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. In this process there is an earlier agreement that is developed between the stakeholders concerning the need for the project, the scope, potential outcomes, main functions and risks, in relation the wider business environment (Sham 2008, p.89). There is exploration for potential opportunities for exploration and the most cost-effective approach of implementation is structured, which is reliable with the estimated time and quality of the work to be undertaken. This method in building industry is concerned with the whole project as opposed to the components of the building techniques and in most instances, VM is a process that is based on consensus (Kendrick 2006, p.244). In this process, selection for the workshop is crucial to its effectiveness to ensure that the wide range of impacts are specifically addressed to the individuals with the right skills and knowledge, experiences and judgment skills. Specific members are chosen to undertake a particular task if the stakeholders are not able to undertake the task. 3.0. Characteristics A well structured value management system has the following characteristics in the building industry: 1. Well defined aims and objectives and the capacity at the outset of the project that focus on the client needs 2. A systematic and well staged strategies to the whole project other than the individual components of the project 3. There is the availability of multi-faceted team efforts that is influenced by positive human flexibility 4. The process adequately considers of the organizational structure and environment ,which takes consideration of both external and internal environments 5. The element of function analysis 6. Effective use of techniques and tools to promote independent facilitation. 7. A workshop structure that has well defined job plan that distinguishes innovation from assessment and development 4.0. Stakeholders The stakeholders in this project are individuals who have real interest in the project results that might include promoter, supervisor, engineer, and constructor, user of the project, operator and financier. The project focuses to reflect the holistic key needs and
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…
In the paper below, analysis of four portfolio shares of 4 different companies in the stock exchange are going to be evaluated and the value at risk is calculated. Since no investors or companies wish to get losses while dealing in shares (Jorion 2007, p.2).
This essay discusses that the concept of value chain is termed as the guidelines for strategically thinking about the activities involved in any business and analysing the different roles and cost required for functioning the business. Profit is determined by assessing the difference between the value that the buyers are willing to pay.
s in enhancing efficacy and efficiency of businesses. The purpose of undertaking the analysis remains identification of the various elements providing increased value to a development project(Rafftery 2003). The identified elements become known as business value drivers.
For the problem at hand, Grandma has $50,000 to invest for Kid’s college education. After some careful planning, she decided to invest her money in a Saving Bond which offers a fixed annual interest rate of .60%,
I. The substructure of Skydome is 7.6% at £142.02 per m2 compared to 5% at £45.4 per m2 of Dundee arena. A difference of 2.6% or £96.98 per m2 is way too high. This has resulted from the additional permanent
Value management is an integrated process which feeds the requirement of customers’ needs and wants. It is a process of maintaining established value or derived value of a firm, a project or a system respectively.
It therefore means that the project must be evaluated to determine its profitability. In order to determine whether or not a project is beneficial or whether one project is more beneficial than another a number of project evaluation techniques are available for use in
For new products, the team modifies the value analysis approach to operating in an environment that is uncertain and has less available information that can be used to make decisions. The method requires a lot of investment by the organization in terms of the
1 pages (250 words)Assignment
Hire a pro to write a paper under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Apply my DISCOUNT
Got a tricky question? Receive an answer from students like you!Try us!
Let us find you an essay for FREE
Contact us via Live Chat, call us at +16312120006or send an email to email@example.com