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Value Management/ Value Engineering
Engineering and Construction
Pages 8 (2008 words)
Value Management /Value Engineering Name: Institution: Value Management /Value Engineering 1. Introduction Value management is an organized and structured procedure of team anchored on decision-making.VM focuses at attaining worth for a project or procedure by defining the various components needed to attain value objectives and availing those components at a minimum cost, which are reliable with the anticipated worth and performance.
The aspect of VM operates under a well structured schedule of process. This allows the functional needs and alternative resolutions, linked with their costs to be recognized and incorporated to strict timetable (Pinto 2008, p. 128). 2. Defining the Concepts Value management is different from value engineering in that value engineering entails attaining specific functions at reduced cost or holistic life cost while value management entails the process of defining the actual meaning of value within a confined context in the building industry. The concept of value management ensures that there is definitive agreement of objectives and making sure that the solutions are aligned with these objectives. The value engineering answers on how while value management answers the questions on WHY. Value management concept is a sequence of process with proven techniques that are systematically brought together to recognize better project, services, and the industry projects. Both the VE and VM have the same process thus using the same methodology (Kendrick 2006, p.243). The process of VM works in a top-down approach, which starts from the requirements and the objectives and aims on the root causes and not the signs. ...
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