In today’s market, client’s must make their limited resources stretch further to remain competitive and maintain margins.
Value management (VM) and value engineering (VE) are techniques concerned with defining, maximising and securing value for money. These are systematic team-based collaborative approaches, initially pioneered in the United States by the General Electric Company during the Second World War to secure maximum output from limited resources.
Value management and value engineering are the continual application of methodical approaches and processes that help the client and stakeholders define their vision and deliver that vision as quickly and economically as possible.
Ultimately, the term used is not important; what is important is creating and capitalising on the opportunity to maximise value.
This section is maintained by Paul Allen of Aegis, The Capital Cost Consultancy.
RICS standards and guidance
- RICS property measurement
- UK commercial real estate agency
- New rules of measurement
- QS and construction standards
- Residential property standards
- Valuation standards
- List of RICS standards and guidance
- RICS standards and guidance archive
- Principles of value management
- When should value management be used?
- Value management process steps
- Who should be involved?
- Resistance to the use of value management
- Further information on value management