Abstract:
Value Engineering (VE) is an emerging concept in the modern world whereas the Sri Lankan situation is incompatible to other countries. The basic principle of VE is to eliminate unnecessary cost of an item without compromising its required quality or functionality. Nowadays, it is one of the mostly used ‘value’ technique in the construction industry along with sustainability concepts. From few decades ago, it has been practiced in many European countries, America and Hong Kong etc. to gain more value to their projects. However, Sri Lanka is far behind in the implementation of VE in their construction project among other South Asian Countries. Though its theories and benefits have been recognized, it is not practiced in the construction industry in Sri Lanka. Therefore, this research aims to find out the current status of the industry and to find solutions in order to increase the implementation of VE in Sri Lanka. Quantitative data collection through a questionnaire survey was used to identify the relationship between Key development factors and Value of a project. It was proved through a correlation analysis by using SPSS software. It was identified that there needs to be more motivation factors which need to make the industry practitioners and project parties to engage in VE practices such as proper funding methods, compensations and protecting confidentiality of VE proposals and a providing a realistic time frame. Also the lack of proper knowledge of VE techniques and not having properly distinguished about ‘Value’ are pullbacks of professionals in producing VE proposals. Also not being aware of new technologies in today’s world, apart from conventional methods. Therefore, it was recommended that the VE should be applied in construction projects for the loan term sustainability of the construction industry in Sri Lanka.
