An analysis of vale-management as a panacea for high project execution failure rate in selected Cape Town project firms

Abstract

There is a need to draw a balance between satisfying needs, be they of the customer or the beneficiaries of the project, and that of maximising the utilisation of resources. Value management seeks to merge all aspects of the project process, and to find a balance between satisfaction of the project‟s needs and the stakeholder‟s interests. This technique is meant to improve the reconciliation and value of differing judgements and priorities to improve on the deliverables of the project. Consequently, the principles of defining and adding measurable value focuses on reaching the objectives, and finding solutions to problems before they appear. Therefore, the end results become an innovative way of integrating all operational activities, which enhance pre-emptive, risk aversive management. Value management is considered as a critical aspect in the effective management of project processes to reduce the high project failure rate in the construction industry. Part of the purpose of this study is to bring about awareness and knowledge of the effective use of the value management tool. This empirical research focused on project managers and other project practitioners who are tasked with the execution of project processes. A total of 125 respondents was drawn from the sampling frame. A structured questionnaire was used for the purpose, and collected data was captured and analysed, using the SPSS tool and an Excel spreadsheet. Relationships in the illustrations were interpreted and presented, forming the basis on which findings, conclusion and recommendations were made. A questionnaire has structured closed-ended questions (quantitative) and open-ended questions (qualitative) to complement each other. A mixed method approach (qualitative and quantitative) was applied to take advantage of the benefits of these two methods. The qualitative research applied a content analysis of the collected data.