Value management and value engineering
This 1st edition guidance note – which comes into effect on 1 May 2017 – introduces the concepts of value management and value engineering as they relate to construction projects and to the role of chartered surveyors, who have a key role to play in helping manage value across the project.
Value management and value engineering are both concerned with increasing the ratio between benefit (outputs) and the cost or effort (inputs) required, but are often separated in terms of their timing and their scale. But value is also a relative concept, and one of the roles of project management, supply chain procurement and overall procurement is to manage these imbalances so that the project as a whole provides value to the client.
This guidance note is part of the RICS QS and construction standards (the ‘Black Book’).