Value management explicitly targets to optimize value by providing necessary
functions at the least cost without sacrificing quality and performance. However, the
activities/methods of this technique in emerging economies are here and there
related to informal methodology. Therefore, the occurrence of these activities in an
evolving economy requires investigation. The exploration of the extent to which the
measured variables influenced the latent factors informed the need for this study.
Data was retrieved via self-administered questionnaire from 344 registered and
practicing construction professionals in Nigeria. The data was analyzed using SPSS for
descriptive analysis and Structural Equation Modelling (SEM). Kaiser-Meyer-Olkin
measure of sampling adequacy revealed that the internal consistency of the
developed research instrument was appropriate. Confirmatory factor analysis
indicates satisfactory goodness of fit among acknowledged determinants of the
model. Furthermore, the study revealed three (3) phases of the activities/methods of
value management in the Nigerian construction industry which include: information,
information/function analysis, and creativity/evaluation/development/presentation
phases. This means that value management activities and methods are being
practiced in Nigeria, however not as per the typical methodology or standard. The
need to carry out the practice according to the formal value management
methodology is therefore recommended.