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The Practice Of Value Management In The Libyan Construction Industry

Author

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  • ABDELNASER OMRAN
  • SULIMAN, L. KH. MUFTAH

Abstract

In Libya, the construction industry is keen in expanding but until today, construction projects are not available, and the few existing projects are still not performing as expected due to various obstacles. One of these obstacles is that many local construction companies are, unfortunately, unaware of value management practices. Thus, the aim of this study is to investigate the practice of value management in the Libyan construction industry. A total number of 135 sets of questionnaires were sent to the targeted construction companies in Benghazi city. From 135 construction companies, only 104 have replied the questionnaires, yielding a response rate of 77%. As results, the analysis showed that it was specified that majority of respondents were aware of the VM approach according to the answered made for knowledge on VM where 76.9% of respondent answered yes. The results were also found that the top reason for implementing VM was to eliminate unnecessary costs, to help in solving and to optimize the overall efficiency of the project. In contrast, the challenges that hinder from application of VM were lack of knowledge about VM, late initiation of VM approach and difficulty of changing the working culture.

Suggested Citation

  • Abdelnaser Omran & Suliman, L. Kh. Muftah, 2017. "The Practice Of Value Management In The Libyan Construction Industry," Journal of Academic Research in Economics, Spiru Haret University, Faculty of Accounting and Financial Management Constanta, vol. 9(2 (July)), pages 146-163.
    • Handle: RePEc:shc:jaresh:v:9:y:2017:i:2:p:146-163
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    More about this item

    Keywords

    Value Management; Practice; Construction Industry; Libya.;
    All these keywords.

    JEL classification:

    • L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General
    • L74 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Construction
    • L78 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Government Policy
    • L84 - Industrial Organization - - Industry Studies: Services - - - Personal, Professional, and Business Services
    • L88 - Industrial Organization - - Industry Studies: Services - - - Government Policy

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