Optimising with Value management

Value needs to be managed throughout the projects stages and this leads to value management. In essence, value management aids the customer, project management team and other relevant management stakeholders to have a well balanced business appraisals and project strategy analysis.
 
The value management team needs to investigate through structured means the best need for the project and optimise services solutions. This usually involves looking at a number of possible feasible management options and one of these options being “implications of doing nothing”. These options need to take into account many factors such as opportunities, prices, asset valuations, metrics, risks, innovation and whole life sustainable goals. Value management is a strategic project delivery system and becomes familiar with practice or training.

• 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 can 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:

Engineered value management (EVM) or value engineering is 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.

Balance projects for optimum value management to happen.