“…The definitions of VM are found in many literatures and is consistently known to be a rigorous, systematic effort to improve the value and optimise the life cycle cost of a facility, without sacrificing the needed performance level (Zhang et al, 2009;Dell'Isola, 1997); and a proactive, creative, problem-solving or problem seeking service which maximises the functional value (Bowen et al, 2010;Male et al, 1998 , 2000). The collections of definitions from several sources (Barima, 2010;Vorakulpipat et al, 2010;Woodhead et al, 2004;Berawi and Woodhead, 2005a;Berawi and Woodhead, 2005b;Berawi, 2006) shared the key words with general understanding of value management and can be described as follows: There are three techniques in conducting VM, recognised and implemented world wide by practitioners, namely: value planning, value engineering and value analysis.…”