ECA welcomes the Value Toolkit for the construction industry
Contents |
[edit] Introduction
On 4 May 2021, ECA welcomed the construction industry’s Value Toolkit. The Value Toolkit is a product of collaboration between over 200 experts under the wing of the Construction Innovation Hub.
[edit] Measuring value
For many years, ECA has been advocates of whole life, rather than capex, value. The Toolkit, which is still at pilot stage, addresses the way the industry thinks about, and measures value. It offers a structured approach to value-based investment decisions about a project or portfolio. And it draws on best practice in sustainable investment from across the globe.
The Value Toolkit's user-friendly tools help clients define value beyond capital costs. Value-based decision making is already enshrined in public and private investment policy, but there is often a gap between the outcomes promised and those delivered.
The Toolkit supports policy objectives common to both the Government’s Construction Playbook and the Construction Leadership Council’s Roadmap to Recovery. It helps clients engage effectively with the supply chain and to consider the social, environmental and economic benefits and consequences of their decisions.
[edit] Toolkit development
Before becoming CLC Business Models work stream leaders, ECA took part in early stage development of the Toolkit, contributing to the Procuring for Value Report.
Rob Driscoll ECA Director of Legal & Business said, "For the engineering services sector, which spans both construction and maintenance, the Value Toolkit is a milestone towards the goal of linking capex and opex in the pursuit of value (not lowest priced) based procurement."
Until October 2021, the Construction Innovation Hub is looking to fine tune the Toolkit. It is seeking partners from the wider sector to take part in the pilot.
Partners have the chance to test the Value Toolkit on live projects and programmes with support from the Toolkit community.
This article originally appeared on the ECA website under the headline, 'ECA welcomes the construction industry’s Value Toolkit'. It was published on 4 May 2021.
--ECA
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