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.
