Value Management & Value Engineering

Overview

Value Management is a systematic process of management decision making to maximize the overall performance of an organization (or project). It evolved out of Value Analysis, a product improvement method based on the concept of value and function developed in the 1940s, to become a broad-based approach to management decision making, improving businesses, projects and products world wide.

Within construction, the techniques and procedures of Value Management (VM) and Value Engineering (VE) are used to support project decision making, control the delivery of value, and give a focus for collaboration. Value Management is recommended good practice by HM Treasury, the Office of Government Commerce and major professional bodies. VM and VE are embedded within the project control processes of organisations such as the Highways Agency and Network Rail.

Those who acquire skills in Value Management are not only able to lead the evaluation process - to improve value and effectiveness in their chosen field - but will also become better managers and decision takers.

Aims & Objectives:

The aim of this one day awareness training is to introduce delegates to the principles and processes of Value Management and Value Engineering, (VM and VE), to give an understanding of the benefits of these processes in construction and business generally and how VM may be implemented.

On completion of this course, delegates will:

  • Learn the principles of Value Management, Value Engineering and Value Analysis
  • Understand the principles of Value
  • Understand the British Standard for Value Management and National & International practice
  • Understand how VE/VA is applied and integrated with Risk Management
  • Know how to achieve successful VE/VA for organisation and projects
  • Understand the benefits of VE/VA

Course Outline:

  • Developing a process for problem solving and decision making
  • History and development of Value Management
  • The Value Management process
  • Understanding value and achieving best value for Clients
  • Function and Function Analysis
  • Case Study - undertaking Value Management and Value Engineering
  • Applying VM within project development and the project life cycle
  • Integration of Risk Management and Value Management
  • Critical success factors
  • Training and qualifications in Value Management


Mode of Delivery:

The course is interactive, with group exercises following the format of a VM workshop, interspersed with tutor presentations, facilitated discussions and demonstration.

Value Management is supported by a broad range of facilitated decision making and problem solving tools. The training gives delegates the opportunity to use some of these, so that they will be able to apply them within the workplace.

Discussion is encouraged throughout the day to share experiences and explore pertinent issues.

As VM is applicable to all types of businesses, this course is structured to meet the type of organisation and particular needs of the participants.

Intended For:

  • Project Managers
  • Project Engineers
  • Engineering Managers
  • Team Leaders
  • Lead Engineers
  • Architects, Quantity Surveyors and specialist professionals
  • Business Managers

Delegates will be asked to consider aspects of value from the perspectives of their company and that of the Client.

All our courses can be offered as in-house training