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.
Find out more
Blog – Value Toolkit: Hitting the ground running
This is the first in a series of blogs in which we will share the ‘what’, ‘how’ and ‘why’ of the Value Toolkit over the coming months. We will cover in detail each of the four Value Toolkit modules, setting out what we are trying to do…
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.
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 to help…
Press release – Relevant Authorities announced for new Value Toolkit
RICS, RIBA, CIOB and Social Value UK have joined forces with the Construction Innovation Hub to develop a new industry-wide definition of value, laying the groundwork for a long-awaited transformation in the way decisions are made…