Why All Business Owners Should Incorporate Value Engineering And Value Management In Their Construct

Many business owners believe that simple cost cutting techniques are enough to ensure they are getting effective ROI

. However, in some cases these simple methods can cut value, keeping the projects value for money the same or worse.

Value Management

Value management can be used in all types of businesses and is a system dedicated to motivating people, developing skills and improving the overall performance of a particular company. In the construction industry, value management can be used to improve the strategic planning of the project and deliver the best value for money.

Incorporating appropriate risk assessments and implementing essential control strategies is a key part of construction value management. If potential risks are not managed, this nearly always results in increased cost and reduced value.

Achieving Value Management in the Construction Industry

If you want to provide good value management to your clients in the construction industry, its important to maintain a tight and effective workforce, with clear direction and high management supervision. Value management methods should be applied throughout all

stages of the project cycle. The process helps us to make decisions effectively and work collaboratively to bring about value based outcomes in all projects.

Think of value management as a tool which provides a structured and systematic process. The methodology of this process is centred upon a number of workshops involving a group of representatives working together through the help of an expert consultant agency. Value

management services help businesses to reduce costs and increase value in all projects.

Value Engineering

More often than not, value engineering is undertaken when what is really needed is value management. Value engineering deals with issues which fall under value management, but is usually taken on later in the process and therefore doesnt influence big decisions. Rather

than being a cost cutting exercise, value engineering is a method which analyses the requirements of a project to achieve the essential functions at the lowest possible cost.

Value engineering focuses on the design stage of a project, with the ultimate object being to show the client how the project will offer them value for money.

Get help from the experts

Specialist consultants have extensive experience in particular areas of construction. This can include the design and development of highways and many other small and large projects.

Well established consultant agencies can offer project management, contracts and procurement, highway design and planning services. They also provide help with lean construction, a method proven to increase efficiency, reduce cost and increase value. As well as the construction industry, lean construction can be used in design and professional services, where lean thinking is incorporated to improve decision making, avoiding wasted effort in design and project management.

by: Jill Cohen

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