and processes. Value Management is a well-established methodology in the international construction industry, and in the UK has been endorsed as good practice in a range of government sponsored reports. In this book the authors have addressed the practical opportunities and difficulties of Value Management by synthesising the background, international developments, benchmarking and their own extensive consultancy and action research experience in Value Management to provide a comprehensive package of theory and practice. The second edition retains the structure of the first edition, covering methods and practices, frameworks of value and the future of value management. It has been thoroughly updated, and a number of new chapters added to encapsulate further extensions to current theory and practice. In particular, the new edition responds to: A range of recent UK industry and government publications; and most notably BS EN 16271: 2012 - Value management: Functional expression of the need and functional performance specification; the imminent update of BS EN 12973: 2000 Value Management; BS EN 1325 Value Management -- Vocabulary, Terms and definitions; the changes to \"Value for Europe\" governing the training and certification of Value Management in European Union countries; the UK Government's Management of Value (MoV) initiative, together with other leading reports, international guidance and standards on Value Management. * Research in Value Management undertaken since publication of the first edition. * Changes in Value Management practice particularly in Programmes and Projects. * Developments in the theory of value, principally value for money measures, whole life value option appraisal, and benefits realisation. * Initiatives in asset management initiatives covering the management of physical infrastructure, for example the recent launch of a suite of three standards under the generic title of BS ISO 55000: 2014 Asset Management, and its predecessor BSI PAS55 2008 \"Asset Management: Specification For The Optimized Management Of Physical Assets\" The second edition contains a dedicated chapter of exemplar case studies drawn from the authors' experience, selected to demonstrate the new areas of theory and practice. An Appendix includes an extensive set of tools and techniques of use in Value Management practice. Construction clients, including those in both the public and private sectors, and professionals such as construction cost consultants, quantity surveyors, architects, asset managers, construction engineers, and construction managers will all find Value Management of Construction Projects to be essential reading. It will also be of interest to researchers and students on construction related courses in Higher Education -- particularly those at final year undergraduate and at Masters level.

This book reviews the general theory of strategy, relates it to the particular circumstances of the construction industry, and shows how it can be applied in practice. It brings together ideas from economics, marketing, management, business and politics to develop strategic management for both contractors' firms and the associated professions.Substantial changes have occurred in the industry since the book was first published in 1991. This Second Edition reflects the major developments that have followed the Latham and Egan reports, and includes new chapters on international strategy and marketing, showing how they can contribute to the strategic planning of construction organizations.The book will provide a valuable tool for the strategic development of construction firms. 'Ten years separate the editions during which period a significant number of British, (and other), construction firms which had survived generations of proprietors merged, changed beyond recognition or ceased trading. One can not but wonder if publication of a work on strategic planning some twenty year earlier might have saved some of them.' Construction Manager 'The book presents the essential elements for managing at this higher level and should be a must for any construction professional who aspires to an executive position in industry as well as any student for construction management, project management and organizational management in construction. It comes highly recommended' Engineering, Construction and Architectural Management

The Toolbox describes commonly used tools and techniques used in value management workshops. The tools are listed in alphabetical order and are referred to in the chapters to this book.