Value Management

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Q.1 Using your emerging knowledge of Value Management (VM), critically appraise the report and make suggestions as to how the VM study might have been run differently / more effectively.

A Value Management report is the basis to a well-constructed project in the sense that all parties involved or potentially affected will be content with the final outcome. It is vital to understand and elaborate on the key aspects that determine a value management study in order to gain an agreeable conclusion. Often these guidelines are met, yet comparatively and with no due culpability, some guidelines are overseen. The causes of these significant errors are often mistakes and rarely intentional however they greatly skew the findings and lead to inevitable issues raised in the future.

The Value Management Workshop Report, dated 26 November 2009, is focused on the Road and Traffic Authority’ (RTA) Mount Victoria to Lithgow Project. It incorporates many of the procedures and strategies that are set out in a report titled Total Asset Management, September 2004, which has been developed by New South Wales Government Treasury’s Office. This particular documents basis is value management guideline. In order to construct an argument as to how the Mount Victoria to Lithgow Project workshop could have been run differently and more effectively I will juxtapose these two documents. There are two main criteria that will be focused on; the stages of a Value Management and when such stages should be initiated and pre workshop planning and what it should comprise of.

‘For a major project/program, several Value Management studies may be needed, for example at the service planning stage, the concept development stage, at the construction stage, at the operation and maintenance stage and, ultimately, at disposal’. (Value Management guideline, 2004) There is no question that the 6 major stages of a project listed above require a Value Management Plan. In this particular instance the...
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