Value management

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.

Related RICS standards and guidance