Abstract
Whole life value is introduced as a concept for evaluating construction projects, which extends beyond the more typical use of optimized (equilibrium) utility preferences. By linking value and sustainability the concept allows for the consideration of ‘price‐less’ evaluations within the construction project process. As an industry exposed perhaps more than any other to issues of public space and environmental impact, construction is being driven towards the use of complex, multi‐issue consultations with stakeholders within which whole life value can operate as a contextual limit. By investigating traditional cost–benefit analysis routes, and then what are called ‘aspects of sustainability’, an argument is advanced for these consultations to be ongoing rather than one‐off events. As such, they are to concern themselves with the framework of relationships (proxemics) by which distinct evaluations might be articulated and understood through the project process, rather than just how one arrives at a consensus of opinion. It is argued that the concept of value can only be applied fully to any project if consideration has been given to the ambience and context of stakeholder relations and attitudes as opposed to just the prevailing opinions. The virtue of such stakeholder involvement lies not in its ‘rubber stamping’ a separate process of activity, but in ensuring value is realized across asset life through a focus on attaining and sustaining conditions for the reflective articulation of need. Copyright © 2001 John Wiley & Sons, Ltd. and ERP Environment