Achieving Total Value in the Built Environment

Greg Watts is a Reader in Construction Management at Manchester Metropolitan University. With extensive experience in social value research and delivery, and wider business responsibility, Greg has contributed to BSI 8950 guidance and published widely across leading journals and textbooks. Prior to academia, Greg worked as a Senior Quantity Surveyor for major contractors, bringing both scholarly and industry perspectives to his writing. Jason Challender is a Senior Lecturer of Building Surveying and Chair of the Property Industry Liaison Panel at Liverpool John Moores University. A Fellow and Board Director of the Royal Institution of Chartered Surveyors, he also serves as Visiting Professor and Advisory Board Chair at the University of Bolton. Challender has spoken at national and international conferences and brings practical leadership experience to his analysis of value in construction.

• About the Authors xiPart I Value Strategy 11 Introduction 32 What Is Value? 72.1 Introduction to Chapter 72.2 The Notion of What Constitutes Value 82.3 A Brief History of Value 92.4 Explanation of the Different Types of Value 92.5 Financial Value 102.6 Corporate Value 112.7 Employee Value 122.8 Social Value 142.9 Cultural Value 162.10 Reputational Value 172.11 Stakeholder Value 192.12 Ethical Value 202.13 Sustainable Value 242.14 Well-being Value 252.15 Religious Value 252.16 Freewill Value 252.17 Leadership Value 262.18 The Interconnection of Value Types 262.19 Summary of Chapter 27References 293 Value in the Built Environment 313.1 Introduction to Chapter 313.2 What is the Construction Industry and What Makes it Bespoke? 323.3 Size, Shape, Impact and Workforce of the Construction Industry 343.4 Perceptions and Negative Impacts for the Industry and Attempts to Address These 343.5 Why the Industry has Started to Adopt a More Values Focused Agenda 383.6 Legislation and Other Governance Mechanisms to Drive Value 403.7 Summary of Chapter 41References 434 Aligning with Existing Frameworks 454.1 Introduction to the Chapter 454.2 Frameworks 454.3 The Sustainable Development Goals 464.4 The UK Government Social Value Model (PPN002) 484.5 The Social Value Maturity Model 504.6 Public Procurement Notices 524.7 B Corporation 534.8 Social Return on Investment 554.9 Total Value Model 574.10 Conclusion 58References 595 The Theories to Help Understand Value 615.1 Introduction 615.2 Legitimacy Theory 615.3 Sensemaking Theory 635.4 Stakeholder Theory 655.5 Public Value Theory 695.6 Critical Urban Theory 715.7 Economic Value Theory 725.8 Social Constructivism 745.9 Total Value Theory 755.10 Conclusion 766 Technology and Value 776.1 Introduction 776.2 Technology Innovation 776.3 Technology Hardware 796.4 Technology Software 796.5 Artificial Intelligence and Machine Learning 816.6 Semiconductors 836.7 Quantum Computing 836.8 Cloud Computing 846.9 Digital Twinning 866.10 Metaverse 886.11 Blockchains 886.12 Cryptocurrency 896.13 Conclusion 90Part II Value Action 917 Measuring Value 937.1 Introduction to Chapter 937.2 What Is Social Value Measurement? 937.3 Measuring Social Value: Current Measurement Techniques and Practices 947.4 Benefits of Measuring Social Value 947.5 Current Approaches to Measuring Social Value 957.6 Alternative Ways of Measuring Social Value 977.7 Summary 98Reference 988 Communicating Value 998.1 Introduction 998.2 The Importance of Communicating Value 1008.3 Value Communication Methods (Stakeholder Identification) 1008.4 Why Value Is Communicated 1028.5 How Value Is Communicated (The Methods) 1038.6 What Is (and Is Not) Value Communication 1048.7 Authentic Value Communications 1048.8 Ambiguous and Precise Communications 1058.9 The Advantages and Disadvantages Associated with Communicating Value 1068.10 How to Communicate Value Effectively 1078.11 ‘Greenwashing’ in Social Value Communication 1078.12 Conclusion 108References 109 Part III Value Reflection 1119 The Concept of Project Success 1139.1 Introduction 1139.2 Challenges for Project Success in the Global Construction Industry 1139.3 What Constitutes Project Success? 1149.4 The Meaning of Performance 1159.5 What Are the Challenges Faced in Achieving Project Success and Performance? 1159.6 Measuring Project Success 1159.7 Critical Success Factors Influencing Project Success in the Construction Industry 1219.8 Measuring Performance for Construction Sites 1249.9 Summary 126References 12810 The Concept of Value Management 12910.1 Introduction 12910.2 Definition of Value Management 13010.3 The History of Value Management 13010.4 Value Management as a Tool for Improving Project Outcomes in the Construction Industry 13010.5 Facilitating Value Management into Project Management Methodologies 13110.6 Measuring the Outputs from Value Management Processes 13110.7 Critical Success Factors for Value Management Implementation 13210.8 Benefits of Value Management Processes 13210.9 Critical Success Factors for Value Delivery 13710.10 A Model for Identifying and Tracking Value 14310.11 Value Frameworks for Capturing Project Success 14410.12 Summary 144References 14511 Reflective Practice Around Value Achievement on Projects 14711.1 Introduction 14711.2 What Is Reflection? 14811.3 The Principles of Reflection 14811.4 The Purpose of Reflection for Project Teams 14811.5 How to Reflect on Value Achievement 14911.6 The Importance and Benefits of Reflective Practice for Projects 15211.7 Suggestions for Reflective Practitioners on Projects 15311.8 Implementation of Lessons Learnt on Projects 15311.9 Barriers and Challenges to Dissemination of Knowledge on Projects Through Reflection and Lessons Learnt 15411.10 Reflection Modes 15511.11 Reflective Processes and Levels of Intensity Applied to Projects 15611.12 Frequency and Extent of Reflection and Challenges Faced on Projects 15711.13 Role of a Facilitator in the Reflection Process 15811.14 Dilemma of Time Availability for Reflective Processes on Projects 15911.15 Summary 159References 16112 Case Study of Reflective Practice Applied to the Construction Industry 16312.1 Introduction 16312.2 Context to the Background of Professor Challender 16412.3 Personal Reflection 16412.4 Research, Supporting Evidence and Justification 16612.5 Planning and Devising the Project 16712.6 Mapping Against Lifelong Learning UK (LLUK) Standards 16912.7 Implementing the Project 17012.8 Feedback, Evaluation and Personal/ Professional Development 171References 175Additional Reading 17613 A History of Value in the Built Environment 17713.1 Introduction 17713.2 1950s 17713.3 1960s 17913.4 1970s 18013.5 1980s 18113.6 1990s 18213.7 2000s 18313.8 2010s 18513.9 2020s 18613.10 Conclusion 187References 18714 Practitioner and Student Examples 18914.1 Introduction 18914.2 Scenarios 18914.3 Conclusion 198Index 199