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192 A Diverse Understanding of Value in the Building Industry
Both the questionnaire and the experiment clearly showed that
practitioners in the building industry perceive value differently. The
questionnaire found statistical significant results within three areas. Firstly,
it was documented that value in general is perceived as an important area
to focus on in building projects. This is not very surprising. It is more
interesting to look at the importance connected to trades. Secondly, the
questionnaire showed that value is not equally important to all participants
in building projects. The client has the highest need for focusing on value.
Opposite to this view, the manufacture of building components and the
authorities have less interest in focusing on value. This reveals that value
increases in importance the closer one is to the actual building process.
The well-known value delivery theory of Value Management focuses on the
initial phases of the building process. Here, it should improve the capturing
and communication of the client’s whishes, requirements and needs. This
indicates that a “market” for Value Management services exists. In a
Danish perspective this is interesting, because Value Management is not
well known or used in the Danish building industry (Wandahl and Bejder
2006). Thirdly, the questionnaire showed that the practitioners have
different opinions about how close value is connected to money, i.e. the
price. Those parties who actually add value to an asset by either producing
building components or building the physical asset on the building site is
the ones who feel that value has the closest connection to the price.
Opposite, the client and the architect are the ones who have the broadest
view of the value concept. Design, usability, etc. are difficult to measure in
money.
This research has now shown that there is a vague perception of the
value concept, but the implications of this diversity have not been
measured yet. There are, however, indications that such a diversity in
understanding a very central concept will affect the performance of the
industry in its widest sense. A final comment is then that more research in
this area is needed.
1.7 REFERENCES
Albert, P.C.C., Daniel, W.M.C. and Kathy, S.K.H., 2003, An emperical
study of the benefits of construction partnering in Hong Kong.
Construction Management and Economics, 21(july), 523-533.
Barrett, P. and Lee, A., 2004, Revaluing Construction - International Survey
Questionnaire Results, (Manchester: University of Salford).
Bröchner, J., Josephson, P. and Alte, J., 2005, Identifying management
research priorities. Construction Management and Economics,
23(8), 793-796.
Burns, A.C. and Bush, R.F., 2001, Marketing research. (New Jersey:
Prentice Hall).
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