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Value management

 

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Projects can be simple or complicated.  

Value needs to be managed throughout the projects stages and this leads to value management. In essence, value management aids the project team and other relevant stakeholders to have a well balanced business case and project cash flows.
 
The value team needs to investigate through structured means the best need for the project. This usually involves looking at a number of possible feasible options and one of these options being “implications of doing nothing”. These options need to take into account many factors such as opportunities, metrics, risks, innovation and whole life sustainable goals. Value management is a strategic project delivery tool.

Essentially projects need to worth doing in the client’s perspective and must have a robust business goal. These goals can be defined simply as “a better dental treatment facility”.
 
We could define value management as a means of balancing the business criteria with optimal project needs. Over many years value management has emerged as a structured project team customer orientated delivery toolkit, which essentially leads to customer orientated value optimisation of needs and wants.
 
The value management workshop includes the client and other essential stakeholders to fully understand what can be achieved with the available resources. The end result is to deliver functions that add long term value, leading to innovation and eliminating inefficiencies at all levels. The final value management report will be a consensus of the integrated workshop results and also that all possible options have been considered. This does not necessary mean that quality will suffer or lower costs have been achieved without a balanced view.
 
In order to achieve true value, an independent value facilitator is essential, who has no bias. The client or end users will have a project that balances quality, time and cost. The multi-functional team will have delivered a balanced report which is auditable, open and honest.
 

Value Workshop

The value workshop will consider value metrics such as:
 
  • Quality
  • Time
  • Cost
  • Spaces
  • Resources
  • Value streams
  • Risks
  • Design
  • Safety
  • Environment
  • Sustainability
  • Buildability
  • Maintainability
  • Demolition
  • Repairs
  • Operability
  • Life cycle costs
  • Energy use
  • Waste

The application of value management does not stop at the project stage but must be applied before, during and following completion of the project.

If you have never carried out a value management study as part of a project, there is a vital ingredient missing from the project life cycle. Ideally, any project can have value facilitation but the cost involved in hiring an independent value facilitator can be expensive. A simple framework can be established for use with smaller projects and a full independent facilitator can be used on larger projects.

Value management is a strategic management tool, while value engineering is more concerned with design and assembly. Once the strategic stage is set, it is time to carry out value engineering which is another vital project management tool.

Other parts of the toolkit are:

 
·         Risk analysis
·         Construction design and management coordination
·         Life cycle costing
·         Value stream analysis
·         Energy audits
·         Waste management
·         Sustainable communities

An essential project delivery tool is enabling the project team to provide value throughout the building life cycle. Low cost or cheap is not always considered to be optimising value and the project team must take into account opportunities, risks and the whole project life span.

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