Name of Institution
City and State
Table of Contents
- Introduction 4
- Definition 4
- Legal Reports 5
- The Treaty of Rome 5
- European Public Procurement 6
- European Procurement Law 6
- The Treasury’s Green Book 7
- Principles of Value Management 7
- Relationship between Value Analysis and Value Management 8
- Relationship between Value Management and Value Engineering 9
- Attaining Client’s Objectives through Value Framework 10
- Strategies in Value Management 11
- Client’s Value System 11
- Value Management Workshop 13
- Pre-contract Stage 13
- London Olympic 2012 Case Study 13
- Tendering Stage 15
- Government Construction Strategy 16
- Post Contract Stage 16
- Conclusion and Recommendation 17
Projects require balancing between the costs and benefits they bring to the investors and to the society. In this regard value management is a crucial component of analyzing the viability of projects and maximizing the value for money. Importantly, value management considers the organizational strategy and employs methods, strategies and tools suitable in the value life cycle. Constructing a new Advanced Manufacturing Research Centre, as organized by the Greater Manchester Strategic Alliance –GMSA shall consider the legal requirements in the procurement. The paper is a report that gives a detailed explanation of value management, the principles governing it, the links between value management and value analysis. Furthermore, it highlights the procurement law in the European Union; it uses the 2012 London Olympic case to implement a value framework. Lastly, it explains the details required to ensure compliance and gives recommendations and a conclusion.
The report’s structure is in stages with relevant subtitles to ensure flow and cohesiveness. It is divided; the introduction highlights the principles, strategies, methodologies, linkages and procurement law. The second section is the pre-contract stage; it explains the value framework using the KPI’s key performance indicators. In addition, the section highlights the creation of the project’s mission statement and the impact of the project on the people, infrastructure and the natural environment. Furthermore, it articulates how tools such as S.M.A.RT and F.A.S.T, can be used in the project. The third section is the tendering stage; the section explains how value for money compliance is achieved through a procurement strategy. The fourth section is the post-contract stage; it explains the details of evaluating the tender using the RIBA plan of work. The last section is the conclusion and recommendations; it gives detailed suggestions and highlights any new findings.
Organizations and projects aim at ensuring that clients get value for what they want, it is the value that clients receive that client satisfaction is ensured. However, organizations ensure that they remain afloat by providing value to the customers and also get profits from their operations. Since the inception of value management, many definitions by value management advocates have emerged; however, the common denominator is value to both the client and the organization. In this regard, value management is defined as the process of ensuring that customers receive value from the service or product while the organization receives profits from the transaction (Institute of Value Management, 2013, 1). Value management existed in the manufacturing sector for many years; it is gradually moving to other sectors such as the construction industry. In construction projects, it is used to ensure that the project owners and users are satisfied while there is value for money (Goicoechea, A., Kenneth M. and Edward, W. 1992, 45). Importantly, its team based nature and method ensures that a project is delivered to perform at optimum quality and cost (Male, S., Kelly, J., Gronqvist, M. and Graham, D. 2006, 2).
In the UK, value management was introduced in the construction industry because it was good for practice. Like any other new practice, the introduction of value management in the construction industry had the bandwagon effect where many consultants emerged resulting to need to standardize, regulate and institutionalize the operations. Apparently, clients or owners of projects go for the best service providers available in the market. In the construction industry, it is a process that involves making the project’s functional benefits explicit and appraised according to the requirements of the client (Kelly, J., Male S. and Graham, D. 2008,1). According to the definition, the project’s client establishes a project’s value system; in this context, person(s) or organizations obligated for the inception of the project. Notably, maximum value is acquired at least cost to ensure the highest quality is the foundation for value management (Kelly, J., Male S. and Graham, D. 2008,2).
Value management involves a series of interviews, workshops and reviews to evaluate project requirements and design strategies for achieving them (Value Management Advocates 2012, 3). Due to the high costs involved in construction projects, an assessment of need is done to ensure the design and construction phases do not cause problems. Obviously, if needs assessment is not done, its design and construction phases may overrun the intended cost resulting to client dissatisfaction. Importantly, value management works within a legal frame work.
- Legal Reports
As noted, value management adheres to the legal requirements. The U.K is subject to EU’s procurement law and directives like other member countries. In this regard, the EU through the Support for Improvement in Governance and Management- SIGMA program trains candidate countries in procurement and public administration reforms to ensure compliance to the union’s laws (SIGMA, 2010, 3)
- The Treaty of Rome
The formation of the European Union was initiated by the signing of the treaty of Rome in 1957 (Papadopoulos, A. S., 2010, 14). The Treaty of Rome’s article 85 prohibits anticompetitive agreements and abuse of a dominant position. Consequently, the project procurement procedures should allow for healthy economic competition across the union. The completion of free movement of labor good, services and capital agreement in 1992 necessitates open tendering (Stajano, A, 2009, 5).
- European Public Procurement
The integration of EU’s economic policy requires opening of the procurement market to EU members as a way of increasing competition. In the UK, procurement is subject to international regulations as stipulated in supra-national procurement rules (Braun, P. 1999, 1). The construction of the Advanced Manufacturing Research Centre is a private- public partnership meant to improve the learning infrastructure alongside the M62 Corridor in Greater Manchester.
- European Procurement Law
The project located in the UK is directed by the European procurement law because it is a public project. The directive dated February 26th, 2014 requires member states to adhere to principles of TFEU (Treaty on the Functioning of European Union) which requires free movement of goods, services and freedom of establishment (European Parliament and Council, 2014, 2). The directive allows member states to define at local levels economic interest, standards and quality of service as they pursue public policy objectives. As noted by the EU procurement law, the Greater Manchester Strategic Alliance (GMSA) is implementing a government project for the public good; therefore, it has to adhere to the law. Notably, the Greater Manchester Strategic Alliance (GMSA) is free to set standards, quality of service and source for a contractor capable of meeting the benchmarks. The construction of a new Advanced Manufacturing Research Centre requires adhering to the standards of estimating the costs of procurement as highlighted under article 5 of the directive (European Parliament and Council, 2014, 10).
- The Treasury’s Green Book
The U.K’s Treasury Green Book stipulates how public funds should be spent to ensure efficiency, and transparency for the benefit of the society (Designing Buildings Wiki, 2014, 1). Projects in the U.K have to be subjected to the stages broadly explained in the Green Book. For instance, the project should be justified, its objectives clearly set, options for appraisal should be stipulated, eventually, it can be developed or implemented. The Treasury’s Green Book requires that major constructions should be assessed to gauge the their economic rationale, attainment, environmental impacts, commercial and partnering arrangement, strategic impacts and legislation among other considerations (Grant Thornton U.K, 2010, 2)
- Principles of Value Management
Value management enables all stakeholders to be involved in the decision-making process; it ensures that the design and construction stages of the process yield maximum benefits. In addition, as a process, it is structured, systematic and adheres to analytical methods that aim at ensuring that the highest value is achieved at a low cost. Furthermore, unlike cost cutting which uses less or cheaper materials to achieve economies, value management ensures that the needs and expectation of the user are adhered to. Moreover, analysis of functions is a must to identify project components that must be done for the achievement of the objectives. In this regard, the Department of Housing and Works in the government of Australia notes that value management produces results by generating alternative ideas, challenging functions and identifying less important expenditure among other strategies (2005, 2). Value management also challenges assumptions, promotes innovation, saves energy and time, eliminates redundant features and improves synergies and team performance. Indeed, it is advantageous to clients and to the construction industry.
The principles of value management cuts across all sectors, they include; managing projects as portfolio investments, ensuring a full scope of must be done activities, projects must be managed by considering full economic cycle (Guldentops, E, 2007, 2). Furthermore, value management defines and monitors key metrics and quickly responds to any changes, engagement of all stakeholders is done to ensure appropriate accountability. Lastly, value management delivery practices continuously monitor, evaluates and improves performance of the project. The principles of value management ensure benefits to the client in a number of ways; a link between the deliverables, benefits and drivers ensure the advantages of value management are experienced. Its benefits include reduced cost base, delivery of high performing products and involvement of all stakeholders not only the owner, but also people directly or indirectly affected by the project ( Davies, R., 2012, 73).
- Relationship between Value Analysis and Value Management
Value analysis is defined as a process that ensures that the customer gets a quality product at the lowest costs by eliminating product features or process during the manufacturing process that do not add value to the product (Rich, N. and Holweg, M., 2000, 2). Notably, value analysis is systematic and involves a review of the project design to ensure that its functions can meet the requirement of the clients at the lowest cost. In this regard, value analysis considers the function of the product to ensure it meets the expectations of the client and the users. Furthermore, it is a formal, systematic and evaluates the design to ensure that the product function are met (Rich, N. and Holweg, M., 2000, 3). Compared to value management, value analysis is specific to the use or function of the centre; therefore, any changes employed are meant to ensure optimum function at the lowest cost. However, value management is broad; it considers environmental impacts, community, flexibility, and operating costs among other considerations when designing the project. Value analysis can help in meeting value management; subsequently, value analysis is a part of value management, but value management is not part of value analysis because the former is broad. In construction the cost of the project is a sum of the cost of materials used, cost of labor and overhead costs such as transport, insurance, taxes, licences. Considering that value analysis emphasizes on the functionality of the final product, costs cannot be removed if the resultant effect is compromised quality and functionality.
- Relationship between Value Management and Value Engineering
Value engineering is applicable to new projects and aims at providing a product at the lowest cost by substituting expensive materials for less expensive ones (Gopolakrishnan, P., 1993, 101). The inception of value management was during the Second World War when materials in the manufacturing sector were limited triggering product designers to redesign the products so that they may use alternative cheap materials. The resultant effect is reduced cost and equal or better performance of the product. In the construction industry, alternative raw materials may be used to reduce costs and still ensure the same quality and functionality of the project
- Attaining Client’s Objectives through Value Framework
Value management process has five systematic stages that all aim at ensuring that the client’s expectations are met (Ong H, K., n.d, 6). The first stage is information or orientation that allows for exchange of information, identification of problems among the stakeholders. The information stage involves brainstorming to identify challenges, setting the objectives, identifying key issues and getting background information about the project (Kelly, J. R. & Bowles, G., 2002, 43). The second stage is the analysis phase; the stage identifies must do functions so that the objectives of the project are met; this stage requires asking and answering “ why” and “how” questions . Importantly, it helps in identification of alternatives. The third stage is the speculative and creative phase; it also involves brainstorming to accommodate divergent views about the project and the generation of alternations that can be considered for value solutions. The fourth stage is the evaluation phase involves culling ideas generated during the brainstorming session to identify the best alternatives to work with (Kaufman, J.J, 2001, 45). The stage requires arriving at a decision; in this case, the pros and cons of all ideas given are listed and expanded by combining some. Only viable ideas are taken to the next stage for implementation.
The last stage is the implementation or development stage; the viability of the ideas are verified to ensure they fit the benefit, purpose and value for money. Usually a subjective evaluation of whether the advantages outweigh the advantage is done (Australian, 1994, 5). The Australian Standards (1994, 6), notes that after deciding on the idea to use, recommendations are made and forwarded to decision makers. Basing on the framework, the client’s expectations are captured and compared with idea decided on. Eventually, when the project is implemented the client’s objectives are met.
- Strategies in Value Management
There is a close link between value engineering and value management, value engineering is applicable to technical problems; it draws its methodology from science. Value engineering, unlike value management concentrates on the design of the project and assumes that problems arising are independent of the perception of the stakeholders (Green, S, 2012, 2). Notably, value management may adopt different approaches to different projects because it assumes that problems are social and not scientific; therefore, although systematic, the approach taken aim at meeting the objectives. One strategy is the use of a strategic choice; the choice is based on socio-technical approach, facilitator-driven to ensure strategic decisions are made (Green, S., 2012, 5). Strategic choice has four modes of operations; the first mode is shaping mode; it involves problem formulation and creation of linkages that enable faster decision making because urgent problems are identified. The designing mode is the second, facilitators encourage participants or stakeholders to identify many alternatives; the alternatives are categorized depending on the decision schemes. During categorization of alternatives, some shall be compatible while others would be exclusive. Thirdly, is the comparing mode, the benefits of each alternative design are compared
- Client’s Value System
When the project is done, the client who is the owner ascertains whether it is successful or otherwise; client value system is a criterion that enables the client to make such a judgment. Client’s value system should be known at the beginning of the project so that monitoring and evaluation of the project can be done by referring to the criterion (Standing, N. A., 2001 18). RICS (2013, 10) notes that two techniques for client value system exist; they are time, cost quality triangle and client value system matrix. In the first technique, the three edges of a triangle are labeled time, cost and quality; hence, its name. The client’s team is asked to indicate a location within the triangle that represents the importance of cost, time and quality. The second technique is related to the cost, time and quality principle; it involves inviting the client’s team to a comparison exercise. In this case, the cost, time and quality principle is expanded to nine high order facets and each is compared to the other (RICS, 2013, 10). The nine facets are through life cost, capital cost, time, exchange, esteem, environmental impacts, community, comfort and flexibilities (Kelly, J. and Male, S., 2004, 1). Life through cost is the operating costs of the new Advanced Manufacturing Research Centre, the capital cost is initial transaction cost of the project; time is the duration the project takes from initiation to completion. Exchange is the resale value of the project, esteem is extent the client is willing to spend more resources to add aesthetics to the project while environmental impacts is the willingness of the client to go an extra mile in ensuring environmental protection. Moreover, community is the client’s willingness to compromise and ensure that the project is well suited within the community; comfort is the user’s taste of the project from environmental and aesthetic perspectives.
Lastly, flexibility means the ability for the project to adapt to changes in the environment internally or externally (Kelly, J, and Male, S., 2004, 4). The client value system, which is the second techniques after comparison of the facets rank them and enable the contractor to appreciate the important factors. In the case of Advanced Manufacturing Research Centre, operating costs, community, environmental impacts may be the first three important factors that the Greater Manchester Strategic Alliance value. Consequently, their value system should be described by outlining the facets or locating the position in the triangle.
- Value Management Workshop
Value management is achieved by adhering to a job plan. However, there are many job plans that can be used in value management; in all the job plans a workshop phase is mandatory (Kelly, J and Male, S., n.d, 7). Although a workshop is expensive and time consuming it helps in aligning, reconciling and reaching a common understanding. It follows the orientation and diagnostic phase; therefore, divergent views collected at the former stage have to be harmonized (Kelly, J and Male, S., n.d, 8). Participants are client’s team, stakeholders and the facilitating teams. Importantly, facilities must be able to understand team dynamics, control the process, and manage large teams. When the numbers are high, plenary sessions are held to help in quick synthesis of information. A function analysis system technique- F.A.S.T diagramming is not a suitable tool to use when teams are large. However, it helps in describing the project and makes participants at the workshop to think through the performance of the project (Crow, K. 2002, 1). Other tools that can be used include SWOT analysis and pair wise comparison among others (Institute of Value Management, 2014, 2).
- Pre-contract Stage
- London Olympic 2012 Case Study
London Olympic 2012 required construction of additional facilities such as the Olympic Park and Village and renovation of existing facilities by installing floodlights. This was a huge multi-billion construction project estimated to cost £9.298bn (Robertson, H, 2011, 1). Due to the nature of the project, the U.K Government through the Ministry of Sports and Olympic formed different committees mandated to carry out different functions all aimed at making the Olympic succeed. For instance, the London Olympic Executive was mandated to oversee the London 2012 project on behalf of the government. The London Organizing Committee of the Olympic Games and Paralympics was a private company responsible for staging the London Olympic (Robertson, H., 2011, 2) The London Development Agency was responsible for ensuring maximum benefits to the economy and London’s communities; London Delivery Authority- ODA was a public body responsible for the construction of permanent venues and necessary infrastructure needed for the Olympic.
The major construction was the Olympic Park which occupies 246 hectares; 70% of the materials used in its construction were ferried by river and rail (Robertson, H., 2011, 6). The net effect was a reduction in carbon emissions from Park by 50%. The construction of the Park involved 70 individual projects; however, due to its timely construction, the expenditure was lower than the estimated amount of £8.1bn for the park construction (Zayas, D, 2012, 1).
Basing on London Olympic 2012, the construction of the Advanced Manufacturing Research Centre whose client is the Greater Manchester Strategic Alliance can be achieved by using the five processes used in the construction of the Olympic Park. The processes are establishing a smart and transparent baseline, monitoring the program and managing arising changes; collaborating; aligning the client’s objectives and the contractor’s objectives and sharing logistics. For effective evaluation, the project can divided into milestones as happened in London Olympic 2012 project (Robertson, H, 2011, 9). However, each milestone must adhere to KPI’s. key performance indicators, KPI’s are used to evaluate and determine the client’s value for money. Initially the Egan task force asked the construction industry to develop KPI’s; it enables measurement of improvements (Wolstenholme, A, 2009, 10). KPI’s are divided into three, namely process related indicators, predicting indicators, and outcome-related indicators (Lin, G., Shen,G., Sun, M. and Kelly, J., 2011, 698). Some of the KPI’s are; productivity, defects, profitability, client satisfaction, whole life performance, waste and impact on the environment (Bre.com, 2014)
- Tendering Stage
When sourcing for a contractor, one can choose an open procurement in which a contract is advertised in the Official Journal of European Union – OJEU and all applicants are considered to ensure they meet the minimum requirements (Achilles, 2013, 6). In addition, the client can opt for a restricted procedure in which the contract is advertised by applicants must submit proof of capacity that they are able to work on the contract effectively. The minimum requirements are stipulated in the performance indicators (Puri, D. and Tiwari, S. 2014, 47). Importantly, the adoption of private finance initiative in the UK enables the delivery of the project by a private sector that must be competitively procured (Braun, J. 1999, 6).
Open procurement or open tendering is the most suitable as the EU procurement regulations which encourage competition. Although more time, money and effort is needed due to the high number of applicants it has the advantage of being fair and allows emerging suppliers to get work (Designing Buildings Wiki, 2014, 1)( Crowley, L. and Hancher, D. 1995, 233). Importantly, open tendering has greater economic benefits to the surrounding community because they can participate. Time, effort and money wastage can be ameliorated by providing a pre-qualification questionnaire (Designing Buildings Wiki, 2014, 1).
The success of the project depends on the selection of qualified contractor; selecting a suitable contractor requires development of an evaluation criterion (Hatush, Z. and Skitmore, M, 1997, 19)( Alhazmi, T. and McCaffer, R. 2000, 178). The criterion considers the types of works the contractor does, competence of employees, staffing levels, plants and equipment owned by the firm. It also considers the financial position of the firm (Severson, D., Jaselskis, J. and Russell, S., 1994, 23). Notably, the size of the contract determines the size of the firm to win the contract (Drew, S. and Skitmore, M., 1990, 78).
- Government Construction Strategy
In line with the legislation, the UK government published a construction strategy 2011 with the aim of reducing bureaucracy, wastage; ensure smart use of technology and new procurement models (Cabinet Office, 2011, 3). The implementation of the of the strategy will ensure cost saving by enhancing certainty and visibility in the construction project through access to data about suppliers; setting the method of communicating requirements to suppliers and benchmarking the market.
In addition, it aligns design and construction phases with the operational management of the asset. The objective of the strategy is to ensure value for money just as value management aims at ensuring value for money (Russell, S. 1996, 57). In this regard, the government construction strategy augments the effort of value management in ensuring that the construction sector in costs effective, high quality and the value for money is achieved. This is achieved through efficient, effective leadership and coordination, elimination of waste and supplier relationship management among other strategies (Cabinet Office, 2011, 14) (Hatush, Z. and Skitmore, M. 1997, 130). Good contracting reduces wastage and reduces costs (Clough, R. 1986, 56).
- Post Contract Stage
At the post contract stage, the client is interested in knowing whether the project is successful or not; it depends on the adherence to the KPI’s. The client uses the RIBA plan to monitor the progress of the work. According to University of Leeds, RIBA plan concludes at stage M where the project is handed over to the client (n.d, 4). When the contractor is handing over, the client confirms with stage F that involved documentation of information to ensure it complies to the signed details. RIBA plan complies to the U.K Government Construction Strategy and all aim at ensuring the value for money compliance (Gooding, R, 2013, 4). When the project contractor’s qualifications screening is effectively done; the end project should comply with the client’s expectation (Huang, X. 2011, 186) (Wong, C. H. 2004, 695).
- Conclusion and Recommendations
Value management ensures that the project is achieved with maximum benefits to the society. However, achieving value for money requires adhering to the regulations and carrying out the tendering procedures transparently. The success of the project depends on how strict the client’s value system are met (Salama, M., Aziz, A., Sawah, H and Samadony, A. 2006, 532). It is wise to implement the project by following the value management framework in the construction industry. It has a broader advantage of reducing carbon dioxide emissions from the project and benefits the Manchester community.
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