Value management: Recent developments and way forward

The purpose of this paper is to review the development of value management (VM) over the last few decades and propose ways for future development. A qualitative research methodology was adopted which involved a comprehensive review of relevant literature leading to a better understanding of the history and development of VM. A way forward is suggested for the future development of VM. The research revealed that sustainable development is an area which has great potential for the application of a VM methodology in the construction industry in order to ensure sustainable design and development is leveraged during the life span of construction projects. The research work described in this paper encourages researchers and practitioners to integrate VM and sustainable development. It enables the VM community to have a better understanding of applying VM techniques to address “green building” issues and the potential of applying VM to promote sustainability in buildings.