TIME TO RE-EVALUATE VALUE?
Towards value-based decision making in UK construction

As Britain emerges from lockdown and starts building again, there will be a temptation to return to outdated practices rooted in cost minimisation and risk transfer. We must instead grasp this unique opportunity to lay the foundations for a better future, built on new ways of doing things which are delivering better long-term outcomes. Recovery must be about delivering better, not just more of the same.

Critical to this is how we understand, measure and embed value. For far too long, value has been seen as little more than doing things cheaply and ‘getting bang for your buck’. If we want to ensure a long-term, thriving UK construction sector however, we need to broad our understanding of value to include the path to Net Zero, boosting productivity, driving the uptake of modern methods of construction, deliver safe, high quality buildings, improve social impact, support regeneration, levelling up.

To support the industry on this journey, the Construction Innovation Hub is developing a new Value Toolkit which comprises a suite of four new tools to embed a transparent, consistent and customisable approach to improving performance and benefits by supporting value-based decision-making throughout the investment lifecycle.

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