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management differs from Value Engineering(VE), in that VE is concerned with achieving defined function at minimum cost ( or whole life cost). Whereas VM is concerned with defining what value actually means within a particular context, agreeing a clear statement of objectives and ensuring that solution are consistent with those objectives.
VM/VE/VA
Value management- decision to invest- do we need a
project, project concept and scope-what form of project do we need; outline design-what should be the major elements Value engineering- project design; design of project elements Value analysis- improvement of a construction, manufacturing or management process; post project review.
Definition of VM
A structured and analytical process which seeks to
achieve value for money by providing all the necessary functions at the lowest total cost consistent with required levels of quality and performance.
VM process
VM is undertaken as a series of stakeholder workshops
held at key stages during the development of the project or review of process or service. it is flexible , team based activity, planned and directed by an independent VM facilitator and driven by consensus. The workshops are short durations ( 6 hours to 2 days) , intense and highly structured.
phases of projects Need for integrated rather than co-ordinated outcomes from projects Need for larger groups as for strategic and conceptual planning
focus on the customer requirements Consideration of the organizational environmentinternal and external influences Multi-disciplinary team effort-positive human dynamics Function analysis
separates creativity from evaluation and development Effective use of methods and tools-independent facilitation
technique that assembles the functions of a project in a hierarchical diagram. Speculation( risks & winning ideas ) Evaluation Development Decisions/implementation Report
value
In value management , value is the level of importance
that is placed upon a desired function, or combinations of functions. Value= function/ whole life cost (or) what you get (or want)/ what you pay Value is improved by increasing the worth of the functions relative to the cost. Ratio of cost to worth is known as value index.
Outline design-VM/VE
Choice of procurement route-VM Detail Design of project and elements-VE Preconstruction-VE Operation and maintenance-VE, VA Post project review-VA
Benefits of VM
Any ambiguities and misperceptions are resolved
Clear definitions or roles and responsibilities Improved team and client relationships
Improved communications
Enhanced value culture
I M E
Q U
Detailed Analysis
A
F I I N T A NQ U Y C I A AN L T I T Y L
Design
Implementation
Process Goals Results
Performance
17
18
demonstrating the true cost of operations Highlighting non productive/high cost elements Reducing time Improving customer support by identifying right first time practices Enhances understanding by all or ht e true costs and functions of operations Improving the ability of all to contribute to cost management Increasing competitiveness