Enhancing Projects' Sustainability Through Value Management Approach for The Malaysian Construction Industry: A Literature Review

Abstract

Recently, the Construction Strategic Plan (CSP) 2021-2025 announced by the Construction Industry Development Board of Malaysia (CIDB) highlighted several fundamentals towards achieving sustainable construction. Value management (VM) is one of the best tools that may be used to assist the sustainability success of the Malaysian construction industry. VM is well known to control the time, cost, and quality at once, fulfilling the client's requirement in the construction industry. However, it is discovered that lack of knowledge, awareness of stakeholders and weak support from the government made it unable to practice VM thoroughly in many construction projects. This article aims to provide the current situation on VM and emphasize its usage in the construction industry in Malaysia. A snowballing method has been used as a research method to gather knowledge on VM from relevant sources such as articles and papers. VM can be implemented by using several techniques and phases to eliminate or reduce the current issues faced by construction projects. This study discovered thatthe SMART technique is the most compatible technique for a building project as it poses a simple and detailed solution. In addition, it was observed that there is a need for a more specificprinciple of VM to be adopted for specific construction fields, i.e., residential projects. Systematic training and proper planning are also vital to provide knowledge to the stakeholders to enhance VM incorporation in the Malaysian construction industry. Thus, this paper substantially contributes to a deeper grasp of current literature knowledge and a clearer picture of VM practices that may help our national construction industry in tandem with the foundations outlined by CSP 2021-2025 towards sustainable construction.