Value Management Methodology

VM Notes (draft)

Contents
Chapter 4
4.1 4.2 4.3 4.4 4.5

Value Management Methodology

Information Phase Function Analysis Phase Creative Phase Evaluation and Development Phases Implementation and Follow-up Phases

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VM Notes (draft)

Chapter 4: Value Management Methodology
1. Confirm Study objectives

Information Phase 2. Confirm scope Information Phase 3. Build knowledge and understanding of the entity and its context elements of value) and establish success criteria Information Phase, Function Analysis Phase 1. Generate multiple ideas to achieve best value and, where appropriate, best value for money of the entity Creative Phase 2. Evaluate ideas (Judgment Phase) Evaluation and Development Phases 3. Develop options and proposals Evaluation and Development Phases 8. Make recommendations and, where appropriate, decisions Evaluation and (including the

Development Phases 9. Prepare an action plan

Implementation and Follow-up Phases

4.1

Information Phase

The objective of the Information Phase is to complete the data collection process that was started in the Pre-Workshop stage. This include: Brief the value study team and allow the team to ask questions Conduct site visit if necessary and if not not carried out yet Agreement of the study team on the objective, scope and criteria for evaluation of improvement A final assessment of the scope statement

4.1

Function Analysis Phase

At the core of the VM process is the analysis of functions. A key differentiator of Value Management from other problem solving processes is function analysis. The Value Management process is function based not component based.

Lecture_5 & 6 by Sbasu

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VM Notes (draft)

4.2.1

Concept

The key concept of Function Analysis (FA) is that basic function of an entity (item or service) is what makes it work or sell. This is the reason that customers buy a product. Through FA it is possible to