Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/3406
Title: Measuring the performance of value management studies in construction
Authors: Lin, Gongbo
Subjects: Hong Kong Polytechnic University -- Dissertations
Construction industry -- Management
Value analysis (Cost control)
Issue Date: 2009
Publisher: The Hong Kong Polytechnic University
Abstract: Value management (VM) is widely regarded as a useful method in addressing challenges such as budget constraints and project complexity in the construction industry. It has been reported to be useful in reducing costs while maintaining or even improving the performance of a project at the same time. However, many potential users in the construction industry are reluctant to use VM because of a lack of tools to assess the effectiveness of VM studies. It appears that performance measurement of VM studies is rarely conducted due to the lack of rigorous models. Therefore, organizations have no clear way of knowing whether adequate returns have been achieved on their investment in VM studies. Without a reasonable assessment of the effectiveness of VM studies in achieving clients' target, it is also difficult to know what changes can be made to obtain more benefits. The overall aim of this research is to develop a framework which can measure the performance of VM studies effectively, rigorously, and continuously throughout the VM process. The objectives of this research are (1) to investigate the strengths and weaknesses of the existing performance measurement models used in measuring the performance of VM studies in construction; (2) to develop, validate, and refine a performance measurement framework that is capable of measuring the processes and outcomes of VM studies in construction on a timely basis; and (3) to implement the framework in a computer-aided toolkit that will be integrated with collaboration tools for VM studies, so that the measurement and improvement can be carried out easily and timely. Research methods including a critical review, interviews, questionnaire surveys, theoretical analysis, case studies and focus group meeting are used in this research to achieve the objectives.
A comprehensive literature review has been conducted on both VM and performance measurement. The benefits and critiques of VM in construction are summarized. The strengths and weaknesses of the existing measurement frameworks are critically reviewed in the context of VM studies in construction, thereby accomplishing the first research objective. Thirteen factors which have a major impact on the performance of VM studies in construction are identified from the literature review. Based on these factors, a theoretical structure and a theoretical framework for the measurement framework are established. The development of a performance measurement framework based on the literature review and the theoretical framework is introduced in detail. A preliminary framework is developed to explain how the desired features could be achieved in measurement. The identification of the key performance indicators (KPIs) by a questionnaire survey is then presented. A detailed framework which consists of the measurement processes, data providers, weightings of KPIs and definitions of the scoring is then developed. In order to validate and refine the developed framework, case studies, focus group meetings and interviews have been conducted. A refined framework is then presented and the performance indexes are built. A computer-aided toolkit has been developed to take advantage of the information technology (IT) in the measurement processes. The benefits of IT supported performance measurement in VM studies in construction are discussed. A detailed introduction to a web-based collaboration system entitled "Interactive Value Management System" (TVMS), which was developed by the colleagues of the researcher, is presented and the integration of the performance measurement framework into this system is then explained. A trial implementation of the system to measure the performance of VM studies is conducted to validate the effectiveness and efficiency of this computer-aided toolkit.
Description: xiv, 245 leaves : ill. ; 30 cm.
PolyU Library Call No.: [THS] LG51 .H577P BRE 2009 Lin
Rights: All rights reserved.
Type: Thesis
URI: http://hdl.handle.net/10397/3406
Appears in Collections:BRE Theses
PolyU Electronic Theses

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