ABSTRACT
Value Management is a well established discipline and provides a method of addressing some of the most crucial areas of managing a construction project to completion within time, to the right quality and at the right cost. The most common grounds for failure to meet these criteria stem from a number of well recognised sources, e.g., inadequate brief, ill considered cost cutting, surprises and variations, poor performance and inaccurate assessment of risk. Value Management, correctly applied at the right time and involving the right people addresses all of these issues, greatly assisting the project team in delivering a product which is right for both the client and the end user. Value Management does not seek to supplant traditional techniques of project control but, rather, offer support and justification to them. To derive the full benefits of Value Management it is necessary to follow some essential principles which include senior management support, the full enthusiastic involvement of a carefully selected team (including client, project team and end user wherever possible) and to follow a carefully structured method of working, normally referrred to as The Job Plan. Value Management studies provide a rapid method of addressing strategic or operational issues in a thorough and objective manner and provide significant benefits for all parties including the Client, the Project Team and the End User.
