Large and complex construction projects (LCCPs) require substantial investments and often encounter significant challenges, such as cost overruns, time delays, and conflicting stakeholder interests. Ensuring value for money in such projects is crucial, although fraught with difficulties. This study conducts a literature review on the value management approach to propose a value management framework for the context of LCCPs. An analysis of 165 peer-reviewed publications identifies 4 principal knowledge domains: (a) the identification of client requirements through value management, (b) group decision support systems in value management, (c) measuring the processes and outcomes of value management, and (d) the development of computer-aided toolkits for value management. Furthermore, the study proposes 3 future research directions to advance value management research: (a) sustainable design and development through value management, (b) innovative integrated solutions for value management, and (c) the management of multiple stakeholders in value management. Finally, the study presents a framework that systematically illustrates the knowledge structures underpinning value management research in LCCPs.
Shen et al. (Wed,) studied this question.