The paper "Value Management Phases" is a great example of management coursework. Value management is a service that aims to maximize the functional value of a given programme or project through the management of the project development from the starting point through to its completion (De Leeuw 2001). It is a structured approach to the provision of certain functions at the minimum cost possible. Value is the benefit that the project gives to the client. It is what the project is worth and if it can be quantified in business terms. Value = function or what one wants/ whole life cost Value management can also be said to be an approach aimed at the development of innovative as well as holistic solutions to problems that are complex.
The key characteristics of value management include; its focus on what it must do, project learning, attaining value-added solutions. This methodology bases upon integration and involvement of key stakeholders. There is a principle that is underlying with value management that is there are several ways to attain the objectives of a project. Examining the various alternatives will ensure reaching a concrete conclusion.
The core of value management is the functional analysis of the whole system. This is the point where value management distinguishes itself from other methods used to improve value. However, value management is not, a cost-cutting exercise, an exercise aiming at standardization and a review of a conflict-oriented design. Value management is significant because it provides stakeholders with an opportunity to achieve their requirements. This is ensured through facilitated workshops that promote teamwork, participation and end-user satisfaction. Value management activities include; establishment on what value means, identification and agreement on business needs, identification and evaluation of options, selection and agreement on the option that is best to meet business needs, definition and agreement on the objectives of the business and redefining design for the purpose of value maximization. Value management phases: Information phase This is the first stage aimed at understanding the project or programme in question.
Information about the project is obtained. Key stakeholders provide a presentation aimed at making the entire group involved aware of the target of the project. The amount of time needed for preliminary work as well as planning is stipulated.
Before the workshop commences, an information pack is issued to the value management team that is to deal with the refurbishment of the court. Objectives phase In this phase, the data obtained from the information phase is used. It involves a detailed analysis of the programme or project that is to be done. In this case, the team will analyze the information obtained concerning courts and what one expects in the new court under development. It also involves the definition of the constraints that will lead to solutions.
This is done only after common ground has been created. Those involved in the project are asked to spell out the assumptions, objectives, risks and performance during the induction of the project. Also, the team is required to explore opportunities and constraints regarding the regions to be considered. The intended focus should be established so that recommendations and specifications are developed.
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