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|Title: ||Using VALiD to understand value from the stakeholder perspective|
|Authors: ||Thomson, Derek S.|
Austin, Simon A.
|Issue Date: ||2006|
|Publisher: ||SAVE International|
|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.|
|Abstract: ||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.|
|Description: ||This is a conference paper.|
|Version: ||Submitted for publication|
|Appears in Collections:||Conference Papers (Civil and Building Engineering)|
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