Key performance indicators of value management in the Sri Lankan construction industry

Abstract

Value management (VM) enhances the value of construction projects. However, presently there is no tool available to measure the performance of VM. Hence, this research was aimed to investigate the key performance indicators (KPIs) of VM in the construction industry in Sri Lanka. The scope was limited to probing only the KPIs of VM in the pre-construction stage. The research used a mixed research approach consisting of 10 semi-structured interviews and a questionnaire survey conducted among 70 professionals. Findings were analyzed using content analysis and mean weighted rating. Elemental design stage was found to be the most appropriate stage for VM implementation. The most appropriate VM technique for each construction stage and the five best KPIs for that stage along with the 10 most significant KPIs for cost, time and quality were identified. The research recommends considering these KPIs when implementing VM techniques in different stages of construction.