https://doi.org/10.24928/2020/0044

Measuring Project Value: A Review of Current Practices and Relation to Project Success

Salam Khalife¹ & Farook Hamzeh²

¹PhD student, Department of Civil and Environmental Engineering, University of Alberta, Edmonton, Alberta, Canada, [email protected], orcid.org/0000-0003-1907-4547
²Associate Professor, Department of Civil and Environmental Engineering, University of Alberta, Edmonton, Alberta, Canada, [email protected], orcid.org/0000-0002-3986-9534

Abstract

Achieving a higher project value for all project participants is a major concern in the construction industry and reflects the extent to which projects are successful. The major struggle, however, is in the ability to both identify and measure the tangible and intangible project value requirements. Having different interpretations of what project value constitutes, the literature offers a variety of practices and suggestions for measuring project value. However, since the offered methods are fragmented and do not build on one another, a further investigation is required. Accordingly, this research provides a review of the measures discussed in the literature and suggests new directions for evaluating project value. The research targets the construction industry in addition to other industries that also provide effective strategies to create and measure value in customer-based product developments. The study revealed a lack of a sufficient approach for quantifying value on projects. Consequently, this research aims at providing combined effective ways to help measure project value in an effort to align stakeh

Keywords

Benefits realization, integration, collaboration, stakeholders’ value, project success

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Reference

Khalife, S. & Hamzeh, F. 2020. Measuring Project Value: A Review of Current Practices and Relation to Project Success, Proc. 28th Annual Conference of the International Group for Lean Construction (IGLC) , 37-48. doi.org/10.24928/2020/0044

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