Bridging the theory-practice gap in value management in sri lankan construction industry

Abstract

Construction process is one of the most complex and dynamic procedures. Therefore, it is vital to use resources efficiently and effectively. Considering this requirement of any construction project, creating value for money is becoming important. It contributes to the economic, social and environmental aspects of a country. The concept of value is based on the relationship between satisfying needs, expectations and the resources required to achieve them. Value Management (VM) is recognised as a suitable approach to ensure value for money in construction projects. Although, VM concept is significantly used in developed countries, its applications do not seem to be well established in the construction industry in most of the developing countries including Sri Lanka. This is mainly due to lack of understanding of VM concept. Hence, this study aims to investigate how to bridge the theory-practice gap in VM in Sri Lankan construction industry, through seven case studies. Case study data collection was based on interviews, document review and observations and analysed using content analysis. The research findings revealed that these projects employed different kinds of VM methodologies derived from standard VM methodologies with the focus of various VM objectives. The study further identified number of reasons for theory-practice gap in VM such as lack of a formal guideline and less knowledge on VM, which dilute successful VM implementation. The experts further proposed train in-house VM facilitators, proper project planning, motivate investors, train Sri Lankan professionals by foreign experts and govern VM knowledge sharing as strategies to bridge the gap in order to deliver best value for client’s money.