Value Management in the Malaysian Construction Industry: Addressing a Theory and Practice Gap

Of late, value management (VM) has gained greater recognition in Malaysia subsequent to the issuance of the Value Management Circular 3/2009 by the Economic Planning Unit (EPU) of the Prime Minister's Department, Malaysia. The aim of this study is to review the gaps that exist, particularly on how VM is being practiced in comparison with the published VM body of knowledge. Highly depending on literatures, observations and semi structured interviews, this paper discovered two-fold gaps: the unclear description of current VM applications and the lack of exploration on the behavioural elements of VM workshops. This research aims to provide new insights to enhance understanding of VM implementation in Malaysia.