1. Ktisis Cyprus University of Technology

Value Driven Procurement In Building & Real Estate

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Primary Data

Project title
Value Driven Procurement In Building & Real Estate
Code
VALPRO
Project Coordinator
Start date
01-09-2010
Expected Completion
31-08-2012
 

Description

Abstract
While trimming production costs already may be reasonably supported by methods and tools (such as integrated design & production systems, industrial production, lean thinking etc.) and is not hampered by current contract forms, life cycle to product / service provision (to performance based specifications) still lacks sufficient tool support (e.g. service configuration and performance monitoring) and is not likely to become major business model under contractual frameworks that do not provide incentive for (or even prevent) continuous improvement and innovation. Currently, there exists no tool, nor any holistic model or method for the evaluation of different value propositions considering all aspects of life cycle costs and values (economic, ecological, social, cultural, etc.). Creating additional value is still a rather new concept in the building industry and as such it is not yet driving business models or being enabled by contract forms. As a result, value driven processes and supporting models, methods and tools are not implemented in practice even if they exist.. This proposal brings together leading research institutions and key industry partners, creating a framework for interdisciplinary research to tackle the problem described above; a novel solution that can boost economic and social growth in the value-added direction.
 
Keyword(s)
Trimming production cost