Our core themes: Value
Driving better social, environmental and economic outcomes through value-based decision making.
Many projects fail to realise their intended value. Even for projects that are delivered on time and on budget, the anticipated outcomes do not always materialise. Why is this?
In practice, the reasons are manifold. But inconsistencies in approach, a lack of alignment in decision-making and a narrow focus on controlling cost and transferring risk in the capital phase – today’s typical approach – are not going to solve this. We need a different method. One that targets value and whole-life performance. This is the ambition set out in the Construction Sector Deal and key policy documents such as the IPA’s Transforming Infrastructure Performance.
But what do we mean by ‘value’, and how can we best define and measure it? Value does not just mean cost, nor is it something that exists purely in the construction phase of projects. Value needs to consider a broader range of metrics beyond financial. It must consider wider social, economic and environmental factors – and – consider them across the full investment lifecycle.
Example project value profile
Delivering this definition of value does not need a change in policy. But it does need a change in approach – one that better reflects broader, strategic policy objectives, responds to local ambition and meets the needs of users, owners and operators. An approach that supports informed decision-making throughout the lifecycle and provides industry with the opportunity to innovate to deliver value in design, delivery and operation.
To address this, the Construction Innovation Hub is working directly with Government, clients and industry to develop the Value Toolkit: A suite of tools to support faster, value-based decision-making across the investment lifecycle.
The Hub and partners have launched a campaign to spark an industry wide conversation on value-led approaches. We are aiming to build on this campaign to create a value-led movement and generate momentum for wider sector transformation.
Find out more
Value Toolkit – New interactive tool
Find out more about the new interactive digital resource to help clients navigate through the crucial steps involved in value-based decision-making. The new resource outlines the step-by-step journey through the three core modules of the Value Toolkit: Value Definition, Client…
Value Toolkit blog series
A blog series has been launch to share the ‘what’, ‘how’ and ‘why’ of the Value Toolkit. Over the coming months we will cover in detail each of the Value Toolkit modules, setting out what we are trying to do; how we are doing it, and why the work we’re doing matters to…
#ValueToolkit campaign: Share your thoughts with us
The Hub and its partners are aiming to create a value-led movement and generate momentum for wider sector transformation. We are encouraging everyone in the construction sector to be part of the conversation and…
Press release – New Toolkit signals shift towards value-based model
UK construction could soon be on the verge of a fundamental shift towards value-based decision making, thanks to a flagship initiative unveiled on 16 July 2020 by the Construction Innovation Hub. The new Value Toolkit intends…
Webinar recording – Accelerating the journey towards value-based decision making in UK construction’
Watch the recording of the webinar: ‘Accelerating the journey towards value-based decision making in UK construction’ where the Value Toolkit was launched to industry.