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

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.