Owner's factor in value-based project management in construction

Journal of Business Ethics 50 (1):97-103 (2004)
Abstract
Owner/client is a significant contributing party within the management of a project in construction. In addition to the payment of the bills related to the project, owner/client has duties and responsibilities such as selecting the professionals, making his requirements understood clearly by other parties, making decisions to recommendations and placing orders. Owner/client has to perform these duties and responsibilities at the right times and in correct ways to have the required quality and value for his/her investment. In performing his/her duties and responsibilities owner could introduce positive and negative contributions to the value of the constructed facility. Value-based project management concerns with owner's/client's value system and helps owner/client in performing his/her duties and responsibilities for the optimum positive contributions to the value of the constructed facility in construction. This paper highlights the principles of value-based project management in construction and investigates the impact of owner contributions to the value of a constructed facility in practice.
Keywords constructed facility  marginal value  owner's value system  value
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