Value Management Essay - 633 Words

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†¦show more content†¦The general concept of this proposed project can be described as ‘light’ meaning that the reason for undertaking a public infrastructure project, estimated in excess of $275 million excluding the three phases included in the Mount Victoria section, is a little unclear. It is stated that ‘The highway upgrade work that has already been completed [on The Great Western Highway] has led to improve d travel times for motorists and a safer road environment for all motorists, pedestrians and cyclists’. (RTA: Mount Victoria to Lithgow Project, 26 November 2009) The New South Wales Governments plan to upgrade state roads, is therefore a green light to develop and upgrade new roads as the RTA deems fit. There is no thought or mention of rejuvenating existing infrastructure, which would be presumably economically healthier and time efficient. Although such a consideration may have become immediately redundant once ousted, there should have been ample opportunity for consideration by all members of the workshop, which in fact there wasn’t. It is effective to conduct pre workshops programmes in a smaller group to develop issues that can be readily raised in the major Value Management workshop. Identifying issues early rather than over the two days of the workshop will give organisers and sub sequentially the members of the workshop the ability to address and answer problems withShow MoreRelatedValue Management : Is It Important? Essay977 Words   |  4 PagesValue Management is concerned with improving and maintaining an advantageous balance between the wants and needs of associated stakeholders, and the resources needed to satisfy them (IVM, 2015). Value is a concept that is personal to some extent and corporate in another respects. Thus, it is crucial to identify the stakeholders involved in the project in order to determine their requirements, this will then determine the subsequent level of value rooted in the process, product or object (PereraRead MoreValue Management650 Words   |  3 PagesStudent ID: 15672856 PROCUREMENT PERFORMANCE AND VALUE MANAGEMENT INTRODUCTION To realize the success of a project, the value must be attained through the core objectives and goals of the project to the stakeholders. This could be achieved by using the right processes throughout the project life cycle. VALUE MANAGEMENT Value Management (VM) is a well structured or established process that is used for defining and maximizing value of money (OCG, 2007 p.3). It is applicable to all sort of projectsRead MoreThe Value At Risk Management1219 Words   |  5 Pagesquestion: What is the most I can loose on my investment? The Value at Risk, commonly known as VaR, tries to answer this question within a reasonable bound. 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