“‘Value’ is derived as the ‘Function over the Whole Life Cost’”
Last night I attended a local meeting of the Association of Project Management, East of England Branch. The theme of the APM evening was ‘Value Management’ given as an interactive presentation by Tony Ciorra, a Director of Northcroft. He is also a member of the Institute of Value Management.
Tony’s discussion led on the power of Value Management in project and how savings could be attained from workshop events focussed on outcomes using a variety of VM tools and VE, Value Engineering techniques. He coupled or mapped the need workshops to the various stages of a project through its life cycle and noted that workshops carefully planned with helped to ensure all stakeholders had an opportunity to input and on completion left the workshop with common goals. With this approach more value for the same price will be added to a project.
As with most of the other 50 plus audience I was left very interested in his approach and judging from the questions another session is probably required to look at more case studies and techniques and how and when a Project Manager would use a Value Manager (I have never seen a jobs spec for this at Arras) on his project. Tony works in construction as did many of the audience; from a quick poll of the audience it is clear Value Management is not prevalent in usage as Tony describes it in any particular market sector.
I am interested to hear more about peoples experience with Value Management and Value Engineering its impact on projects in all sectors.
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Coming from a manufacturing background Value Management is a technique that is typically used within design to save costs in manufacture.
Its interesting to see how these types of process are utilised within project management.
We all get tasked to save money on our projects so its interesting to see the techniques that are being used.
great post.
Very nice post. Every organization is looking to reduce costs these days. Your post fully describes and clears how to manage the project management constraints (cost, time, quality). Value Management is the key to get the success in any project. Nice post.
Interesting….well in my opinion value management could mean a number of things. I would agree that it is a method of saving on money, but from our perspective this could be to do with effective team building. By implementing the correct team, a company can make significant savings through the decisions it implements…there is also the savings from reducing staff turnover. A key method to achieve this is by understanding self and others…often a simple method such as Insights Discovery can help get these results… I would class this as value management
Forgot to add…interested to hear what others think value management is