Strengthening Target Value Design Benefits in Real Estate Market Through Living Labs

Abstract

The Target Value Design (TVD) is a collaborative process where value drives the design process to achieve the client's expectations while maintaining the costs and schedule under control. Its application has been successful ing several construction projects, especially in the healthcare context. Applying TVD to the real estate context, however, can be challenging. This paper aims to identify links between TDV and the Living Lab (LL) concept which may potentially help overcome these challenges. LLs are usercentred initiatives that focus on developing innovative solutions through cocreation and collaboration among stakeholders in a real-life context. A review on existing literature was performed to identify how a LL approach can strength TVD in a real state context. The results present opportunities to synergize TVD and LL for a beneficial result.

Exploring Value Generation in Target Value Design Applying a Value Analysis Model

“…A tool is a structured technique or instrument that facilitates the implementation of principles, while a management practice refers to concrete actions associated with increasing productivity [62][63][64]. Table 1 includes the first documented project practices that are used and recommended [47,48]; the fundamental practices listed by [27]; and updated, added, and recommended practices and tools that were associated with the TVD, lean design, and lean management by other authors [4,5,9,11,[15][16][17]55,60,61,[65][66][67][68][69][70][71][72][73][74][75][76][77][78][79][80].…”