ABSTRACT
Value management is widely accepted as a technique in achieving value for money. In accordance with the stipulation of the Public Procurement Act in Nigeria that value for money practices should be followed in procuring public assets and services, this study aims to assess the Nigerian construction industry’s readiness to adopt value management process. Through a survey, a total number of 117 semi-structured questionnaires were administered amongst practicing quantity surveying firms involved in construction projects in Nigeria. A total number of 70 usable responses were analysed and the results evaluated based on the four aspects (environment, people, process, and issues/information) of the requirements for value management identified from literature. Descriptive analysis was used to determine the level of existence of the requirements in the industry using percentages, mean and standard deviation. The results reveal that the Nigerian construction industry can adopt value management with little adjustments to current practice with the overall mean for all the four aspects standing at 3.34 (i.e. moderate level). The findings also revealed that the key barriers to the adoption of value management are lack of value management qualified practitioners, lack of commitment to implement value management, lack of time due to rushed designs and difficulties in the involvement of all key stakeholders in project processes. This calls for efforts to be geared towards mitigating these barriers. Therefore, the study recommends that there is the need for adequate awareness on the benefits of value management to all stakeholders. Also, Organisations should review their techniques and processes from time to time for improvement and also put in place a change management strategy that would enhance adoption of newly introduced techniques like value management.
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