Identification of the Implementation Issues of Value Management Concept to the Sri Lankan Construction Industry HJC Senaviratne 1# , WMYS Wijekoon 2 , DMNN Dissanayake 3 , UWS Adithya 4 , DD Amarasingha 5 and WN Kawmudi 6 1,2,3,4,5,6 Department of Quantity Surveying, Faculty of Built Environment and Spatial Sciences (FBESS), General Sir John Kotelawala Defence University, Southern Campus, Sri Lanka # <37-qs-0008@kdu.ac.lk> Abstract— The concept of Value Management (VM) is a tool using for maximizing the value, it is becoming more appropriate to construction industry of Sri Lanka. The VM will help to reduce cost which help the Sri Lankan construction industry. This research goals to address obstacles to the implementation of VM in the construction industry of Sri Lanka with a view to providing conceivable measures in avoiding these difficulties and increasing the usage of the system within the construction industry. The level of knowledge and implementation of VM practices, as well as the barriers to its implementation in the construction industry were evaluated by using of a questioner survey strategy and interviews. Construction specialists were selected by means of stratified random sampling. The data was analyzed using frequency index analysis. The study reveals that the topmost challenge to implement VM as, the minimal level of knowledge of VM between construction professionals. There for flow of knowledge must be given from the undergraduate level to the senior professionals. Avoiding these barriers in order towards accomplish enhanced quality construction industry practice, it was recommended that the importance of introduce course modules relates to VM at the academic level. Further this research will benefit in study in implementing a model for VM/VE for the Sri Lankan construction context. Keywords— Value Managenet(VM), Value Engineering (VE), Barriers, , Sri Lanka, Construction Industry I. INTRODUCTION Value Management (VM) is a strong tool aimed at managing the planning, design, and execution of numerous aspects of a construction project (Othman et al., 2021). VM is recommended as a method for maximizing the value on investment in construction projects (Ekanayake, 2019). Many experts agree that VM is a useful platform (Luvara and Mwemezi, 2017). On average, VM may save 6.81% percent of the total cost on a project. Although certain solutions have been used to address these issues, the full benefits of VM can only be obtained by improving the VM application (Ekanayake, 2019). Value Engineering (VE) is defined as the methodical application of well - known approaches to arrive at a value for a function. VE is a VM tool for achieving the most cost-effective fundamental functions of a product, service, or project and can be viewed as a tool for making decisions. VE is a method for recommending the best structural systems for reduce overall cost of the multistory buildings at any stage of the project's Life Cycle Cost (LCC) and during the design phase (Elhegazy, 2020). Sri Lankan construction industry, VM was a new concept to in 2003, lack of the knowledge of the VM theories and some do not want to adopt to the new concepts and continue to work in the traditional ways. Because the lack opportunity to the new concept of the industry, most of the people do not follow new concepts. And some of the political issues affecting to the decision- making procedure (Perera, Karunasena and Selvadurai, 2006). But after 19 years still the implementation of VM is very low, this research will help to understand the barriers to implement VM in construction project in Sri Lanka. There are more benefits that can be obtained by implementing VM to the Sri Lankan construction industry. Only some are minimized the whole life cycle cost of the project while maintaining a higher quality of the output, can improve the functionality, reducing the extra cost and the hidden cost of the project to increase the quality of the outcome, without a cost overrun and to increase the sustainability of the economy of the country by effecting Gross Domestic Product (GDP) (Perera, Karunasena and Selvadurai, 2006). Because increasing the efficiency of the construction industry that effecting to the country’s economy. VE effect the development of construction industry in Sri Lanka by increasing the investment portfolio in new sources and encouraged investing in construction project (Perera, Karunasena and Selvadurai, 2006). Therefore, Sri Lanka also needed a focus to implement VM to Sri Lankan construction industry. The construction sector is practicing VE in the same old fashion as it was 50 years ago (Perera, Karunasena and Selvadurai, 2006). And also, the VE and VM is applying in a lower rate in Sri Lankan construction industry (Zhang, Mao and AbouRizk, 2009). Therefore, clearly understand that there is a lack of implementation of VE and VM in Sri Lankan construction industry. As a developing country 6.2% of Sri Lankan GDP is contributed through the construction industry of Sri Lanka in 2020 as per International Trade Administration United