ABSTRACT
Value management aims to add value to projects in terms of time, cost and quality. The value, or profitability, of construction projects and, by and large, capital projects can be enhanced by applying structured solutions collectively referred to as Value Improving Practices (VIPs), in comparison to the application of less profitable, more traditional engineering and Project Management practices. Applications of VIPs to capital projects have been statistically demonstrated to markedly enhance project profitability. Technology Selection VIP applies evaluation criteria in accordance with the business objectives of the project in order to identify more effective technologies compared to the current ones in use and consequently to select the most competitive technological solution. Constructability VIP is determined by the opportunity of implementing the newest Engineering, Procurement and Construction principles and the associated lessons learned, in accordance with the facility operations and maintenance requirements and for the purpose of improving the scope, cost, schedule, quality and safety of the construction.
