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Full Description
This book is the first to bring together academic and practitioner views of Value for Money (VFM). VFM has been used to assess whether or not an organisation has obtained the maximum benefit within the resources available to it. A concept used by the public sector to assess the benefits of major built environment projects, it has become a major tenet of public private partnerships, capital project infrastructure and civil engineering megaprojects.
This book presents and discusses the various debates surrounding the concept of Value for Money. It provides an international perspective on VFM by drawing upon the existing and fast developing body of principles and practices for Capital Build Projects. Readers will gain a level of understanding of the issues involved, the challenges, opportunities and the support mechanisms and protocols required for implementation of VFM in capital building development.�€€
Ultimately, the book presents a protocol that has been developed to track and monitor the VFM of a capital project from day 1, an Equilibrium Testing Mechanism (ETM) developed by the authors. This testing mechanism allows each of the parties to a project to monitor their VFM position at any given stage of a project from the beginning to the end of the build stage and beyond as necessary.
This book is both a useful reference for researchers and a practical guide for the construction and engineering industry.
Contents
1
The Historic Development of Value for Money within the UK, China, Australia, South Africa and India
Angela Vodden, Akintola Akintoye and Champika Liyanage
2
Tracking VfM: Concept, Definition, Benchmark, Tracking and Testing
Angela Vodden, Akintola Akintoye and Champika Liyanage
3
The Stakeholder�€�s Roles, Responsibilities, Expectations, Aims, Incentives and Drivers
Angela Vodden, Akintola Akintoye and Champika Liyanage
4
Identification of the Value for Money Stages
Angela Vodden, Akintola Akintoye and Champika Liyanage
5
The Need for the VfM Tracking Mechanism
Angela Vodden, Akintola Akintoye and Champika Liyanage
6
Value for Money Protocol, Bid Document and Contract Drafting.
Angela Vodden, Akintola Akintoye and Champika Liyanage
