ASSESSING COST-BENEFIT DYNAMICS OF VALUE MANAGEMENT IN CONSTRUCTION ENTERPRISES IN BAUCHI, NIGERIA
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Abstract
This study assesses the cost-benefit dynamics of Value Management (VM) implementation in construction Enterprises within Bauchi Metropolis, Nigeria, where MSMEs play a crucial role in infrastructural development despite facing challenges in meeting client expectations, profitability, and value delivery. The research aims to: (1) assess the level of VM awareness among professionals; (2) determine VM adoption levels; (3) evaluate the predictive power of awareness on adoption; (4) examine VM implementation experience; and (5) identify barriers to full adoption. Employing a quantitative, descriptive survey design, structured questionnaires were distributed to 85 professionals across five professional bodies, yielding 77 valid responses (response rate: 90.6%). Data analysis involved descriptive statistics (frequencies, percentages, means, standard deviations), regression analysis, and ANOVA. Results showed 84.4% of professionals are aware of VM, with 76.6% actively practicing it, indicating high adoption levels comparable to larger firms. Regression analysis revealed that awareness significantly predicts VM adoption (β = 0.684, R² = 0.468, p < 0.001). The perceived cost of VM was mainly moderate (55.8%), and benefits such as project value enhancement (mean = 4.51) and lifecycle performance (mean = 4.25) outweighed costs. ANOVA indicated a significant difference in business turnover between VM adopters and non-adopters (F = 15.34, p < 0.05), with adopters recording higher turnover (mean = 4.23) versus non-adopters (mean = 2.89). The primary barrier was inadequate VM knowledge (52.0%). The findings suggest VM is economically advantageous for MSMCEs, recommending increased awareness campaigns and training through seminars, workshops, and academic curricula to promote VM adoption.
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