What is Value Management

If an overall picture is to be given for value management it can be described in three simple terms. They are as follows;

• Deliver on time
• On budget
• On value

(Value management, (n.d))

In theory, value management can be undertaken at any stage of the design process.  As stated by facilities, (2012), for a successful definition of project aims and objectives, it requires a proper and common understanding of the design problem and design objectives and a group consensus on comparative merits of courses of action. In order to achieve them Value Management is considered one of the fundamentals to establish the mentioned understanding.

Objectives of Value Management are as follows;

1. Identifying unnecessary expenditure
2. Challenging assumptions
3. Generating alternative ideas
4. Promoting innovation
5. Optimizing resources
6. Saving time, money and energy
7. Simplifying methods and procedures
8. Eliminating redundant features
9. Updating standards, criteria and objectives
10. Consideration of whole of life cycle costs