DEVELOPING EVALUATION FRAMEWORK TO COMPARE DEVELOPMENT OF VALUE MANAGEMENT IN SINGAPORE, HONG KONG AND MALAYSIA

Abstract

Building and Construction Authority (BCA) has been endeavouring to improve the productivity of the Singapore construction industry. Since Value Management (VM) is highly regarded as systematic management approach that could increase productivity and create value for money at organisation and project levels, its applications are therefore of relevance to Singapore. Nevertheless, there are limited literatures reviewing the status of VM development of Singapore. Hence, this study would like to propose pertinent key indicators to measure VM development and an evaluation framework that enable the determination of status of VM development in Singapore relative to Hong Kong and Malaysia. Desk research and interviews are selected as research methods. Through desk research, 11 indicators identified are grouped under 6 categories, namely “Trainings”, “Certification”, “Government”, “Clients”, “Consultants” and “VM Institute. 4 foreign VM practitioners provided scores to rate the relative importance of the identified indicators. Findings from the subsequent interviews with the 8 local construction experts further contextualized the indicators for the Singapore construction industry. The scales of the evaluation framework are finally developed based on the contexts of these 3 cities. Of the 11 key indicators, it is found that “locally accredited certification” and “support from clients’ top management” are the most significant indicators in determining the VM development in a city. This study has contributed to existing knowledge by proposing an evaluation framework, which enables the industry and firms to identify the gaps between their current situations with respect to the ideal state of VM development.