Integrating Value Management: Determine Project Management Knowledge-Addressing Theory-Practice Gap

• Published in: Green Infrastructure: Materials and Sustainable Management
• Main Author: Malek M.H.; Mat Isa C.M.; Jaapar A.
• Format: Book chapter
• Language: English
• Published: Springer Nature 2024
• Online Access: https://www.scopus.com/inward/record.uri?eid=2-s2.0-85205612201&doi=10.1007%2f978-981-99-7003-2_5&partnerID=40&md5=f8b28ee9082cb42c3d775ac5ffd6a9f1

Value management (VM) is a discipline in ensuring that the projects planned to be executed and implemented can meet the project’s objectives, especially against cost, schedule, and quality. Although VM has been around for decades, the theory-practice gap has constrained the successful implementation of value manage-ment, especially in the technique used when conducting VM. On the other hand, project management (PM) practices are aligned with the implementation of VM to ensure that the projects intended to be implemented the goals and meet the project performance. Nevertheless, PMBOK is the standard for PM that can guide a project team throughout the PM process and safeguard it from shattering failure. Therefore, this study was conducted to identify the PM knowledge areas that can be adopted in value management methodology. An interview was conducted with 5 Malaysian Construction Industry experts to identify significant VM activities and determine the relationship between PM processes that can be adopted into VM activities. Findings revealed that there is a relationship between the integration of PM processes into the VM process construction industry professional applied PM. This study provides evidence of the advantages of adopting PM knowledge into VM methodology. © The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2023.