As far as Value management (VM) is concerned, it ha been widely recognized as a powerful methodology to improve the function as well as to reduce the cost of the construction projects for the clients. Although VM, which is more commonly named as value engineering in China, has been used in China for more than there decades, much more efforts should be paid to enhance VM approaches applied in China in order to catch the international development of VM in construction industry. For the purpose of achieving this target, the paper looks closely into the current trends of VM development around the world and identifies the major differences in VM approaches applied in China and abroad. Furthermore, based on the comparison analysis, the paper also tries not only to reveal the challenges to the application of VM for Chinese practitioners but also to propose strategic suggestions to promote the proper use of VM in China’s construction industry.
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