Value Management Is It Important Essay - 977 Words

Value Management is concerned with improving and maintaining an advantageous balance between the wants and needs of associated stakeholders, and the resources needed to satisfy them (IVM, 2015). Value is a concept that is personal to some extent and corporate in another respects. Thus, it is crucial to identify the stakeholders involved in the project in order to determine their requirements, this will then determine the subsequent level of value rooted in the process, product or object (Perera, 2012). Value Management can be viewed differently by different parties, it may be described as a structured, analytical process for developing innovative, holistic solutions to complex problems (TAM 2004), or â€Å"a fair return or equivalent in goods, services, or money for something exchanged (Save International, 2007) Connaughton and Green (1996) documented that using VM will aid the achievement of value for money, and according to Dallas (2006), the use of VM approaches increases cost saving prospects from 5-45%, with improvements in overall performance. There are additionally other benefits of using VM in the project process such as greater understanding of business needs, increased innovation in design and improved team working (OGC, 2007 find REF) Norton and McElligott (1995), and Dallas (2006) highlighted the systematic procedure adapted during VM analysis includes three phases; the pre-study, workshop, and post-study activates, and Male, et al. (1998) identified six furtherShow MoreRelatedOperations Management : A Transformation Process923 Words   |  4 PagesOperations management is defined as the management of the transformation process that uses input into products and services, thus adding a value to the customer. It designs, oversees, controls and improves productive systems for getting work done and a systematic development and control of the processes. As a part of the overall process, requirements and feedback from customers are used to adjust factors in the transformation process, which may in turn alter inputs (Russell and Taylor, 2014). TheRead MoreMarket Based Management1727 Words   |  7 PagesNova Southeastern University H. 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