Abstract:
Value is an ideational thought by which a worth of a good or service is expressed. Value
Engineering is one of the tools used to evaluate such value and provide solutions for best
fit value in real time. The core principle of practicing value engineering is to achieve
value for money in construction projects, but it also bestows practitioners with added
advantages such as innovative alternatives and enhanced quality. Even though value
engineering is practiced globally, application of value engineering in Sri Lanka is highly
limited due to lack of knowledge and awareness of the concept of value engineering, lack
of realisation of the benefits it can bring to the construction projects and lack of
government support. Hence, Sri Lankan construction industry lacks initiatives to pursue
integration of value engineering in construction projects. The objective of this paper is
to explore the idea behind the term “value” through value engineering and manifest
previously identified causes and mitigation strategies to enhance value engineering
practices within Sri Lanka. A comprehensive literature review has been carried out to
disclose facts and cues of value engineering identified globally and to contextualise the
concepts of value engineering within Sri Lankan construction industry. This paper
emphasises that value engineering enhances the total value of the project while
irradiating unnecessary costs associated with the projects. However, Sri Lankan
construction industry is not practising value engineering in its full potential due to
barriers identified above. Recommendations were, therefore, proposed to reveal the
importance of standardising value engineering practice in Sri Lankan construction
industry.
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