Value from an IPD perspective

This chapter explores value in terms of asset delivery and looks at the process of value management and value engineering as well as the evolving field of study referred to as benefit management. It addresses the issues from the perspective of integrated project delivery. Value and integration take on another dimension where consideration may be needed to balance benefits to be delivered by a project and what may be delivered by an integrated program. The design and development of products and processes are exchanged in a market that has producers and consumers and production is often focused on a mass market rather than an individual requirement. The underlying principle is that the asset should deliver value in use rather than viewing the asset as a constructed facility that has value only in the exchange between the parties. In changing the delivery model the industry needs to adopt different processes and different mechanisms in order to deliver value.