IMPLEMENTING VALUE MANAGEMENT IN FACILITIES MANAGEMENT: CONSULTANT �S PERSPECTIVE IN SINGAPORE

Abstract

Value Management (VM) has been recognised in many countries like Australia, United Kingdom and China as one of the most cost effective tool for achieving best value for money and strategically meeting clients’ requirements. Studies have been done on how VM can benefit the construction industry, however, no studies are done to study VM and its feasibility in FM industry. Studies have been carried out in other countries on how Facilities Value Management could optimise the facilities hence adding value to the organisation, Singapore has limited exploration in that area. This study serves to establish an introductory link between VM and FM and determine the opportunities of VM in FM. It first determines the current status of VM in the FM industry and determine the potential benefits and challenges FM will face when implementing VM. Qualitative data was collected from 10 interviews carried out with FM consultants with greater than 5 years experiences in the local industry. It is found that there are potential benefits of VM in the FM industry only if VM can be designed to suit the local FM industry and is able to integrate with other approaches, example Total Facilities Management (TFM), Life Cycle Costing (LCC), Strategic Facilities Management (SFM). It is also effective only if VM is implemented at the facilities development stage rather than on the completed facilities. Main challenges faced by the industry can be categorised into Industry, company and individual level. Following, recommendations are subsequently proposed to encourage the implementations of VM in the Singapore FM Industry.