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Friday, May 13, 2016

Value Management Techniques

Cost Benefit Analysis - Used to analyze the costs of implementing something compared to the benefits to be achieved.

Criteria Weighting Technique - A tool used to assist in option selection. Uses functional drivers (or objectives) that are weighted for scoring options against.

Function Analysis System Technique (FAST) - Identification of functions (at the heart of Value Management) of products, processes, projects or services.

Pareto Analysis - Often called the 20/80 rule, Aim to concentrate on the top 20% of items that often have biggest (often 80%) impact.

Risk Analysis - A structured approach to identifying risks that could affect project, product, process or service success.

Value Analysis - Structured team based approach to identifying functional requirements of projects, products, processes or services.

(Source: IVM, 2012)

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