Value Management
Value Management (VM) is a well-established methodology for defining and maximising value for money. It can be applied to any type of project regardless of size or timeframe and at all stages throughout the life cycle of the project from inception to completion.
Benefits
- Improved definition and articulation of value
- Clearer brief and improved decision-taking
- Enhanced value and benefits for end-users
- Reduced cost, improved affordability and value for money
- Improved productivity, efficiency, collaboration and trust
- Reduced waste and defects
- Earlier management involvement
Our Approach
We start we revisiting the objectives of the project and then develop measures of success; how will we know we're successful?
From these we develop the criteria that will be used to assess all the elements within the project. This is how we can demonstrate the elements are contributing to the project objectives in the most beneficial way possible.
Functional Analysis is carried out which identifies all the key functions that is required within the project. Then all the options which can satisfy each function are determined.
Each option is then scored against the criteria established earlier and the software can then calculate the best possible combination of options. The diagram below shows the functions represented on the left in dark blue and all the options available in light blue. The graph show the overall costs and benefits for all possible combinations.
The software allows robust analysis of various combinations which will ensure that the favoured solution can be clearly demonstrated to be best value for money. With cost estimate for each option it will also provide a rough order of magnitude cost estimate for the project.
