AN ASSESSMENT OF USE OF VALUE MANAGEMENT IN SINGAPORE'S CONSTRUCTION INDUSTRY

Abstract

Value Management is a tool which has been widely used amongst various industries all over the world for several decades. However, despite its rapid development as seen in other countries, Singapore’s construction seems to be repelling its usage. There has been a low-rate of VM implementation in construction projects despite the high level of VM activities in nearing countries. At the same time, research on VM seems to be in its infancy stage in Singapore. As such, this research aims to develop the current understanding of VM implementation in Singapore and explore ways to improve the growth of VM. Three research objectives had been established in this research. The first and second objectives are to develop a framework and assess VM practices in Singapore respectively and the third objective is to investigate factors that influence an organisation’s decision to adopt VM. A qualitative research method has been chosen after a meticulous selection process. Semi-structured interviews are being conducted with an aim to collect more detailed and specific information and the VM adopters in Singapore are being targeted. Based on the qualitative data, scoring based on a Likert Scale is given to the data so as to explain and compare the practices amongst the firms. Through this process, it is found out that VM practices had varied a lot from firms to firms and it also discovered that clients’ initiation is one of the main driving factors that will influence the VM adoption. With these in mind, strategies to improve growth were recommended.