What is Value Management?
Value management in the construction industry is a systematic method used to optimize the benefits of a project for its users and owners. This involves optimizing the critical elements of the project, such as its functions, performance, quality, safety, and cost. To do this, the project team conducts a feasibility study and survey to gather information about the project's location and needs. They then use this information to optimize the design and functionality of the project, using techniques such as value planning and value engineering to identify cost-effective solutions. The goal of value management is to create a project that delivers maximum value to its users and owners while minimizing costs.
Value management in the construction industry is a systematic method used to optimize a project to achieve the greatest benefits for its users and owners. It involves optimizing various critical elements of the project, such as the functions, performance, quality, safety, and cost. The process usually begins in the design stage and involves stakeholders, such as the design and construction teams. There are several techniques used in value management, including value planning, value engineering, and value analysis. In value planning, stakeholders determine the purpose, risks, and quality of the project in the initial stage. In value engineering, the value management team identifies critical elements of the project and develops design options to reduce costs and improve performance. In value analysis, the team evaluates the cost and effectiveness of each design option to select the best one. Value management aims to optimize the entire life cycle of a project, including initial building and design costs, operation or running costs, and disposal costs. By optimizing these elements, value management can help reduce costs, improve quality, and increase the value of a project.