Importance Of Value Of Construction Industry

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Background of the study 1.1 Introduction In the construction industry, there are few crucial parts that needs to be carefully observed, in order to have a variety principle. The construction industry is very large by any standard, and it can be described and defined in a number of different ways. Nowadays, construction industry is one of the major industry in this country, which will have a significant impact to local economy. Construction of a large scale requires expertise and technology. There are many parties involved in this industry such as Architect, Engineer, Quantity Surveyor and Contractor to ensure the construction goes smoothly and effective. According to (Behm, 2008) construction is a large, dynamics, complex industry sector that…show more content…
Sir John Egan argued that value in construction should go beyond 'least cost' to encompass a combination of customer satisfaction, productivity, safety and value for money. In other words, value is an outcome that relates to all areas of construction such as design, health and safety or productivity. Egan do not totally deny the general definition but to complement it with other forms of value currently apportioned less status. The aim therefore, for the UK construction industry is to realise maximum value for all clients, end users and stakeholders and exceed their expectations through the consistent delivery of world class products and services (Egan, 2002). Market globalization has in effect led to increased competition between companies around the world. Nowadays the housing and construction industry employs 30 million people and 250 industries are associated with construction industry directly or indirectly (K. Ilayaraja and MD. Zafar, 2015). Due to increase in business opportunity and also migration of labor, the demand of variety construction project also increased. The need for improvement of organizational activities is really important for any county whoever want to be a strong competitive in construction industry around the…show more content…
Researcher try to arrive any conclusions about the mechanism need to stop project from repeating the same problem. Therefore, in this research will explain the solution used by those professional in order to solve their problem. But before that, it is important to understand the main reasons why they happen. After we know the reason why it is happened, we will decide some key factors we can point to projects going over budget and suffering schedule delays can be solved and also the concern about quality of the project. Value management will help the construction project team to make a better decision from the initial stage (Queensland Government). Time completion of a construction project is frequently seen as a major criteria of project success by project team. Newcombe (1990) note that there has been universal criticism of the failure of the construction industry to deliver projects in a timely way. Nedo (1983) states that a disciplined management effort is needed to complete a construction project on time, and that this concerted management effort will help to control both costs and quality. Client’s objectives can be achieved through a management effort that recognises the interdependence of time, cost and

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