Value management, first developed in the US, is now a growing service in the UK construction industry as well as developing rapidly on mainland Europe. The quantity surveying profession has recently targeted it as one of its key services for development over the next decade. The book describes VM in design and construction and suggests a method for implementation. The philosophy, tools and techniques of VM are highlighted and a critical appraisal is given of how it has been implemented in the North American construction industry. VM and cost management are differentiated showing how these distinct services provide a powerful and integrated approach to the economic management of projects - especially during design evolution. The authors bring insights from six years research into VM in North America, UK and mainland Europe. The book provides an in-depth exploration of functional analysis - the key to a VM service; the presentation of a series of North American case studies of projects, client approaches to implementation of VM and a successful VM consultancy firm. A significant aspect of the book is a number of tools and techniques for negotiation, managing group and team dynamics, problem solving and chairmanship. Life cycle costing - an important component of project economics is given considerable coverage and the book concludes by presenting the authors' approach to the practical implementation of VM in the construction industry.