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Value Management Risk

INTRODUCTION
• Rationale for Study
Throughout my 4th year of the Honours Degree Quantity Surveying Programme, I found the Value and Risk Appraisal module very interesting especially the topic of Value Management. I had never really come across this topic before and only heard the term used a few times but didn’t really know what was involved. From undertaking that specific module, it seems that Value Management is mostly used as a tool to achieve Value for Money for Clients. Working for a Contractor for 4 and a half years now, I have only ever seen Value Management used on one Construction Project and this is the one that I am currently based on just now. From my experience, I feel that Value Management has a lot of advantages for Contractors as well as Clients and I wanted to find out why it is not being used to a great extent by Contractors.
• Indicative Title
Value Management: A Contractors Perspective
1.3 The Aim
To determine the reasons as to why Value Management is not being greatly used by Contractors in the Construction Industry.
1.4 The Main Objectives
In order to achieve the above aim the following objectives must be met:
• To identify the key principles and elements of Value Management.
• To identify techniques and working practices adopted and to identify the benefits of Value Management.
• Examine the reason as to why Value Management is not widely used in the Construction Industry.
• Critical analysis of the views of Main Contractors about the benefits or short comings of Value Management.
• To propose recommendations for improved implementation of Value Management for Contractors.

CHAPTER 2
LITERATURE REVIEW
• VALUE MANAGEMENT
2.1.1A Definition
“Value Management is a style of management particularly dedicated to motivating people, developing skills and promoting synergies and innovation, with the aim of maximizing the overall performance of an organization.”
The Institute of Value Management [online]  Accessed on 18 July 2007.
Value Management is a team based “process-driven” methodology. Its incentive is to deliver a product, service or project at “optimum whole life performance and cost without detriment to quality.”
By using teams of experts in the Construction Industry, this allows the Value Management process to identify “design and construction solutions which offer the best value for money with regard to the functional requirements of the Client”
Kelly, J. & Male, S. (1988) A Study of Value Management and Quantity Surveying Practice
Value Management plays a key role in the Construction Industry for continuous improvement and innovation.
• The Background &Concept
Value Management originated in the United States of America in the late 1940’s and the process was originally used in the manufacturing industry. This was soon adopted by the Construction Industry in the UK by the start of the 1990’s as various studies highlighted “between 36% and 45% savings on estimated construction cost to the Client”
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