This paper introduces the findings of a research project entitled “Value Management (VM) in the Construction Industry in Hong Kong”. It starts with background information on the research project, followed by a detailed analyses of the findings, including knowledge and perceptions of VM, applications of VM in the industry, approaches adopted in Hong Kong and the results of VM studies. Future prospects and the obstacles impeding the application of VM in the Hong Kong construction industry are discussed. As revealed by the survey, misunderstanding and false perceptions of VM still persist in the minds of clients and construction professionals; many construction professionals have not even heard the term, and very few respondents have participated in a VM study. In addition, the savings in construction costs through the application of VM are insignificant in the eyes of local developers, due to high land costs. The traditional contracting method imposes a strict distinction between the design and construction phases, which leads to a confrontational attitude between the design and construction teams. Add to this the problem of professional barriers, and it is clear that VM in Hong Kong is engaged in a struggle for survival! Whether VM is able to make the transition from the infancy stage to the development stage will much depend on the willingness of government to take a leading role, and on the attitudes of clients and construction professionals.
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