Best Value Approach (BVA): Enhancing Value Creation in Construction Projects

Haddadi Amin (), Johansen Agnar () and Bjørberg Svein ()
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Haddadi Amin: Norwegian University of Science and Technology (NTNU), Norway
Johansen Agnar: Foundation for Scientific and Industrial Research (SINTEF), Norway
Bjørberg Svein: Norwegian University of Science and Technology (NTNU), Norway

Business Systems Research, 2017, vol. 8, issue 2, 84-100

Abstract: Background: Research has revealed an inadequate understanding of the owners’ and users’ strategic objectives and a lack of methodology for translating these objectives into functional buildings. Fulfilment of owners’ and users’ objectives is fundamental in creating value through a project. Management and design processes can be decisive in achieving the desired objectives. Hence, knowledge about what creates value applied into a management framework will enable higher value creation.Objectives: Providing a framework to enhance value creation in projects by addressing: i) what means and principles should be considered in the front end of a project to secure value creation?; and ii) how can these principles be structured in a framework to maximize the project’s value creation?Methods/Approach: A literature study, two questionnaires, a focus group workshop, 8 interviews, and two case studies.Results: Fulfilment and alignment of users’ needs and owners’ strategies combined with innovative thinking is required for value creation. Challenges and obstacles for value creation are identified, and a framework is suggested.Conclusions: The framework suggests principles that contribute to value creation in each phase of a project. Implementing this methodology will help decision makers towards a better understanding of the objectives and translating them to functional solutions.

Keywords: value creation; conceptual framework; value management; construction project management; life cycle thinking (search for similar items in EconPapers)
JEL-codes: L74 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:bit:bsrysr:v:8:y:2017:i:2:p:84-100:n:7

DOI: 10.1515/bsrj-2017-0018

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