Value means different things are different for members of the client organization. Value engineering technique is used when things go in a wrong way and spend excess money on a particular project. It is better to take the right decisions for making the design at the first time. Value management will help to explain the process in the initial phase of the SBE Innovations project. Sometimes, value management is used to integrate both procedures where value engineering is viewed as sub-process of value management.
• Propose specific project related issues that the VM study could focus on.
As a VM consultant, the first step would be valued analysis for the entire project. Value analysis means, “an organized effort directed at analyzing systems, types of equipment, facilities, services and supplies for purpose of achieving essential functions at the lowest life-cycle cost consistent with the required performance, reliability, quality and safety”, and this is also termed as Value engineering and Value Management (Demkin, 2008). Value management is a technique to address the actual needs. The need in the given case is to develop a plan through which the aim of enhancing the health, well-being and quality of life of related stakeholders. . Value Management and Value Engineering.
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