Value management is a proven, creative technique designed to increase the value of a project, product or organization by identifying and eliminating unnecessary costs.Identification is achieved by analyzing the requirements of the project in order to fulfill all the essential functions at the lowest total costs (capital, staffing, energy, and maintenance) over the expected life of the project.In simple terms, the Value Management Job Plan addresses six basic questions concerning the project:
What is it?
What does it do?
What does it cost?
What else will do it?
Will that work?
What will that cost?
Many design consultants will state that they apply this philosophy continously to all their projects, and, of course, most professionals atrive to give their clients good value for money. However, unless the principles and methods of the Job Plan are applied, they are not practicing Value Management.
It is also possible for the project team to get too close to a project. In providing answers to the six questions above, addressed to all elements of a project, Value Management offers an independent and entirely objective viewpoint, often addressing many issues which have been excluded from the designer’s brief, the resolution of which brings substantial benefits to the project.
PROMIS VALUE MANAGEMENT SERVICE
PROMIS Value Management service is designed to improve both short and long-term value while retaining or enhancing quality, scope and performance.
TIMING – Value Management may be applied at any stage of a project’s progress but is more effective at early planning and design phases, e.g., program, concept, and schematic design.
In essence, the service embraces three specific disciplines:
Value Analysis – Applying Value Management techniques to improve an existing product, process or organization.
Value Engineering – Applying the same techniques during the design and implementation stages of a project or process.Value Training – Providing awareness trainingsso clients can reap the full benefits of Value Management. Also, assisting clients to implement their own Value Management programs.