Value management: an underlying framework

The concept of value management is becoming quite prevalent in industry. Despite this popularity, there is little evidence of the development of accompanying theory in the literature. Without theory development, it is difficult to identify specific hypotheses and propositions which can be tested, resulting in research that lacks focus and is perhaps irrelevant. This paper begins the development of a theory of value management. It uses the literature base and practices of industry to articulate and describe a conceptual system underlying value management. Based on the framework, implications are presented for practice and research.