Literature Review for Future Directions of Research in Value Management

ABSTRACT

Purpose: The paper extends 10 research recommendations (3 key and 7 corollary) with their interrelationship based upon the overview of 157 research contributions from over 39 journals, majority related to projects and value management. This also, and it provides a comparative analysis to an earlier review of the value management literature Laursen, M., & Svejvig, P. (2015); Svejvig, P., Andersen, P., (2015); Della Corte, V., Del Gaudio, G. (2014); Winter et.al. (2006) and cumulative outcome of 153 research contributions, supporting this comparative analysis. Methodology/approach: We analysed and compared 4 research review (as given in Purpose) and summarised key recommendations. We also reviewed 153 contributions to derive key attributes of research which are important to bring on surface. We found lot of contributions presenting various models of value processes which is clear distinction. Further, there is no contribution so far, which has collected total research work in project management to arrange the research thought process cumulatively so that unified and holistic approach of research is known to the researchers. It is need of the time, for interfacing the existing contributions with their commonalities which will lead to establishment of baseline value management process model which can be standardised and used by practitioners. Findings: The search yielded a sample of 157 unique papers in the domain of project based manufacturing segment. The top 3 research directions recommend by 4 already established literature reviews, supplemented by 7 supplementary recommendations supporting to these 3 research directions. Originality/value: This review of research on methods for value management published outside the Value Management literature provides an overview for Value Management researchers. This paper will lay down the fine fabric of possible concept to align them together for concluding few concreate directions of research in value management. It highlights key differences between both literatures in their research of the same cost management methods. Recent trends in research shows evolving research approach from conventional concepts of project management to the real time practitioner requirements with focus of value management. This have given rise to various dimensions of research which remains scattered in different pockets. This is need of the time to review the entire research in this domain with holistic view, identify common fabric and create the conceptual model, which can be given to practitioners to implement. Also, the directions and recommendations coming out of research contribution can be logically connected so that these contributions can be integrated together on its timeline of past, present and future.

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