Effectiveness and Efficiency of Value Management

We found from books, journals, articles, and reading materials, concepts, and philosophies of value management, including its rich history and beginnings.A primary figure in value management is a man named Lawrence Miles, whose innovative thinking started new methods of analyzing functions in manufacturing. This process of valuing was copied, and later on, perfected by other operations managers in manufacturing and construction.Value management was first introduced in the United States as a manufacturing innovation after World War II, when raw materials were becoming scarce and expensive, and operations managers hired by manufacturers were looking for ways to reduce costs of manufacturing or minimize unnecessary costs. The manufacturing innovation, which became a tool in other disciplines, traveled far and wide, until it reached the United Kingdom, particularly the construction industry. Value management, or value engineering, is now a growing trend in the UK construction industry, and its growth has become phenomenal because contractors, facility designers, and clients or buyers of projects have been benefited by it.A manufacturing firm that is in the process of closing a contract for a project with the client, who becomes the owner of the project, undertakes value management, wherein a step-by-step process has to be followed. The manager provides responsibilities to experienced departments and personnel who will form a team to conduct a workshop. The workshop’s objective will be to determine the various functions of the project to be undertaken. ‘Valuing’, analyzing, and determining the problems and future benefits, are one of the tasks of the value management team. This, in essence, is one of the jobs being described in the discussion for this dissertation.The emergence of value management in the UK construction industry has been phenomenal.