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Value Management

 

Value Management involves looking at the building owner's needs and expectations for the proposed buildings, and seeing how those can be fully met or even enhanced in the project. In other words, it is aimed at maximizing the value of the project for the owner.

One important aspect of value management is called Value Engineering, which is frequently thought of as a cost-cutting exercise, but it shouldn't be. Cost cutting may add value to the project for the owner, but sometimes adding cost may benefit him/her more, if other benefits accrue.

Value Engineering can be conducted in an informal setting, or in workshops taking up part of a day or spanning a number of days, where the proposed design is looked at, alternative ideas are collected and then evaluated as to how they meet the owner's needs, in order to enhance the value of the design. This process normally starts with a presentation of the existing design, then a brain-storming session follows, where all ideas are collected, whether they are considered practical or not (because even an impractical idea might lead on to a highly worthwhile one). Finally the ideas get rated, and decisions are made on which ideas to implement in the next design phase.

Since design changes are easier and cheaper to implement at early design stages, this is when value engineering sessions are usually employed.

Value Management would normally incorporate value engineering sessions, but takes the process further, involving continuous interaction with the design team and the building owner, to ensure that the latter's needs are being maximized.

Green Concrete (Bay Dimension newsletter, 3rd Qtr 2008)
Photovoltaics (Bay Dimension newsletter, 2nd Qtr 2008)
Value Engineering (Bay Dimension newsletter, 4th Qtr 2007)








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