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Lecture Overview
Introduction to Value Management (VM)
Value Management
The VM History
Topic Key Terms
Introduction to Value Management Definition of VM
Principles of VM
Lecturer VM Approach
Assoc. Prof. Wan Yusoff Wan Mahmood
Benefit of VM
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Value Engineering The title given to value techniques applied during the design or
engineering phases of a project. It is conducted during the Royal Institute of British Architects (RIBA) Plan of Work
detail design and construction stage of the RIBA plan of
CONCEPT SCHEMATIC PRODUCTION CONSTRUCTION POST-
work. CONSTRUCTION
Definition of VM Definition of VM
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Definition of VM Definition of VM
Definition of VM Definition of VM
Value management a proactive, Value management A structured and
creative, problem-solving service, analytical process which seeks to
using a multi disciplinary team achieve value for money by
oriented approach to make explicit providing all the necessary functions
the clients value system, at targeted at the lowest total cost consistent
stages through the development of a with required levels of quality and
project performance
(Kelly & Male, 1993) (Australia/New Zealand Standard AS/NZS 4183:1994)
Definition of VM Principles of VM
Value management is a style of Based on the above definition, its
management, particularly dedicated can be summarize that VM have the
to motivating people, developing following principles:
skills and promoting synergies and Structured process
innovation, with the aim of Cross disciplinary team
maximizing the overall performance Function based
of an organization Value
(European Standard EN 12973:2000)
Life cycle cost
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INDIVIDUAL EFFORTS
Promote
System
Thinking
Project Staff
Optimize
Manager Designer Owner User Engineers Cost
Develop-
ment
VMCP
SOLUTION
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Interventions need to be
sufficiently broad to reflect all Planning Schematic
&
Analysis
Design
Design Working
Development Drawings
Construction
Documents Construction
Operation
&
Maintenance
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Team
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Integrating VM in Construction
Value Management confirms achievement of
expectations at each stage of the project, supporting
progress to the next stage.
Typical milestones and the study objectives are
illustrated below:-
Project Stage Possible Objectives
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