1st Edition

Achieving Value for Money in Capital Build Projects

ISBN 9780815361190
Published September 25, 2019 by Routledge
140 Pages

USD $180.00

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Book Description

This book is the first to bring together academic and practitioner views of Value for Money (VFM). VFM has been used to assess whether or not an organisation has obtained the maximum benefit within the resources available to it. A concept used by the public sector to assess the benefits of major built environment projects, it has become a major tenet of public private partnerships, capital project infrastructure and civil engineering megaprojects.

This book presents and discusses the various debates surrounding the concept of Value for Money. It provides an international perspective on VFM by drawing upon the existing and fast developing body of principles and practices for Capital Build Projects. Readers will gain a level of understanding of the issues involved, the challenges, opportunities and the support mechanisms and protocols required for implementation of VFM in capital building development. 

Ultimately, the book presents a protocol that has been developed to track and monitor the VFM of a capital project from day 1, an Equilibrium Testing Mechanism (ETM) developed by the authors. This testing mechanism allows each of the parties to a project to monitor their VFM position at any given stage of a project from the beginning to the end of the build stage and beyond as necessary.

This book is both a useful reference for researchers and a practical guide for the construction and engineering industry.

Table of Contents


The Historic Development of Value for Money within the UK, China, Australia, South Africa and India

Angela Vodden, Akintola Akintoye and Champika Liyanage


Tracking VfM: Concept, Definition, Benchmark, Tracking and Testing

Angela Vodden, Akintola Akintoye and Champika Liyanage


The Stakeholder’s Roles, Responsibilities, Expectations, Aims, Incentives and Drivers

Angela Vodden, Akintola Akintoye and Champika Liyanage


Identification of the Value for Money Stages

Angela Vodden, Akintola Akintoye and Champika Liyanage


The Need for the VfM Tracking Mechanism

Angela Vodden, Akintola Akintoye and Champika Liyanage


Value for Money Protocol, Bid Document and Contract Drafting.

Angela Vodden, Akintola Akintoye and Champika Liyanage

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Angela Vodden is a practising solicitor within her own firm but predominantly represents public sector clients, specialising in the strategic procurement and legal negotiations of high value public sector infrastructure and development projects.

Champika Liyanage is Associate Professor in Facilities Management in the School of Engineering, University of Central Lancashire, UK.

Akintola Akintoye is a Chartered Surveyor and a Chartered Builder. He is Professor of Construction Economics and Management and Dean of School of Built Environment and Engineering in the Leeds Beckett University, UK.