Unlike the design-bid-build process, where project value can be a roll of the dice, the other three building processes provide a more controlled environment relative to job cost control and value-added benefits. In the design-build industry, the program management industry, and construction management industry, project value is dependent on timing and team participation. Recently, I had the opportunity to be introduced to what I consider to be a new estimating term while participating on a construction management project as part of the commissioning firm team: value management.
Most people in the engineering and construction community are familiar with value engineering and value cutting, but few approach project estimates as this particular project team recently has.