Discovering Stakeholder Values for Axiology-Based Value Analysis of Building Projects

AbstractThere has been an increasing demand for maximizing the environmental, social, and economic value of built infrastructure. However, a major gap still exists in the area of value analysis; there is no formal model to conceptualize, represent, and reason about value and valuation of built infrastructure. This paper presents the authors’ work in the area of formal axiology-based value analysis of building projects. Axiology is a theory of value and worth. The formal axiology is a theory-based, semantic model for analyzing and assessing the value (worth) of building projects based on the environmental, social, and economic values of stakeholders (e.g., energy conservation, safety, economic growth). The first step towards developing the formal axiology is discovering stakeholder values in the context of building projects. Value discovery is the process of identifying the values that are relevant to a particular system. In this paper, the authors focus on presenting their value-discovery work for residen...