Value management in Singaporean building projects : implementation status, critical success factors, and risk factors

Value management (VM) has been recognized as an effective method for achieving best value-for-money for clients in the construction industry. This study aims to investigate the VM implementation status in building projects in Singapore, to identify the critical success factors for VM, and to assess the potential risk factors associated with VM studies. To achieve these objectives, a comprehensive literature review was carried out and a questionnaire survey was performed with 50 professionals. The analysis results indicated that VM implementation was relatively low in the Singapore building projects and was significantly associated with project size. In addition, this study reported “communication and interaction among participants” as the most important factor for VM success. Furthermore, potential risk factors were assessed in different VM phases, and the analysis results suggested that “inadequate experience in VM” was the most critical risk factor and that there was agreement on the risk ranking between various VM phases. This study highlights the relationship between VM and risk management (RM) and identifies the critical risks associated with VM based on their criticalities, considering their respective likelihood and impact. Thus, this study provides an understanding of the risk factors that are worth more attention. As few have assessed the risk factors related to VM implementation, this study contributes to the body of knowledge relating to VM and RM.