An integrated value management (IVM) for construction projects in Malaysia

Of late, the concept of Value Management (VM) is becoming vital in the implementation of construction projects. Value Management is a systematic and innovative methodology with multi-disciplinary approach targeted to achieve better value of construction products. However, VM is criticized for the fact that it focused solely on value for money, lack of creativity and fails to include the concept of risk management at the early project stage. Therefore, this paper intents to propose a new conceptual framework of Integrated Value Management (IVM) concept as an alternative to VM framework for construction projects in Malaysia. IVM is a combination of three (3) key components namely: Value Engineering (VE), Risk Management (RM) and Partnering to be incorporated in the development of construction projects. The study is purely based on literature review. It reviews the involvement of partnering in a project environment; value engineering approaches to ensure lowering cost while maintaining technical competence; and risk management for risk avoidance to project outcomes. Various models of VM are reviewed across the globe for the development of the framework. The development of an alternative Integrated Value Management framework throughout project phases is expected to give a more value added for both clients and project stakeholders.