Value Management

Value Management is simply about driving your dollar further. It's about making sure a project provides a required set of functions for the lowest possible cost without compromising its purpose, quality or reliability. It is different from other management techniques because it analyses the functions of the project and the cost of providing those functions in a structured manner.

The earlier Value Management is applied the better, as change becomes increasingly more difficult and expensive as the project develops.

TBH has accredited VM practitioners who use facilitation techniques developed for our Value Management Services which assist clients to:

• clarify objectives
• set priorities
• reach decisions
• achieve optimum value
• create commitment to the outcomes

By reducing the cost or increasing the benefit to the owner, Value Management can significantly improve the value of your project. Compared to the potential savings, the cost of implementing Value Management is small.

TBH have used Value Management successfully on projects to assist in determining:

• the project brief
• the most suitable project delivery method
• the lowest life cycle cost
• the optimum staging plan
• the most cost effective option
• the best value solution within a given budget
• a course of action to which all the stakeholders can commit themselves

Applications:

• value planning for a program of projects
• value analysis of a specific element, product or process
• value engineering to improve value performance
• value management to ensure that benefits are fully realised