The Need for Implementing Value Management on Construction Projects

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The Need for Implementing Value Management on Construction Projects

  1. 1. The Need for Implementing Value Management on Construction ProjectsIf you are working in a construction industry, then perhaps you understand the increasing need foran effective solution to help boost a particular project’s return on investment without sacrificing itsvalue. Most commonly, value engineering is implemented to deal with this issue.This refers to the heart of value process, which concentrates on the design and phases ofconstruction. On the contrary, it is not enough to achieve the essential functions of the project. Ofcourse if you want to meet this requirement, you must know how to properly manage or implementit. This is when value management becomes so important.What is Value ManagementValue management is a structured, organised team approach to identify the functions of aconstruction project, implement the appropriate techniques and meet the required performance atthe lowest possible cost. This has been recognised as one of the most cost effective solutions forachieving best value for money in any project within the construction industry.Here in the United Kingdom, for example, there has been a substantial increase in the developmentand practice of value management. In fact, a lot of consulting companies are now offering thisservice to help many companies achieve their goals without causing a corresponding increase incost. It can be used to all types of business to help improve a company’s strategic planning anddeliver its best value for money.Hiring a Value Management ConsultantSo if you want to ensure the success of your project, then do not hesitate to hire a qualified valuemanager. This professional must have all the knowledge and expertise on handling such project. Thismust also possess all the necessary attributes of a good value management consultant. Therefore, itis highly recommended to hire someone that specialises on this type of service.What Makes an Effective Value ManagerAn effective value manager must have an extensive experience in handling different types of project.Ideally, you must hire someone who is an active member of the Institute of Value Management.They should also have a greater understanding of cutting costs without sacrificing the value orfunction of your project. Most importantly, they must be able to provide a balanced opinion as far asmeeting the client’s requirements is concerned.

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