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Critical Obstacles in the Implementation of Value Management of Construction Projects

At present, the construction industry in China has problems such as low production efficiency, low technical efficiency, low management efficiency of the construction project, delayed delivery, budget overruns, and unreasonable risk allocation. Value management can address these issues by enhancing the value of construction projects in China, reducing construction costs, and ensuring significant investment returns. This study uses literature analysis to identify the critical obstacles to adopting value management and uses questionnaires and surveys, structural equation modeling, and factor analysis to prioritize the critical obstacles to adopting value management. What is more, the main contribution of this research is to identify the critical obstacles to the adoption of value management, which provides a new perspective for related research and has specific positive significance for practice summary and reform direction. The research was limited to the region of Tianjin and its surrounding cities. The critical survey respondents for this study are architects, quantity surveyors, contractors, civil engineers, and service engineers with rich experience in construction management. The research results show that the key obstacles to implementing value management in the construction industry in China are mainly divided into four categories: Environmental Factors; Stakeholder and Management Factors; Technological Factors; Information Factors. In addition, the researchers found that the level of the adoption of value management in the construction industry in China is deficient. Value management was not used in most of the organizations surveyed, and project teams did not practice its concept.