Value management $($VM$),$ also known as value engineering, is a systematic and collaborative approach used in the building construction industry to optimize the value of a project by identifying and eliminating unnecessary costs, while maintaining or improving the quality, functionality, and performance of the building. It is a process that seeks to maximize the value of a project by balancing the costs and benefits throughout the entire life cycle of the building, from design and construction to operation and maintenance.

Discuss the application of value management in the construction industry and its impact on project performance, cost effectiveness, and stakeholder satisfaction.

The report should consist of:

i$.$ Introduction: An overview of the implementation of value management in the Malaysian construction industry.

ii$.$ Discussion: Key principles, objectives, and methodologies of value management, including the identification of value drivers, value analysis, value engineering, and value improvement techniques.

iii. VM in Construction Project: Benefits of value management in construction projects.

iv$.$ Project Lifecycle: Value management throughout the construction project lifecycle.

v$.$ Conclusion: Summarise main points.