Advantages and Disadvantages of Value Management

Advantages of Value Management

• VM creates a clear focus on the project objectives
• VM works towards arriving at a more effective design
• Discovery and discussion of project issues, constraints and risk involved
• Clear idea about project brief and decision making
• Identifies and removes unnecessary costs associated with the project
• All options, alternatives and innovative ideas are considered
• Identification of alternative methods of construction and favorable adjustments to the construction timeline
• VM seeks to obtain maximum efficiency ratios

(Norton et. al, 1995)

Disadvantages of Value Management

• When VM is not adequately supported by senior management it can be very detrimental to the whole process
• VM can easily be misunderstood by the participants particularly if they have no previous experience of VM
• Ambiguity on the project concept can easily arise if a VM session is not properly guided and facilitated
• It can be difficult to convince some of the stakeholders that VM is beneficial because it might be a new concept that is hard to grasp
• Incorrect assumptions can be made due to inadequate and poor quality information that is circulated
• Inadequate allocation of time can lead to sub-optimal outcomes

(McGeorge, Palmer: 1997)