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Using VALiD to understand value from the stakeholder perspective

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conference contribution
posted on 10.08.2009, 08:41 by Derek ThomsonDerek Thomson, Simon Austin
A “value agenda” has arisen in the UK’s cultural development in recent years. In the construction sector, a desire to make worthwhile building investments that are socially beneficial as well as commercially successful has become commonplace. This value agenda has become embodied in government policy which has, in turn, shaped the investment strategies of public bodies. Construction projects are becoming concerned with engaging directly with stakeholders to understand and reflect their attitudes, opinions and values in the final solution. In the private sector, the value agenda has stimulated business and societal debate to the stage where fulfilment of stakeholders’ expectations is seen as a precursor to commercial success. It is increasingly held that people seek to use buildings and facilities that reflect their values and which, therefore, they feel at ease with. In response to the above, VALiD (Value in Design) has been developed as a flexible framework that helps construction project teams explore and understand stakeholders’ values as a precursor to delivering value. Within this framework, VALiD defines value as the relationship of stakeholder benefits sought, sacrifices accepted, and resources expended. It is defined individually for every stakeholder in recognition that each has different underlying values and, therefore, a different perception of value. The use of VALiD to define project objectives and assess value delivery performance is described. The paper presents a summary of construction organisations’ response to this treatment of value, including the status of its development through continuing industry and academic research in the UK.

History

School

  • Architecture, Building and Civil Engineering

Citation

THOMSON, D.S. and AUSTIN, S.A., 2006. Using VALiD to understand value from the stakeholder perspective. Manage Projects To Maximise Value: Proceedings of 46th SAVE International Annual Conference, 4th-7th June 2006, Savannah, Georgia.

Publisher

SAVE International

Version

SMUR (Submitted Manuscript Under Review)

Publication date

2006

Notes

This is a conference paper.

Language

en

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