Value Management in Construction and Real Estate by Geoffrey Q.P. Shen & Ann T.W. Yu

Author:Geoffrey Q.P. Shen & Ann T.W. Yu
Language: eng
Format: epub
Publisher: Routledge

Differences in the Practice

From discussions with VM practitioners and experts in China, it can be concluded that the practice of VM in China is different from the overseas practice. The major differences are summarised in Table 6.9.

Table 6.9 Comparison of VM Practice Between China and Overseas Items Chinese practice Overseas practice

Subjects of VM studies Existing products/projects, often related to tactical problems. Proposed and/or existing products/ projects, related to both tactical and strategic problems.

Facilitator of VM studies In-house VM directors or engineers. Internal or external VM experts.

Timing of VM studies In design, production or construction stages. From the concept to completion of a project/product.

VM team composition In-house staff, several people familiar with the subject are involved. Relevant stakeholders, often a large number of persons are involved.

VM workshop style Informal workshop adopted. Concentrated, continuous workshops preferred.

Function analysis Using mathematical methods extensively to measure functions and to identify poor value. The purpose here is to clarify clients’ requirements and to understand their value system and identify poor value.

Duration Depending on the subject under study, possibly several months Normally lasting for only a few days.

Are there any similarities or differences between VM applications in Hong Kong’s construction industry and in the construction industry in China?

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